Will buying an electric car save you money in the future?

As Singapore advances toward greener transportation initiatives, the government will roll out more electric car incentives (including tax breaks) in the coming years. This begs the question: "How much money can you save by switching to an electric car?"

The government plans to phase out internal combustion vehicles – paving the way for greater adoption for electric ones (i.e. EVs) – by 2040. To stay on track with this ambitious target, the 2021 Budget has announced new, upcoming incentives to encourage EVs' adoption among drivers. An example includes the EV Early Adoption Incentive (EEAI), which entitles EV-owners 45% off the Additional Registration Fees (ARF). Future rebates do not replace existing incentivisation efforts; that means drivers who switch to EVs will still enjoy savings under the existing Vehicular Emissions Scheme, which offers drivers up to S$25,000 in rebates. Below, we compare the upfront cost of purchasing an EV versus a petrol car and a hybrid car in Singapore.

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