kingzy.shop – With Singapore’s government announcing that it will phase out petrol and diesel cars by 2040 and double the number of electric vehicle charging points by 2030, the EV revolution in our little red dot is happening fast. Gas prices continue to rise, so is now really a good time to consider switching to an electric car?
Let’s look at the cost of owning an electric car and see if it makes sense to own one compared to a regular petrol car.
Electric Car Comparison Guide
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Apart from the much-hyped Tesla, there are many other electric car models in Singapore such as Nissan, Audi, Honda and others. Here are some of the models currently available and their prices. All prices refer to SGCarMart’s latest available price list (August 2022).
Unsurprisingly, these prices seem a bit high, as electric cars still cost more than petrol cars.
This is where the real solution comes in – calculating the total cost of owning an electric car. However, the situation varies between electric cars, depending on the model of the car, the age of the car and many other factors, such as NCD, etc.
Let’s say you decide to buy one of the more affordable Honda models, which will cost you around $185,000 (including COE). In addition to the price of the vehicle, you also need to consider the following costs:
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Let’s say we subtract the minimum discount you get from the VES scheme and the maximum discount you get from the ARF scheme (using Honda cars in August 2022 as an example).
Currently, there are many programs that can save you thousands of dollars or even around $40,000 when you switch from a regular gas car to an electric car. In addition, electric cars cost many times less per kilometer than gasoline cars.
The ARF for electric vehicles registered between January 2022 and December 2023 will be reduced from the usual $5,000 to $0. If you don’t know what ARF is, ARF is a tax levied based on the open market value (OMV) of the car upon registration. So, first of all, you can save $5,000 even before you switch to a new electric car.
If your vehicle is an all-electric vehicle, you can apply for a rebate of up to 45% from ARF, up to a maximum of $20,000. The system, called the Electric Vehicle Early Adoption Incentive (EEAI), is valid until 31 December 2023.
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VES also entitles you to rebates of $15,000 to $25,000 on new cars, taxis and imported used cars registered from January 1, 2021.
Let’s say you currently own a standard car that requires 95 octane petrol at the pump at $2.94/litre and you’re considering switching to an electric car, so you’re also comparing running costs. Here are estimates of the running costs of electric and gasoline cars.
There are currently just over 1,600 EV charging stations on the island, and the government plans to install more at HDB points and private car parks.
More specifically, a typical electric car battery is about 60 kWh, so a full charge costs $33. Charging stations for electric vehicles usually charge by the kilowatt-hour or by the hour. Estimating the costs can be tricky, however, because the time it takes to charge depends on the car model and the speed of the charger – a full charge can take from 30 minutes to 8 hours, and the frequency of charging depends on your car. the “charging range” of the vehicle, i.e. how many kilometers your vehicle can drive on a full charge.
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There are several auto insurance options for gas-powered cars, but many insurance companies do not offer coverage for electric cars. There are only 4 electric vehicle insurance plans in Singapore, as AXA plans to discontinue its electric vehicle insurance products in 2022, but that doesn’t mean you shouldn’t compare carefully before choosing one.
Car insurance costs in Singapore range from $700 to $1,000 per year, but the exact annual policy is determined on a case-by-case basis. We take into account certain factors such as your age, occupation, driving experience, accident history and much more before deciding on your premium:
Sometimes you may or may not get a very high premium quote, this may be due to statistics about your car or profile and how insurance companies measure risk, i.e. use the Risk Factor Rating System (RFRS) to determine your premium.
RFRS analyzes information about you and your vehicle to calculate your likelihood of getting into an accident. The higher the RFRS score for your risk factors, the higher your car insurance premium will be. That’s why it’s wise to compare car insurance quotes through comparison platforms or brokers, as you might come across a policy that’s more affordable and fits your budget.
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If you are not sure how to do this, here is an illustrative example. Here’s a rundown of four electric car insurance options to consider before choosing the electric car insurance plan you want. Let’s say you’re a 26-year-old male, single, with less than 2 years driving experience, no claims, 0% non-discount, and you’re considering an income plan for one of the following 4 EVs.
You may notice that when you compare these four EVs, the higher end brands also command higher premiums. So if you’re going to buy an Audi e-tron or a Tesla Model 3, you’ll also need to set aside more money for car insurance.
Currently, the open market value (OMV) of electric cars is still much higher than that of conventional gasoline-powered vehicles. However, there are still significant savings in the fuel consumption of electric cars.
Most charging points for electric vehicles charge by the kilowatt hour or by the hour. A typical electric car battery is about 60 kWh, so a full charge costs $33.
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Yeah. You can claim up to 45% off the Additional Registration Fee (ARF) up to $20,000 under the Electric Vehicle Early Adoption Incentive (EEAI) and save over $10,000 through the Vehicle Emissions Scheme (VES).
If you register your EV between January 2022 and December 2023, you won’t have to pay ARF, but if you’re outside this period, you’ll have to pay the standard fee of ARF 5,000.
Many insurance companies use RFRS to analyze information about you and your vehicle to calculate your likelihood of being in an accident. The higher the RFRS score for your risk factors, the higher your car insurance premium will be.
Yes and no. Some insurance companies may offer more competitive premiums just to attract new customers, so it may be wiser to compare quotes through a comparison platform (such as a broker) before renewing your policy. If you don’t mind seeing the details and reading the fine print in person, you can also buy car insurance directly from the insurance company of your choice. The list of potential problems with electric vehicles goes on. Luckily, we’ve rounded up most of the important details about every electric car on sale in the US today.
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In the images and tables below you will find very useful information including but not limited to sales models, prices, range, performance data, available tax credits and more.
As you can see below, the information is divided into two parts. The first of them is Pure Electric Vehicles (often also called fully electric cars or battery electric vehicles). These vehicles rely solely on batteries for power. In the diagram below we call them BEVs or Battery Electric Vehicles.
Next up are plug-in hybrids, often called PHEVs. Such vehicles have two power sources, usually consisting of a gasoline engine and a battery, although the setup can and does vary widely.
With those details explained, here are some handy specs, all laid out side by side to make it easier for you to compare EVs. Be sure to bookmark this page and check back regularly as we will update the images and tables below as soon as new information and/or new models become available for the US market.
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This chart contains the most detailed information on all battery electric vehicles currently sold in the United States.
This chart includes base prices, destination charges, federal tax credits available for each model, and finally the actual price after adding destination charges
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