How Much Does an Electric Car Cost in Singapore?

According to The Business Times, 1 in 3 new cars sold in Singapore between Jan to May 2024 was an electric vehicle (EV). 

You may be considering an EV in the coming year, but are wondering how much an electric car costs in Singapore.

In a nutshell, the total cost to own an EV in Singapore is about $180,515, based on the latest OMV of a BYD Atto 3, with VEI and EEAI rebates taken into consideration (only accurate at the point of writing).

Let’s take a look at how that breaks down:

Cost of Owning an Electric Vehicle in Singapore

With the entry of EVs from various makers, drivers in Singapore now have a wide range of electric vehicles to choose from.

Your cost will vary depending on your desired EV and your personal profile! Here, I’ll use the BYD Atto 3 and Tesla Model 3 (AWD) as a case study.

The table above only outlines the upfront costs. Charging your EV may set you back between $200 to $500 depending on your mileage.

Ok, but how does that stack up against an Internal Combustion Engine (ICE) Vehicle?

Well, let’s take a look at a quick comparison.

Cost of EV vs ICE Vehicle in Singapore

The cost of buying and maintaining a car in Singapore comes with its variation – from the make and model of the vehicle to how often you drive (and how many times you kena summon in a year).

According to LTA, Toyota sold the most petrol vehicles. So, for simplicity sake, we’ll compare the cost of buying a Toyota Corolla Altis to the BYD Atto 3 (I’m using BYD as its OMV+COE is closer to the Altis).

Sources:

• Car Costs as of Nov 2024
• Insurance prices were taken from Singlife, based on the assumption of a 35 year old male with 50% NCD and zero claims over the past 3 years.

Are EVs cheaper than petrol cars in Singapore?

Yes, for now.

Since the OMV of EVs tend to be slightly higher than comparable petrol or ICE cars and hence they draw a higher ARF. EVs are also levied with an Additional Flat Component (AFC) of $700 from 1 Jan 2023 onwards, as part of their road tax.

That said, new EV owners are entitled to rebates from now till 31 Dec 2025 which helps to subsidise some of the upfront costs (more on this below). Hence, the cost of EV is comparable to petrol cars currently.

How much rebate can I get if I buy an EV in Singapore in 2025?

To push the vision of 100% cleaner energy vehicles by 2024, new EV owners enjoy the following rebates between 1 Jan 2025 – 31 Dec 2025:

• EV Early Adoption Incentive (EEAI): 40% off the Additional Registration Fee (ARF), capped at $15,000
• Vehicular Emissions Scheme (VES)
  • Band A1 Rebate: $25,000 (applies to most electric cars)
  • Band A2: $2,500 (applies mainly to hybrid cars)

Now that we’ve looked at the upfront cost, you may be wondering about the difference in the energy cost of driving an EV vs an ICE. 

Is EV charging cheaper than petrol in Singapore?

Yes.

Here’s a comparison of the costs, accurate at the point of writing:

For context, that works out to $144 for a 50L petrol car like the Toyota Corolla Altis on 95 or $30.17 for BYD Atto 3’s 60.5 kWh battery.

Are charging points difficult to find in Singapore?

As of Nov 2024, LTA reports that there are around 15,300 registered EV charging points across Singapore, however only 7100 of these charging points are publicly accessible. As Singapore aims to install 60,000 charging points by 2030, we can expect greater availability in the coming years.

If you’re looking for charging points near you, PlugShare is a nifty website with a map of charging points in Singapore.

That said, a fully charged EV can cover at least 300 km according to LTA, hence you will not need to charge your EV everyday. As long as you have access to a charging point near your residence or workplace, it should suffice.

EV vs ICE: Maintenance Cost

Energy cost isn’t the only expense when maintaining a car in Singapore, here’s how the rest stacks up:

Do keep in mind that this table is not comprehensive, other costs like parking costs and ERP fee should be comparable for both EVs and ICEs. 

Would I get an EV or ICE vehicle?

With rebates of up to $40,000 available, EVs will be an attractive option in 2025. Charging is also cheaper compared to petrol prices. That said, EVs do come with higher road tax and insurance premiums, both of which are annual maintenance costs.

While rebates are attractive, my major consideration is the convenience of charging. As a mobile coffee caterer, I tend to cover longer distances in a week. While there are charging points at my office, they tend to be in use most of the time. Hence, I’ll probably stick with my ICE vehicle for now.

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