Tesla will finally be able to sell their cars in Singapore, and if you’re wondering how much it’ll cost to own one, well, you might be surprised by how affordable it is (relatively)!
Buying or owning a Tesla Electric Vehicle (EV) is a cheaper option than buying a combustion engine car in Singapore. This is after we have taken the cost of a Certificate of Entitlement (COE) for the EV as well as the rebates the government will grant you into consideration.
Tesla’s official website priced the Tesla Model 3 Performance at S$154,815 without the COE while the standard Tesla Model 3 has a price tag of S$112,845 without the COE. This includes the Vehicular Emissions Scheme (VES) rebate and the EV Early Adoption Incentive which are summed up at S$45,000.
These prices put the Tesla Model 3 Performance and its regular model at the mid-range of available EVs in Singapore. According to the table made by Alevin Chan of SingSaver, The two Tesla vehicles would place after Nissan’s Leaf Electric at S$139,888 and before BMW’s i3 Electric at S$167,000.
Tesla EVs are also cost-efficient. Upon closer inspection in Tesla’s website, the Tesla Model 3 Performance was stated to be able to help save users an estimated S$6,200 worth of fuel over the course of five years.
Maintenance for EVs is also cheaper than for a combustible engine car, considering that EVs don’t have the need for spark plugs, oil filters and radiators. However, the car’s software has to be updated every so often and its suspension components, air-conditioning system and brakes have to be inspected regularly and replaced if necessary.
The downside of having an EV in Singapore is the possible lack of charging stations. When Finance Minister Heng Swee Keat announced in February 2020 that Singapore planned to phase out combustion engine vehicles by 2040, the infrastructure to make the transition then wasn’t properly established.
The Tesla Model 3 Performance and its regular model has a 78 kWh battery capacity that is capable of supplying power to the EV for 567 kilometres. It can be fully charged in 8 hours, meaning that you can leave the Tesla Model 3 Performance to charge from 0-100% overnight if you have a charging point in your home.
The Singaporean government, however, vowed to increase charging stations in Singapore to 28,000 from its current number of 1,600 as part of their goal to fully populate roads with EVs by 2040.
Written by John Paul Joaquin