Buying An Electric Car In Singapore: A Complete Guide

Alevin Chan

Alevin Chan

Last updated 17 February, 2023
 

The journey to a smog-free atmosphere, greener future and petrol savings start with Electric Vehicles (EV). Find out some of the perks and initial challenges of owning one before you drive home a Nissan Leaf or BMW i3.

In 2022's Budget announcement, Singapore's green transition continues to be one of the key focus areas. This builds on 2020's plans to phase out internal combustion engine (ICE) vehicles (those that use petrol or diesel as fuel) in favour of fully electric vehicles by 2040. 

The move is part of Singapore’s commitment to tackle climate change and build a more eco-friendly city, and the strategy centres on the nearly 1 million vehicles on our roads today.

The journey to a greener future won’t be easy. Of the nearly 600,000 private vehicles in Singapore today, only 3% runs on lower-emission hybrid engines (and fully electric vehicles, even less). 

This is despite the well-known benefits of hybrid and electric vehicles: less harmful emissions, less noise pollution, cost savings on energy consumption, less judgement from that one militant vegan friend we all have…

Here’s all you need to know if you’re considering taking the high road and splurging for an electric car. 

Table of contents


What are the popular models of electric cars on the market?

Electric Car Models In Singapore
Manufacturer Model Type Selling Price* Power Consumption
(kWh/100 km)
Maximum Range (km)
BYD e6 SUV S$100,888 19.5 400
Renault ZOE Coupe S$109,999 16.1 367
MG ZS EV SUV S$119,888 14.7 335
Hyundai KONA Electric SUV S$134,888 13 482
Hyundai Ioniq Electric Sedan S$133,888 11.7 311
Nissan Leaf Electric 5-door Hatchback S$139,888 17.1 311
BMW i3 Electric Coupe S$196,888 14.2 335
KIA Niro EV SUV S$187,999 14.7 455
Audi e-tron Electric SUV S$322,960 23.6 -
Tesla Model 3 Sedan S$113,000 (excluding COE) 11.9 547
Porsche Taycan 4S Sedan S$454,000 26.2 414

*Source: Manufacturer's website

We’re not a car comparison site so we won’t delve into too much detail here.

Suffice to say that electric cars in Singapore are not cheap, costing between S$100,000 to S$140,000 plus for mass market models. There are, of course, higher-end models that cost up to half a million bucks, but at that kind of price range you may well be tempted to look at petroleum supercars instead.

Besides the price, the thing to note about electric cars are their range (how long the car can travel on a full charge) and their power consumption (how much electricity it uses up to travel 100km).

From the table above, we see that different makes and models have different range and power consumption. If you’re looking to save costs, the lower the power consumption the better. However, if you regularly clock long distances, you may want to invest in a vehicle with a higher maximum range.

On the other hand, if you’re looking for a vehicle for short city jaunts, you’ll likely have more flexibility in your choices.

Citigold_Tactical_54_BLOGARTICLE_800x250

⚡Flash Deal⚡: Get an Apple iPhone 15 128GB (worth S$1,311) or 40,000 Max Miles (worth a one-way Business Class to Japan/Korea)+S$300 or an upsized S$1,100 cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy 3.1% p.a. on a 6-month SGD Time Deposit (equates to S$3,875 cash reward!). Valid till 18 July 2024. T&Cs apply.


Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

- Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of - S$800,000 within 3 months of account opening
- Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank
- Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
- Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card


What rebates can you get for buying an electric car in Singapore?

Buyers of electric cars in Singapore can enjoy two rebate schemes when they register their vehicle. 

‘Early adopter’ rebate (2021) From now till end-December 2021, electric car owners will only need to pay 45% of Additional Registration Fee, capped at S$20,000
‘Early adopter’ rebate (2022 to 2023) From January 2022 to December 2023, ARF for electric cars will be reduced from the current minimum of S$5,000 to S$0
Vehicle Emissions Scheme Rebate of S$15,000* or S$25,000*, depending on vehicle make and model

In a bid to phase out petrol cars, the Singapore government has announced a short-term rebate to encourage more drivers to make the switch. 

When registering a new electric car, drivers will now qualify for a 45% rebate on the vehicle’s Additional Registration Fee (ARF), capped at S$20,000. According to the LTA, this ‘early adopter’ rebate — in force from now till end-December 2021 — is expected to reduce the cost of an electric car by an average of 11%, bringing them closer to petrol cars, price wise.

But if you can wait a little longer, this ARF will be further reduced to S$0 from January 2022 to December 2023. This was announced was made earlier during the Singapore Budget 2021.

Additionally, road tax will also be adjusted downwards for electric vehicles, but the savings here will be mostly offset by six-monthly lump-sum taxes from 2021 to 2023 due to the need to recover excise duty from fuel sales. 

Year Tax amount Collection  Total amount for the year
2021 S$100 6-monthly S$200
2022 S$200 6-monthly S$400
2023 S$350 6-monthly S$700

In other words, since your vehicle won’t be using petrol, the government can no longer tax petrol companies for selling petrol to you. Hence, you’re being taxed instead. But not to worry, the decrease in road tax is expected to outstrip these taxes.

The above are new measures that go on top of the existing Vehicle Emissions Scheme (VES) rebate that electric car owners enjoy — either S$10,000 or S$20,000 off the ARF, depending on the specifications of your electric car. 

When you de-register your electric vehicle, the usual PARF and COE rebates apply. 

Citigold_Tactical_54_BLOGARTICLE_800x250

⚡Flash Deal⚡: Get an Apple iPhone 15 128GB (worth S$1,311) or 40,000 Max Miles (worth a one-way Business Class to Japan/Korea)+S$300 or an upsized S$1,100 cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy 3.1% p.a. on a 6-month SGD Time Deposit (equates to S$3,875 cash reward!). Valid till 18 July 2024. T&Cs apply.


Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

- Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of - S$800,000 within 3 months of account opening
- Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank
- Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
- Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card


How much money can you save when you switch to an electric car?

A major benefit of switching to an electric vehicle is the savings on energy costs. The following table illustrates the potential annual savings you can get from driving an electric car.

To help us in our calculations, let’s use the following set of assumptions: 

  • Average annual distance driven per car = 17,500km (source
  • Average petrol price per litre = $2.00 (source)
  • Energy tariff rate = 22.21 cents/kWh (source)
Car model Hyundai Ioniq Electric Hyundai Avante
Energy consumption 11.7 kWh/100km 6.7 litres/100km
Annual energy cost S$454.75 S$2,345
Savings  S$1,890.25 -

Hypothetically, you’re looking at energy savings in the thousands over the course of a year, which is not chump change. 

Another area of potential savings is in car maintenance. Because electric vehicles literally run cleaner than petrol cars (which have engines that basically explode the fuel in them to get the wheels turning), maintenance costs are also expected to be lower in comparison. There’s simply less volatile reactions and less wear and tear. 


Where can I charge electric cars in Singapore? 

With so many advantages, you’d think drivers would be flocking to make the switch. Sadly, the overwhelming majority of private cars plying our roads are still of the polluting, petrol variety. One major block is that the number of charging stations isn’t quite there yet.   

The good news is, the government is gradually increasing the number of charging stations to hit 60,000 across the island by 2030. At present, only 1,600 charging points are available, and each charging station can only charge one car at a time.

The majority runs on AC, but at certain stations such as those at Shell Recharge, there are 50kW DC (direct charging) fast-chargers that could charge a car from 0% to 80% in 30 minutes.

Caltex has also announced that it will offer fast charging for electric vehicles at four locations from Q2 2021. The partnership between SP Group and Chevron Singapore will add the 50kW DC fast-chargers at 3700 Yishun Ring Road, 78 Changi Road, 100 Jurong West Avenue 1 and 130 Dunearn Road. Payment for the fast charging stations will be made via the SP Utilities mobile app. The same app can also be used to check if these charging points are currently available in real-time. 

Here’s where you can seek out public charging stations in Singapore.

EV Charging Point Number of Stations Price
BlueSG Over 200 charging stations available island-wide.
To hit 2000 charging points this year.
Drivers will need to subscribe to become a BlueSG member first. A year's membership costs S$20.

For EV charging, it costs S$1 per hour for the first three hours, and S$2 an hour thereafter.
Shell Recharge 10 charging stations.
Fast charging available.
S$0.55 per kWh
SP Group 29 charging stations.
A total of 1,000 charging points this year, with 250 fast chargers.
Prices are calculated by kilowatt hour (kWh) and are adjusted periodically based on prevailing electricity costs. 

Download the SP Utilities app for more details.
BYD 122 NA
Greenlots 50 From S$1.50 an hour
Caltex 4 fast charging stations from Q2 2021 To be confirmed

Of course, as indicated, these are public charging stations. If you currently reside in a landed property and you’ve got the resources, why not install your own private charging station right? Yes, you can totally own one, and some manufacturers include the price of the charging station in the vehicle’s sale price.


Is buying an electric car any different from a petroleum car?

In case you were under the impression that buying an EV is a whole different ball game, it really isn’t. There are no extra hoops you have to jump through; you would be making careful consideration of your financing options much like how you would for a standard petroleum car.  

Unless you are a lucky recipient of a lucky draw grand prize, or have deep enough pockets, you really have two options: taking out a car loan from the bank or a financing package from the car dealer. The latter is great for car buyers who simply want a one-stop shop to snag their smartphone on wheels, whereas bank loans have the edge in terms of flexibility and options.

Citigold_Tactical_54_BLOGARTICLE_800x250

⚡Flash Deal⚡: Get an Apple iPhone 15 128GB (worth S$1,311) or 40,000 Max Miles (worth a one-way Business Class to Japan/Korea)+S$300 or an upsized S$1,100 cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy 3.1% p.a. on a 6-month SGD Time Deposit (equates to S$3,875 cash reward!). Valid till 18 July 2024. T&Cs apply.


Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

- Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of - S$800,000 within 3 months of account opening
- Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank
- Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
- Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card

Read These Next:
5 Best Car Insurance Plans in Singapore
How Much Does It Truly Cost to Maintain a Car in Singapore?
5 Tips To Save Big On Your Next Car Purchase
Car Insurance: What You Need To Know And How These 5 Factors Determine Your Car Insurance Premium
Best Citibank Credit Card in Singapore
A Full Guide to Priority Banking in Singapore (2023)

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

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