AsiaOne has launched EarthOne, a new section dedicated to environmental issues — because we love the planet and we believe science. Find articles like this there. Environmental concerns are increasingly taking a front seat in public discourse. Singapore has created the lofty goal of phasing out internal combustion engine (ICE) vehicles by 2023 and reducing peak land transport emissions by...
Jan 1, 2021 – Dec 31, 2021So with these costs in mind, just how much loan would you need to buy an EV?There are a few factors that determine how large of a loan you are eligible to take out. These factors include your monthly income, current financial commitments such as other outstanding loans, and your repayment ability and credit scores. DBS’s car loan calculator can help you determine how much you are able to loan.
For second-hand EVs, the loan tenor will depend on the registration date of the car and hence the remaining years on its COE. For example, if the vehicle was originally registered in 2016, the EV would be six years old. Hence, you would be able to take out a loan for up to a maximum of four years to finance the purchase.
Secondly is the range that the EV is able to cover. The range of an EV represents the distance that you are able to travel with a single recharge. If you are planning on driving within Singapore, the range might be less of a concern as charging ports are increasingly readily available islandwide. If you are planning on driving your car into Malaysia, the range of your vehicle would be more important as you would have to consider when and where you are able to recharge your car on your trip.
. You are able to filter by individual partners or view all EVs across all partners when browsing on the market.Using the toggles on the sidebar, you can filter your search by car type, car price, registration year, depreciation, mileage and owner number. You can also filter to show only EV options to better streamline your search. For example, the MG ZS Electric Deluxe with eight years and four months left on the COE offered by SgCarMart is available for S$137,000.
That being said, be flexible in what you are looking for. If you are willing to accept slightly different specifications on the car, dealers might be able to give you a better discount on the inventory they need to move.If you are a first-time EV buyer, it is especially important to test drive the car to ensure that you enjoy the driving experience.
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