The Electric Vehicle revolution is well and truly underway, with major car manufacturers all over the world pledging to go green and discontinue the production of internal combustion engine (ICE) vehicles in the next 20 years.
Similarly in Singapore, the Government’s “Singapore Green Plan 2030” outlines a slew of nationwide initiatives to advance the country’s national agenda on sustainable development.
These initiatives outline a number of ambitious goals for the transport industry, including further support for electric vehicle adoption. These include a target of 60,000 EV charging points by 2030, revisions in the road tax structure for EVs and the ceasing of new diesel car and taxi registrations by 2025.
Additionally, with the Electric Vehicle Early Adoption Incentive (EEAI) and enhanced VES scheme, drivers can enjoy up to $45,000 in rebate, which is another positive move by the Government to encourage EV adoption.
But even with all these plans, how much would it actually cost to own an EV in Singapore?
In this article, we’ll take a look at the 3 different costs for drivers – maintenance, petrol and road tax.
How Expensive are EVs in Singapore?
Electric vehicles tend to be more expensive than ICE vehicles due to the cost of materials used to build an electric car, cost of development and basic economies of scale.
So how much you’ll have to fork out for the car will usually be higher and dependant on the brand and model you choose. While you will be eligible for up to $45,000 in rebates, some EVs are still quite expensive.
Right now, the most affordable fully electric car is the BYD e6, an amazing option that offers excellent value for money and the only EV in the Category A COE.
While the initial costs might be higher than the average ICE models, you will definitely save on your annual running costs like maintenance and petrol.
Unlike ICE vehicles, there are fewer moving parts built into an electric car which make them more reliable.
The electric motor is a simple machine and consists of roughly half a dozen moving parts. So there’s no oil to change, gaskets to replace or valves to clog up. There’s no need to replace your spark plugs, fluids or any of the typical consumables.
As such, there’s less wear and tear of components and the electric motor requires a lot less maintenance than the conventional engine, which reduces a lot of costs. The total cost an EV owner can expect to save is around 40% to 50% of the normal maintenance cost of ICE cars.
So if you typically spend around $1,000 – $1,500 a year on maintenance, you can expect to save $500 – $750 a year when you switch to an EV.
One of the biggest costs drivers will incur every year will be for petrol. These costs will definitely defer from driver to driver as it depends on how much you actually drive, and the current cost of petrol.
On average, Singaporeans drive around 20,000KM a year. With that in mind, you can expect to fork out around $3,260 on petrol every year.
For EV owners, the annual amount you’ll spend on charging will minimally be halved. The amount you’ll spend will depend on how you charge your EV as prices differ from Commercial charging stations, Public charging and charging at Home.
Here’s a breakdown of annual charging costs based on where you charge, using the BYD e6 as an example.
|70% home charging & 30% DC public charging||S$ 902|
|70% commercial charging & 30% DC public charging||S$ 842|
|70% DC public charging, 30% commercial charging||S$ 1,441|
Furthermore, your cost of charging will also be affected by the energy price at the time and the type of EV you own. So the costs will differ, and it might be higher or lower depending on your car.
For years, the road tax for electric cars has always been higher than ICE cars. So EV owners can expect to pay anywhere from a few tens of dollars to a few hundred dollars more a year when they make the switch.
Using the BYD e6 as an example, road tax will cost on average $1,246 a year while your typical ICE model will cost around $1,200 a year. That’s $46 more a year, or $460 over the cost of 10 years, which is that much more.
Especially if you take into account the savings you’ll get from your maintenance and petrol costs, it pretty much pays for itself in the first year.
Additionally, from 2022, road tax for mass-market electric cars will be lowered, which will make it on par with similar ICE models.
The bracket for 90kW to 230kW cars will be merged with the 30kW to 90kW band, which amounts to up to 34% in reduction of road tax payable for electric cars in this band.
So How Much Can You Save Over the Course of 10 Years?
One of the biggest draws of EVs is the cost savings. When you add the cost of maintenance, petrol, road tax, and even insurance, the difference in costs becomes more obvious.
Using the BYD e6 as an example, switching to an EV can save you up to $30,000 over the course of 10 years. That’s a whole lot of money! That’s money you could use for the more important things in your life like your kids’ school fees, a holiday, or just for building your nest egg.
If you’re looking to make the switch to an EV, the BYD e6 is definitely an electric car you should consider. With 522KM of range on the super safe BYD Blade Battery, fast charging capabilities at just 40mins to go from 20% – 80% on a DC Charger and 1 hour on an AC Charger, there’s no better option out there!