Buying An Electric Car In Singapore: A Complete Guide

An EV is a vehicle powered by an electric motor instead of an internal combustion engine (ICE). EVs are typically powered by a rechargeable battery pack, which can be charged at home or at public charging stations.

With government incentives, growing (and improving) charging infrastructure, and a longer list of models now available, EVs are a more viable option than ever for many in Singapore. EVs made up 32.1% of new car registrations in Singapore between January to July 2024, reflecting their increasing popularity amongst drivers as Singapore deepens its commitment to tackle climate change and build a more eco-friendly city.

If you’re still driving a car that uses petrol or diesel and considering the switch to an EV, SingSaver is here to help provide some clarity.

From pros and cons of going electric to understanding the various costs involved (like car insurance options for EVs or how to buy the cheapest EV car insurance in Singapore) to where the cheapest EV charging locations are, here’s all you need to know before taking that next step and joining the thousands of EV drivers on Singapore’s roads.

Let’s get started!

Choosing the right electric car can be a daunting task, especially with the growing list of models available in Singapore. Two key considerations 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).

Here are 3 factors to consider when picking out your EV:

• Driving habits and range requirements: Consider your daily commute and typical driving distances. If you frequently embark on long journeys, like long drives through Malaysia, prioritise EV cars with a longer range. If you’re primarily driving within Singapore, a shorter range car may suffice.

• Charging infrastructure: Where’s the nearest charging station to your home or workplace? While Singapore’s EV charging network is expanding, having convenient access to EV charging facilities will make owning an electric car way more worry-free.

• Budget: Electric car prices in Singapore can vary significantly. Determine your budget and explore the list of electric cars in Singapore that fall within your price range. Consider the upfront cost, as well as potential long-term savings on fuel and maintenance.

Check out even more factors to consider before buying a car in Singapore to figure out if you’re ready to put your pedal to the metal.

How much do you need to afford a car in Singapore? As always, the answer is: it depends. The cheapest electric cars in Singapore still start from above S$100,000, making it a significant financial consideration for the average driver.

*Source: Manufacturer's website and resale platforms

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$105,800 to S$204,999 plus for mass market models. There are, of course, higher-end models that cost over half a million bucks, but at that kind of price range you may well be tempted to look at petroleum supercars instead.

All new car registrations in Singapore from 2030 onwards will be required to be cleaner-energy models, meaning fully electric, hybrid, or hydrogen fuel cell vehicles. To support this transition to EVs, the Singapore government is issuing several financial rebates and incentives for drivers to enjoy.

From 1 Jan 2024 to 31 Dec 2025, newly-registered fully-electric vehicles will receive up to 45% on the Additional Registration Fee (ARF), capped at S$15,000.

The Vehicular Emissions Scheme (VES) provides rebates of up to S$25,000 for electric cars in Singapore that fall under Band A1, while cars under Band A2 will receive up to A$5,000 in rebates.

The road tax for fully electric cars in Singapore was revised in Jan 2022, lowering road tax rates for many mass-market electric car models. The revised tax rate ensures electric and ICE cars of comparable makes and luxury levels pay similar road tax, making owning an EV even more attractive from a cost-saving perspective.

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

The initial electric car price in Singapore is typically higher than that of petrol or diesel vehicles. However, various EV rebates and incentives can help offset this cost.

While the EV charging price in Singapore is generally lower than petrol costs, it's essential to factor in the cost of electricity and the type of EV charging you utilise. This will help you better estimate recurring charging costs over time.

Electric cars generally have lower car maintenance costs compared to petrol cars due to fewer moving parts, less fluids to replace, and longer component lifespan. However, regular servicing and potential battery replacements should be considered.

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 = S$2.78 (as of 20 Jan 2025; source)

• Energy tariff rate = 30.65 cents/kWh (with GST included; source)

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. 

Several banks in Singapore offer car loans specifically tailored for electric vehicles, such as OCBC’s Eco-Care Loan and Maybank Singapore’s financing for electric and hybrid vehicles. Take a look at SingSaver’s EV car loan comparisons to find the best financing options with competitive interest rates and flexible repayment terms.

Insurance premiums and costs for electric cars in Singapore may also differ from those for petrol cars. It's essential to compare quotes from different insurers and ensure you have adequate coverage for your EV. SingSaver’s car insurance quote comparisons can help you find the ideal insurance plan for your driving needs.

As of September 2024, there are over 7,100 publicly accessible EV charging stations across Singapore with the government aiming to deploy 60,000 charging ports islandwide by 2030.

Wondering where to charge your electric car while you’re on the road? Use the MyTransport.SG mobile app (download from Apple Store or Google Play Store) or Plugshare app (Apple Store or Google Play Store) to see the availability of Singapore’s EV charging points in real-time.

If you’re looking for the cheapest EV charging spots in Singapore, head over to any of the government-deployed ports in a HDB carpark near you. The government aims to make every HDB Town EV-ready with at least one charging location per Town in nearly 2,000 HDB carparks. Not only does this make it much more convenient and affordable to charge your vehicle whether you’re at home or out and about, but the public rate is amongst the cheapest ones too.

There are two main types of EV charging stations: AC chargers (Level 1 and Level 2), which are slower and typically found at home or at workplaces; and DC chargers (Level 3), which are faster and commonly found at public charging stations.

Level 1 AC chargers are the slowest of the three, while Level 3 DC chargers provide the fastest charge. A DC fast charger can charge a car from 0% to 80% in 30 minutes, making it a convenient option for drivers.

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

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.

Singapore is actively transitioning towards a greener future, with a goal for all new car registrations to be cleaner-energy models from 2030. The future of electric vehicles in Singapore is bright, with increasing government support, expanding charging infrastructure, and a growing selection of EV car models to choose from – all of which make the EV driving experience much more attractive.

Remember, this is just a starting point for your research into buying an electric car in Singapore. Be sure to stay updated on the latest developments and explore the resources provided (like our complete guide to the cost of owning a car in Singapore) so you’ll feel fully prepared for upcoming financial milestones in the future.