EV Early Adoption Incentive (EEAI)

 

From 1 January 2021 to 31 December 2023, car or taxi owners who register fully-electric cars can get the Additional Registration Fee (ARF) rebates of up to 45%, shaving off up to $20,000 for your new ride.

 

 

Enhanced Vehicular Emissions Scheme (VES) 

 

From 1 January 2021 to 31 December 2025, the rebates for certain categories of vehicles will be increased by $5,000 for cars, and $7,500 fot taxis.

 

Under the VES scheme, cars in Singapore can enjoy either a rebate of pay a surcharge, depending on how much pollutants their chosen ride emits.

 

Since electric or hybrid vehicles emit significantly lower pollutants than petrol or diesel vehicles, they are likely to get a higher rebate under the scheme, which helps lower the costs of car ownership.

 

For more information - refer to LTA | Vehicles Emissions Scheme.

 

 

Additional Registration Fee (ARF)

 

From 1 January 2022 to 31 December 2023, the Additional Registration Fee (ARF) floor – a mandatory tax fee for registering a new car – will be lowered from $5,000 to $0 for fully electric cars and taxis, so buyers of mass-market electric cars can enjoy combined a combined rebate (EEAI and VES) rebates of up to $45,000.

 

 

Revision of road tax framework

 

From 1 January 2022, the road tax framework has been revised by the Government, cutting up to 34% in taxes. This means electric, hybrid and luxury cars now pay the same taxes.

Source: https://www.tesla.com/en_sg/modely/design#overview

 

For example, the Tesla Model Y has an estimated ARF of $92,705. A VES rebate is $25,000, with a capped EEI rebate of $20,000 - providing an estimated rebate of up to $45,000.

 

 

Singlife Go Green Discount

 

Some insurers offer exclusive discounts for Electric Vehicles.

 

Singlife is giving an additional 10% off premiums on top of existing promotions. Along with other fantastic benefits, there's no reason not to check us out.

 

Find out more or get a quote today!

Find out more about our car insurance plans today!

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Disclaimers

The content of the blog – LifeStuff is published for general information only and does not have regard to the specific investment objectives, financial situation, and particular needs of any specific person. The objective of this blog is merely for educational purposes and is not intended to serve as legal, tax, investment or accounting advice and nothing contained here shall constitute a distribution, an offer to sell or the solicitation of an offer to buy. Accordingly, no warranty whatsoever is given, and no liability whatsoever will be accepted by Singapore Life Ltd for any loss arising whether directly or indirectly as a result from you acting based on this information.

 

You may wish to seek advice from a financial adviser representative before making a commitment to purchase the products. If you choose not to seek advice from a financial adviser representative, you should consider whether the product in question is suitable for you. The polices are protected under the Policy Owners’ Protection Scheme, and administered by the Singapore Deposit Insurance Corporation (SDIC). For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

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