Electric car in Singapore

If you are thinking about owning an electric car… Please read this.

First, electric cars are not cheap. A Tesla Model 3 which costs under US$40,000 in the United States. In Singapore, you would pay more than S$200,000 for a base model.

So first, price is relative ok when you compare it with luxury brands like Audi and BMW, and if you think you are saving money as you pay less for the expensive petrol in Singapore, let me share with you the other “costs”

Let’s look at Road Tax.

My friend owns the AWD model of the Tesla Model 3.
His Road Tax is $5,084 /yr

Let’s look at insurance.

I called NTUC insurance, and with no NCD, the insurance is more than $6,000 /yr
My friend has 50% NCD and is paying $4,000++

Running cost for 20,000km

Electricity $1200 per year based on SP Group public charging rate at $0.414 per kWh ($500 if private charging at $0.1768 per kWh)

So I would say total cost per year (excluding wear and tear) would be at least $10,000.

For an equivalent car like the Toyota Camry (Slightly bigger), It cost around $180,000

Let’s look at Road Tax.