EVs Early Adopter Incentive (EEAI); VES; PARF and Road Tax: How Much Can You Really Save If You Buy An Electric Car In Singapore Today?

Since the https://www.tesla.com/en_sg in Singapore and the government announced that it will be rolling out the deployment of 60,000 charging points at public car parks and private premises by 2030, the interest in securing ownership in EV has increased significantly in Singapore.

The general sentiment is that with the government incentivizing drivers via grants and schemes to adopt electric cars, buying an electric car is less expensive now. In addition, electric cars are also widely seen to be cheaper to run, since they rely on electricity rather than petrol.

EV Early Adopter Incentive (EEVI) – Up to $20,000

The scheme that will likely attract the most people to buy an electric car is the EV Early Adopter Incentive (EEAI).

As Land Transport Authority in February 2020, the EEVI provides an ARF rebate of 45% when car buyers purchase a fully electric car from 1 January 2021 to 31 December 2023. This is capped at a maximum rebate of $20,000.

For example, the Tesla Model 3 has an estimated ARF payable of $76,959. A 45% rebate would translate to $34,631. Since this is capped at $20,000, the EEVI ARF rebate for the Tesla Model 3 will be $20,000.

A Typical Tesla 3 will cost around SGP $173,000.00 (USD $129,000.00) including a price tag of $60,000 COE.