Cheapest Electric Cars in Singapore: Full Guide to Cost, Ownership & Savings

Yannie Woon 19 November 2025

Key Takeaways

• The cheapest electric cars in Singapore now start from around S$150,000 to S$160,000, with models like the BYD Dolphin and MG ZS EV leading the affordable segment.
• Charging costs are significantly lower than petrol refuelling, averaging about S$15 for 150–200 km of range compared to over S$100 for petrol.
• Electric vehicles benefit from rebates such as the EV Early Adoption Incentive (up to S$15,000) and the Vehicular Emissions Scheme (up to S$25,000).
• Maintenance expenses are lower for EVs because they have fewer moving parts, eliminating costs for items like engine oil and spark plugs.
• Singapore’s charging network is rapidly expanding, with fast chargers offering rates as low as S$0.51 per kWh and coverage across public carparks and malls.
• Home charging is the cheapest and most convenient option, though condo residents require MCST approval for installation.
• Buyers can finance EV purchases through bank loans or licensed moneylenders, but total borrowing costs must comply with MinLaw’s 4% per month interest cap.
• Considering total ownership cost, purchase price, charging, maintenance, and rebates helps identify the most cost-effective electric car for long-term savings.

Switching to an electric car is no longer something only tech enthusiasts debate over kopi. With the push towards cleaner mobility and an expanding charging network, EVs have gone from niche to mainstream. Still, cost remains one of the biggest concerns, and often the deciding factor for buyers.

If you have been searching for the cheapest electric car in Singapore, want clarity on real ownership costs, or simply need a practical breakdown of whether an EV is financially worth it, this guide walks you through everything you need to know.

Understanding the Cost of Owning an Electric Car in Singapore

Before comparing the most affordable EV models, it helps to understand the major components that affect ownership cost.

1. Upfront Cost: Purchase Price, COE, Taxes

Even with rebates, EVs still come with higher upfront prices compared to petrol cars because of battery costs, import taxes, and COE premiums.

A commonly referenced estimate places the all in cost of a mass market EV, such as the BYD Atto 3, at around S$180,515 including COE, ARF, registration fees and other administrative charges.

2. Charging Costs: One of the Biggest Savings Areas

Charging an EV is significantly cheaper than refuelling a petrol car.

Some public fast charging networks list rates at approximately S$0.51 per kWh, making them one of the more affordable options available.

For example:

• Charging a battery from 20% to 80%, around 30 kWh, costs roughly S$15.30
• That typically provides 150 to 200 km of range

In comparison, refilling a 40 litre petrol tank at about S$2.70 per litre costs around S$108. Over time, charging savings can be substantial.

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3. Running and Maintenance Savings

EVs have fewer moving parts, which means fewer things can go wrong. With no engine oil, spark plugs, exhaust system or timing belt, servicing costs are generally lower.

Most EV servicing focuses on:

• Brake fluid
• Coolant for battery thermal systems
• Tyres
• Cabin air filters
• Software updates

Petrol cars typically require more frequent and more expensive servicing.

4. Government Incentives That Reduce Cost

Singapore offers rebates for qualifying EVs that can substantially reduce the upfront cost.

EV Early Adoption Incentive (EEAI)

Provides a rebate of up to 45% of the ARF, capped at S$15,000.

Vehicular Emissions Scheme (VES)

Many zero emission EVs qualify for Band A1, which provides up to S$25,000 in ARF rebates.

Actual savings vary by model.

Most Affordable Electric Cars in Singapore

Several entry level EVs fall below the S$200K range, making them competitive with many mid tier petrol SUVs.

BYD Dolphin

Often cited as one of the most accessible EVs today.

• Approx. Price, around S$159,888 depending on COE and variant
• Range, about 340 to 420 km
• Highlights, spacious interior, smooth driving, strong value for money

MG ZS EV

A compact SUV that offers practicality at a relatively affordable price.

• Approx. Price, previously referenced at S$157,888
• Range, around 320 to 440 km
• Highlights, roomy cabin, refined electric drive

Other Sub S$200K EV Options

Depending on promotions and COE category, several other compact EVs and entry variants from international brands also fall under S$200K.

Comparing Electric vs Petrol Cars

Charging Infrastructure: How Convenient Is It Today

Charging options have expanded significantly with ongoing deployment across malls, public carparks, workplaces and charging hubs.

AC Charging, Slower

• 7.4 kW to 22 kW
• Best for overnight charging
• Usually the lowest cost method

DC Fast Charging, Faster

• Typically 50 kW to 120 kW and above
• 20% to 80% in around 30 to 45 minutes
• Competitive rates can be around S$0.51 per kWh

Home Charging

• Straightforward for landed homes
• Condo installations depend on MCST approval
• Convenient and generally the cheapest charging method

Money Kinetics: Compare Personal Loans Before Buying Your EV

If you are considering financing your EV purchase, comparing loan options helps you secure better rates and terms. Money Kinetics is a loan comparison platform in Singapore that allows you to review personal loan packages from multiple financial institutions quickly and easily. Whether you need funds for your EV, charger installation or other related expenses, comparing offers ensures you pick the most cost effective option. You can compare personal loans through Money Kinetics to find the option that suits your needs.

Financing and Loan Options for Electric Cars

1. Bank Car Loans

Banks typically offer:

• Up to 70% loan to value for cars with OMV not exceeding S$20,000
• Up to 60% loan to value for cars with OMV above S$20,000
• Loan tenures up to 7 years
• Interest rates vary by applicant profile

2. Borrowing from Licensed Moneylenders

If you choose to borrow from a licensed moneylender, the following Ministry of Law regulations apply based on the official guidelines:

• Maximum interest rate, 4% per month
• Late interest, 4% per month only on overdue amounts
• Administrative fee, up to 10% of the principal
• Late fee, up to S$60 per month
• Total borrowing cost cannot exceed the principal amount

Always verify the lender on MinLaw’s official list and ensure you understand the terms before signing.

3. Choosing the Best Financing Method

Evaluate:

• Total interest over the full tenure
• Monthly instalments
• Early repayment conditions
• Overall affordability

Money Kinetics can assist with comparing loan options clearly and efficiently.

Tips for Choosing the Right Electric Car

1. Know Your Daily Mileage

Short daily trips mean smaller battery EVs are sufficient. Longer commutes may require higher range models.

2. Assess Your Charging Options

Home chargers offer maximum cost savings. Public charging requires planning but is increasingly convenient.

3. Compare Total Ownership Cost

Consider energy cost, depreciation, maintenance and warranty.

4. Battery Warranty

Most EVs offer around 8 years of warranty or up to roughly 160,000 km, which is crucial for long term confidence and resale value.

5. Lifestyle Fit

Different models cater to families, solo drivers or those who need extra space. Charging access at home can also influence the best choice.

Final Thoughts: Are EVs Worth the Investment

EVs still cost more upfront, but rebates, lower maintenance, and significantly lower charging expenses make them strong long term contenders. As more sub S$200K models enter the market, choosing an EV is becoming increasingly realistic.

If you are exploring the cheapest electric car in Singapore, compare prices, ranges and incentives, then match them to your lifestyle needs.

Looking for Financing Options

If you are planning your EV purchase and need flexible financing, Money Kinetics can help you compare personal loan offers from multiple financial institutions quickly and transparently. You can explore personalised loan options through Money Kinetics to make a more informed decision.

Yannie Woon

Starting out as a freelance writer, Yannie quickly realised she had a gift for explaining money matters in a way that didn't make people want to tear their hair out. When she's not cracking jokes about compound interest, Yannie enjoys attending industry seminars, engaging with financial experts on social media, and volunteering her time and expertise to help those in need.