As an electric car enthusiast, I have been closely following the launch of the Tesla Model 3 in Singapore. With its sleek design, impressive performance, and eco-friendly features, the Model 3 has quickly become a popular choice among car buyers in Singapore.
However, one crucial factor that potential buyers need to consider is the cost of buying and owning the Tesla Model 3 in Singapore.
According to my research, the cost of the Tesla Model 3 in Singapore varies depending on the variant and additional registration fees (ARF). The Model 3 Performance variant has a selling price of $155,040 (before COE), while the original cost of the Model 3 (inclusive of GST) is $75,990. As with all cars in Singapore, the ARF adds to the selling price, resulting in a higher cost for buyers.
Aside from the initial cost, owning a Tesla Model 3 in Singapore also entails additional expenses such as insurance, maintenance, and charging costs. However, with the increasing availability of charging stations and government incentives for electric car owners, the long-term cost of owning a Tesla Model 3 may be more affordable than owning a traditional gas-powered car.
Purchase Price of Tesla Model 3 in Singapore
As of October 2023, the cost of purchasing a Tesla Model 3 in Singapore ranges from S$160,000 to S$200,000, depending on the variant and add-ons. This price does not include the Certificate of Entitlement (COE) fee, which is required to register a new car in Singapore.
The COE fee is determined by a bidding system and varies depending on the prevailing market conditions. As of October 2023, the COE fee for Category A (cars with engine capacity up to 1600cc and maximum power output not exceeding 97kW) is around S$120,000. The COE fee for Category B (cars with engine capacity above 1600cc or maximum power output exceeding 97kW) is around S$130,000.
Therefore, the total cost of purchasing a Tesla Model 3 in Singapore, including COE, can range from S$280,000 to S$340,000.
It is worth noting that the purchase price of the Tesla Model 3 in Singapore is higher compared to other countries due to various factors such as import taxes, excise duties, and other fees. However, the cost of owning a Tesla Model 3 in Singapore can be lower compared to owning a traditional gasoline-powered car due to lower maintenance and fuel costs.
Overall, the purchase price of a Tesla Model 3 in Singapore is relatively high, but it is important to consider the long-term benefits of owning an electric car, including lower carbon emissions and reduced fuel costs.
Associated Buying Costs
When purchasing a Tesla Model 3 in Singapore, there are several associated costs to keep in mind. In this section, I will discuss the most important ones.
Certificate of Entitlement
The Certificate of Entitlement (COE) is a necessary document that allows you to own and use a vehicle in Singapore. The cost of the COE varies depending on the type of vehicle and the current market demand. As of October 2023, the COE for a Tesla Model 3 is around SGD 40,000.
Additional Registration Fee
In addition to the COE, all cars in Singapore are subject to an Additional Registration Fee (ARF). The ARF is calculated based on a percentage of the car’s Open Market Value (OMV). For a Tesla Model 3, the ARF is around 100% of the car’s OMV.
Goods and Services Tax
The Goods and Services Tax (GST) is a tax on all goods and services sold in Singapore. As of October 2023, the GST rate is 7%. When purchasing a Tesla Model 3, the GST is included in the car’s selling price.
If you are importing a Tesla Model 3 from overseas, you will need to pay Customs Duty. The Customs Duty is calculated based on the car’s OMV and the current rate is around 20% of the car’s OMV.
Overall, the associated buying costs of a Tesla Model 3 in Singapore can add up quickly. It is important to keep these costs in mind when budgeting for your purchase.
Cost of Ownership
As with any car, there are several costs to consider when owning a Tesla Model 3 in Singapore. These costs include electricity, maintenance, and insurance premiums.
One of the advantages of owning an electric car like the Tesla Model 3 is the lower cost of fuel. In Singapore, the average cost of electricity is around $0.25 per kWh. The Model 3 has an estimated energy consumption of around 0.2 kWh per km, which means that it costs around $0.05 per km to charge the car.
Assuming an average daily commute of 20 km, the monthly electricity cost would be around $30. This is significantly lower than the cost of petrol for a traditional car.
Electric cars generally have lower maintenance costs than traditional cars because they have fewer moving parts. The Tesla Model 3, for example, has no oil changes, spark plug replacements, or transmission fluid changes. However, there are still some maintenance costs to consider.
The Model 3 requires regular tire rotations, brake fluid replacements, and cabin air filter replacements. These costs can vary depending on the service center and the specific maintenance required.
Insurance premiums for the Tesla Model 3 in Singapore can vary depending on several factors, including the driver’s age, driving experience, and accident history. However, because the Model 3 is a luxury car, the insurance premiums are generally higher than for a standard sedan.
According to SingSaver, the insurance premiums for a Tesla Model 3 can range from $3,000 to $4,000 per year. This is higher than the average insurance premium for a traditional car in Singapore.
Overall, while the initial cost of purchasing a Tesla Model 3 in Singapore may be high, the lower fuel and maintenance costs can make it a cost-effective option in the long run.
Government Incentives and Rebates
As a Tesla Model 3 owner in Singapore, there are government incentives and rebates that you may be eligible for. These incentives and rebates can help reduce the cost of purchasing and owning a Tesla Model 3.
Vehicle Emission Scheme Rebate
The Vehicle Emission Scheme (VES) is a program that encourages the purchase of vehicles with lower emissions. As a Tesla Model 3 owner, you may be eligible for a VES rebate. The amount of the rebate is based on the emissions level of your vehicle.
The Tesla Model 3 has zero emissions, which means it is eligible for the highest VES rebate of $25,000. This rebate is applied to the Additional Registration Fee (ARF) of your vehicle.
Early Turnover Scheme
The Early Turnover Scheme (ETS) is a program that encourages the early replacement of older vehicles with newer, cleaner vehicles. As a Tesla Model 3 owner, you may be eligible for the ETS rebate if you are replacing a vehicle that is at least 10 years old.
The amount of the ETS rebate is based on the age of your old vehicle and the emissions level of your new vehicle. The Tesla Model 3 has zero emissions, which means it is eligible for the highest ETS rebate of $5,000.
It is important to note that both the VES and ETS rebates are subject to change and may be updated or discontinued at any time. For the most up-to-date information on government incentives and rebates for Tesla Model 3 owners in Singapore, it is recommended to check with the Land Transport Authority (LTA).
Resale Value of Tesla Model 3
As with any car purchase, it’s important to consider the resale value of the vehicle. The Tesla Model 3 has been praised for its high resale value, which is largely due to the car’s popularity and the fact that it’s an electric vehicle.
According to Kelley Blue Book, the 2023 Tesla Model 3 has a starting price of $40,240. While the resale value will depend on a variety of factors, including the car’s condition and mileage, it’s generally expected that the Model 3 will hold its value well over time.
In fact, InsideEVs analyzed data on used Tesla Model 3s and found that the car had an average resale value of 90% after one year and 70% after three years. This is significantly higher than the average resale value for gas-powered cars.
It’s worth noting that the resale value of the Model 3 will also depend on the availability of newer Tesla models, as well as changes in government incentives for electric vehicles. However, it’s clear that the Model 3 is a smart investment for those looking for a car that will hold its value over time.
In conclusion, the Tesla Model 3 has a high resale value, making it a smart investment for those looking to purchase an electric vehicle. While the resale value will depend on a variety of factors, it’s generally expected that the Model 3 will hold its value well over time.
Comparison with Other Electric Vehicles
When it comes to electric vehicles, the Tesla Model 3 is one of the most popular options on the market. However, it’s important to compare it with other electric vehicles to see how it stacks up against the competition.
One of the biggest advantages of the Tesla Model 3 is its price. According to Business Insider, the Model 3 is one of the most affordable electric vehicles on the market. While it’s not the cheapest option available, it’s certainly more affordable than many of its competitors.
Another important factor to consider when comparing electric vehicles is range. The Tesla Model 3 has an impressive range of up to 358 miles, according to Edmunds. This is significantly higher than many other electric vehicles on the market, making it a great option for those who need to travel long distances.
Charging is another important consideration when it comes to electric vehicles. The Tesla Model 3 has access to Tesla’s extensive Supercharger network, which allows for fast charging times. According to CleanTechnica, the Model 3 can be charged up to 80% in as little as 30 minutes.
Finally, it’s important to consider maintenance costs when comparing electric vehicles. The Tesla Model 3 has relatively low maintenance costs compared to many other electric vehicles, thanks in part to its simple design. According to Edmunds, the Model 3 has an estimated maintenance cost of just $1,300 over five years.
Overall, the Tesla Model 3 is a great option for those looking for an affordable electric vehicle with a long range and low maintenance costs. While there are certainly other options on the market, the Model 3 stands out as a strong contender.