Guide to the Cheapest and Best Electric Cars in Singapore (2025)

Electric vehicles made up 40% of new car registrations in Singapore in Q1 2025. Should you be part of that growing number, and if so, why?

SingSaver Team

written_by SingSaver Team

updated: May 15, 2025

The information on this page is for educational and informational purposes only and should not be considered financial or investment advice. While we review and compare financial products to help you find the best options, we do not provide personalised recommendations or investment advisory services. Always do your own research or consult a licensed financial professional before making any financial decisions.

With growing environmental awareness, attractive government rebates, and expanding public charging infrastructure, more Singaporeans are considering the switch to electric. But with COE prices still fluctuating and over a dozen models available, choosing the right EV can feel overwhelming. 

This guide breaks down the cheapest electric cars in 2025, and also highlights best-value models that offer impressive specs, space and range — all without breaking the bank. You'll also find updated rebate info, ownership cost comparisons, and where to charge your EV for less.

Cheapest electric cars in Singapore (2025 edition)

If you’re hunting for the lowest-cost entry point into EV ownership, a few models stand out in 2025 — particularly those in the compact and Cat A-friendly segment. These vehicles offer short-range efficiency and smaller form factors ideal for urban commuting, often coming in under S$160K with COE and rebates applied.

*Prices and numbers provided are estimates, based on an aggregation of specifics from official sites, Sgcarmart and Motorist.

1. Smart Fortwo EQ

  • Price with COE: ~S$145,000

  • Range: 123 km

  • Battery: 17.2 kWh

  • Charging time: ~6 hours (AC)

  • Rebate eligibility: VES Band A1 + EEAI (up to S$45,000)

  • Verdict: Cheapest for ultra-short city trips

2. MG4 Electric Standard

  • Price with COE: ~S$158,000

  • Range: 350 km

  • Battery: 51 kWh

  • Charging time: 7.5 hours (AC) / ~35 min (DC fast charge)

  • Rebate eligibility: VES A2 + EEAI (up to S$40,000)

  • Verdict: Best affordable all-rounder with decent range

3. BYD Dolphin Electric Dynamic

  • Price with COE: ~S$159,000

  • Range: 427 km

  • Battery: 44.9 kWh

  • Charging time: 6.5 hours (AC) / ~30 min (DC)

  • Rebate eligibility: VES A2 + EEAI (up to S$40,000)

  • Verdict: Budget-friendly with smart features and solid tech

These models represent great starting points for first-time EV buyers in Singapore who primarily drive short distances and are looking to maximise available rebates.

Best value electric cars in Singapore (under S$200K)

Not all budget-friendly EVs are created equal. Some pack in extra range, cabin space, or high-tech features that justify a higher price tag — especially when you compare them to petrol counterparts in the same class.

Deepal S07

  • Price with COE: ~S$185,000

  • Range: 475 km

  • Battery: 79.97 kWh

  • Charging time: 8 hours (AC) / 0.5 hours (DC)

  • Rebate eligibility: Up to S$40,000

  • Verdict: Best for long-distance drivers

Hyundai Kona Electric (Standard Range)

  • Price with COE: ~S$178,000

  • Range: 305 km

  • Battery: 39.2 kWh

  • Charging time: 6 hours (AC) / 0.75 hours (DC)

  • Rebate eligibility: Full VES + EEAI

  • Verdict: Best family EV under S$180K

BYD Atto 3

  • Price with COE: ~S$179,000

  • Range: 456 km

  • Battery: 48.6 kWh

  • Charging time: 5.25 hours (AC) / 0.72 hours (DC)

  • Rebate eligibility: Up to S$40,000

  • Verdict: Feature-packed with spacious interior

These models offer the best bang for your buck in 2025 — especially if you want more than just basic point-to-point commuting.

Comparison table: Cheapest vs best value EVs

Model

Price w/ COE

Range (km)

Battery (kWh)

Charge Time (AC/DC)

VES + EEAI

Cat A/B

Verdict

Smart Fortwo EQ

S$145,000

130

17.6

6 hrs / N/A

S$45,000

A

Cheapest for city trips

MG4 Standard

S$158,000

350

51

7.5 hrs / 35 min

S$40,000

A

Best compact all-rounder

BYD Dolphin

S$159,000

340

44.9

6.5 hrs / 30 min

S$40,000

A

Value pick with good tech

Deepal S07

S$185,000

520

66.8

8 hrs / 40 min

S$40,000

B

Best range under S$200K

Hyundai Kona

S$178,000

305

39.2

6 hrs / 45 min

S$40,000

A

Best family EV < S$180K

BYD Atto 3

S$179,000

410

60.5

8 hrs / 45 min

S$40,000

B

Spacious and feature-rich

Best credit card for big purchases — like cars

Best credit card for big purchases — like cars

Planning to switch to an EV, or need another high-value item? These credit cards offer the best rewards, cashback, and interest-free instalments for your biggest spends.

Start Comparing

How much can you save with EVs?

Switching from a petrol car to an EV can lead to serious long-term savings — especially on fuel and maintenance.

Comparison (5 years)

BYD Dolphin (EV)

Toyota Altis (ICE)

Purchase Price w/ COE

$158,888

S$172,888

Fuel/Electricity Cost (avg)

S$6,000

S$14,000

Maintenance Estimate

S$3,000

S$6,500

Road Tax

S$2,000

S$3,000

Total 5-Year Cost

~S$170,000

~S$191,500

*Assumptions: 17,000 km/year, electricity cost ~S$0.25/kWh, petrol at ~S$2.60/litre. Prices and figures are estimates that have been rounded up in some cases.

Even without rebates, EVs like the BYD Dolphin can save you more than S$20,000 over five years.

>> MORE: Why is my car insurance so high?

Great Eastern Great EV Protect Promotion

Great Eastern Great EV Protect Promotion

Apply now and receive S$130 PayNow. Valid till 31 May 2025. T&Cs apply.

Apply Now

Is now the best time to buy an electric car in Singapore?

If you’ve been sitting on the fence, 2025 is shaping up to be a smart year to buy. EVs now account for 40% of new car registrations — a clear signal that consumer demand and infrastructure are rapidly catching up. Importantly, major government rebates like the EEAI (up to S$20,000) and VES (up to S$25,000) are still in place, helping reduce your upfront cost significantly. But these rebates are under review and may not last beyond the year.

At the same time, COE prices are rising steadily, and more EVs are entering Category B due to performance enhancements, which means fewer affordable Cat A options might be available in the future. The best-value models with full rebate eligibility could become harder to secure. Buying now ensures you take full advantage of incentives and wider model selection, before policies shift or prices climb further.

Government rebates for electric cars (2025 updates)

As of 2025, buyers of electric vehicles in Singapore can benefit from up to S$45,000 in combined rebates. This includes the Electric Vehicle Early Adoption Incentive (EEAI), which provides up to S$20,000 off the Additional Registration Fee (ARF), and the Vehicular Emissions Scheme (VES), which adds another S$25,000 if your EV falls into Band A1 or A2. Together, these rebates significantly reduce the upfront cost of eligible EVs.

Example breakdown:

  • MSRP: S$160,000

  • COE: S$85,000 (Cat A)

  • Total before rebate: S$245,000

  • After EEAI + VES: S$200,000

  • Final with rebates: ~S$200,000

Models under Cat A (≤110kW power output) often enjoy better value due to lower COE and full rebate eligibility.

>> MORE: EV tax credit: Rules for new and used electric vehicles

Whether you’re electric or petrol, car insurance is a must

Compare quotes from top insurers and secure the coverage that best fits your needs and budget.

Singtel CarProtect (Essential)

Singtel CarProtect (Essential)

Singtel CarProtect (Essential)
Apply Now

on_provider_website

Courtesy Car/Transport Allowance
N/A
Claim Excess
From S$ 600.00
Choice of Workshop
Authorised Workshop
Personal Accident Coverage
S$120,000
Towing
Up to S$ 300.00
Windscreen Coverage
Yes
REWARDS
  • Get S$30 via Paynow, with minimum premium spend
  • eligible_rewards (1)

Where to charge your EV in Singapore: Cheapest & fastest options

Charging infrastructure in Singapore is improving quickly, with more than 3,600 public charging points now available and a goal of hitting 60,000 by 2030. The top networks include:

  • SP Group: ~S$0.4143/kWh (AC), ~S$0.4949/kWh (DC)

  • Charge+: ~S$0.5238/kWh (AC), S$0.5545/kWh (DC)

  • Shell Recharge: S$0.55/kWh

  • Tesla Superchargers: Estimated $37.44 for a full charge

*Prices and figures are estimates that have been rounded up in some cases.

These providers offer both AC (slower but cheaper) and DC (fast-charging) options, with rates ranging from around S$0.41 to S$0.50 per kWh. Depending on your battery size, a full charge may cost between S$15 to S$25 — much less than a full tank of petrol.

For those living in condominiums or landed properties, home charging is also an option. Condo dwellers may need MCST approval, but government co-funding is available to support installation. For frequent drivers, fast-charging hubs such as those in malls and petrol stations offer added convenience. You can locate chargers via apps or the LTA EV Charging Map, which is updated regularly with new station data.

Singlife Car Insurance Promotion

Singlife Car Insurance Promotion

Get 20% off premiums when you use the promo code CAR20 (for new customers and annual plan only) when you buy Singlife Car Insurance. Valid till 31 May 2025. T&Cs apply. Also receive S$60 via PayNow. Valid till 31 May 2025. T&Cs apply.

Apply Now

DBS Woman's World Card

DBS Woman's World Card

DBS Woman's World Card
 

/ 5

on_provider_website

Card benefit
1 - 10 DBS points / dollar
Cashback Local
0.17%
Cashback Local Online Shopping
1.67%
Minimum Payment
3%
Annual Fee
S$ 196.20
Min. Annual Income
S$ 80,000
  • product_details

SingSaver’s take

The DBS Woman's World Card stands out for its exceptional rewards on online spending, offering up to 10X DBS Points (equivalent to 4 miles per S$1) on online purchases, capped at S$1,500 per month. This makes it an excellent choice for individuals planning significant online expenditures, such as purchasing an EV or related accessories. Additionally, the card provides 0% interest instalment plans for up to 24 months, facilitating manageable payments for big-ticket items.

Understanding COE for electric cars in Singapore

Every car in Singapore — including electric ones — needs a Certificate of Entitlement (COE), and the cost of this certificate significantly affects your total vehicle price. COEs are split into categories, with most entry-level EVs falling under Category A (≤110kW) and higher-performance or luxury EVs under Category B (>110kW). Choosing a Cat A EV can mean tens of thousands in savings due to lower COE premiums.

However, many newer EVs are becoming more powerful and now fall into Cat B, which typically carries a higher COE price. That said, there are still several models — such as the BYD Dolphin and Hyundai Kona Electric (Standard) — that remain in Cat A. For budget-conscious buyers, targeting Cat A models with full rebate eligibility remains one of the most effective ways to keep EV ownership affordable in 2025.

>> MORE: Electric vs petrol cars in Singapore: Which is right for you?

Finance your EV with a competitive car loan

Finance your EV with a competitive car loan

We consolidate the best car loan rates in Singapore, including green car loan options designed for eco-conscious drivers.

Explore Now

UOB Hire Purchase Car Loan - New Car

Up To 7-Year TenureS$30,000 Min Annual IncomeS$10,000 Min Loan

UOB Hire Purchase Car Loan - New Car

UOB Hire Purchase Car Loan - New Car
EIR
% p.a.
Annual Interest Rate
%
Total repayment
S$
Monthly repayment
S$
  • product_details

  • Annual Interest Rate: 2.78  %

  • EIR: 5.59  % p.a.

  • Total repayment: S$ 32,502

  • Monthly repayment: S$ 903

Product details

  • Min. loan amount of S$10,000

  • Choice of tenor from 1 to 7 years

  • Min. annual income: S$30,000

  • Not applicable to off-peak car scheme and China-made cars

Read full review

 

Summary: Which electric car offers the best value?

  • Cheapest Overall: Smart Fortwo EQ — best for short daily drives.

  • Best Value Under S$160K: MG4 Electric — affordable with solid specs.

  • Best for Families: Hyundai Kona Electric — practical, efficient, rebate-eligible.

  • Longest Range: Deepal S07 — a long-range pick under S$200K.

Your ideal EV depends on your driving habits, parking situation, and whether you value size, speed or savings most. Use this guide to narrow your shortlist — and don’t forget to factor in COE and rebates when comparing real costs.

Frequently asked questions about the best and cheapest electric cars in Singapore

  • What’s the maximum amount I can borrow for a car loan in Singapore?

    In most cases, you can borrow up to 70% of the car’s open market value (OMV) if the OMV is under S$20,000. For cars with OMVs above S$20,000, the loan cap is typically 60%. However, banks may offer different packages based on your credit score and income.

  • Are interest rates for electric car loans lower than for petrol cars

    Some banks offer green car loans or EV-specific financing with slightly lower interest rates to promote sustainable transport. These may come with added perks like carbon offset programmes or bundled insurance.

  • What’s the typical car loan interest rate in 2025?

    As of early 2025, most car loans are around  2.78% p.a. (flat rate), depending on the loan provider and tenure. Promotional rates for green vehicles may fall slightly below this range.

  • Can I take a personal loan instead of a car loan?

    Yes — personal loans are unsecured and may offer faster approval, but they typically come with higher interest rates and shorter tenures compared to car loans. They're better suited for buyers who need to top up after taking a car loan or cover COE costs.

  • Are there any additional fees I should be aware of?

    Yes. Common fees include early repayment penalties, late payment charges, and processing fees. Some green loans may waive admin fees or offer lower early settlement penalties to encourage uptake.

about_the_author

SingSaver Team

SingSaver Team

At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.