How Much Does It Cost To Own A Model 3 and Model Y Tesla in Singapore (2024 Update)

Cost of Tesla Car in Singapore (Model 3, Model Y)

With the rise in Electric Vehicles (EVs) on our roads these days, it’s no wonder that more Singaporeans are looking to make the switch to EVs.

Looking to purchase a Tesla, look no further! We will break down the cost of Tesla car in Singapore, whether you get a Model 3 or Model Y. Everything from maintenance to taxes, we’ve got you covered.

By 2024, the average cost of owning a Tesla in Singapore will be $6,000 per year.

That may seem like a lot, but considering the savings on gas and other expenses, it is actually a very good deal.

Read along to learn more about those estimated costs, additional fees, and how much you can save in the long run.

Why Are Electric Vehicles Gaining Popularity

Electric vehicles (EVs) are becoming increasingly popular in Singapore for several reasons:

  • EVs are much cheaper to operate than traditional petrol or diesel-powered vehicles. The cost of electricity is far lower than the cost of gasoline, so EV owners can save a significant amount of money on fuel costs over the lifetime of their vehicles.
  • EVs emit no pollutants, so they are much better for the environment than traditional vehicles. This consideration is essential in a country like Singapore, which is highly urbanised and densely populated.
  • Electric vehicles have fewer parts to replace, meaning their long-term maintenance is cheaper.
  • EVs are simply more fun to drive. They accelerate quickly, smoothly and are very quiet.

All of these factors together make EVs an appealing option, and, on our little red dot, Tesla is one of the favourites.

What Are The Features Of The Tesla Model 3

The Tesla Model 3 is the newest car from Elon Musk’s electric car company. It’s a sleek, stylish sedan that seats five and has a range of about 402 km on a single charge for the Standard Range Plus version and 518 km for the Long Range AWD version.

Model 3 is loaded with high-tech features that make it feel luxurious. For instance, all models come standard with autonomous driving capabilities and a large touchscreen display that controls most of the car’s functions.

Other features include:

  • 15-inch central touchscreen
  • Four USB ports
  • Two charging docks
  • All-glass roof
  • 12-way power-adjustable heated front seats
  • Park Assist
  • Autopilot

Size

The Tesla Model 3 measures:

  • Length: 4,690 mm
  • Width: 2,080 mm

These dimensions render the Tesla 3 Model similar to a BMW 3 Series, albeit a bit bulkier. However, it rides well on Singapore roads.

Comfort

The Tesla Model 3 has generous room for five adults, both in front and in the back. You will have plenty of space to extend your legs and rest your head, meaning you can drive for longer without getting all achy.

Speed

Tesla Model 3 is a very fast car, being able to get from 0 to 100 km/h in:

  • 5.3 seconds: The Standard Range Plus
  • 4.4 seconds: The Long Range Dual Motor AWD Option

This speed far exceeds what most saloons can do, even surpassing some sports cars. Besides, the maximum speed you can attain is a whopping 260 km/h.

Boot Space

With 425 litres of boot room spread in front and back storage spaces, Tesla Model 3 is a close second behind the BMW 3 Series. However, you can only fit two small bags in the front boot, and the back boot is less flexible than a hatchback.

Luckily, you can make even more room by folding the back seats.

What Is The Actual Cost Of A Tesla Model 3

Here are the Tesla car prices in Singapore for a Model 3:

Open Market Value 

The Open Market Value (OMV) represents the actual price of your car, excluding additional taxes.

On Tesla’s website, you can see that the Model 3 prices begin at:

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  • $69,800 for the rear-wheel drive model
  • $89,800 for the Model 3 Performance

Excise Duties 

Excise duty represents a tax the Singapore Government charges on all imported goods, including cars.

The amount of excise duty you’ll need to pay for your Tesla Model 3 will depend on the car’s COE price category, representing 20% of that amount.

Additional Registration Fee 

The Additional Registration fee (ARF) is calculated based on your car’s OMV. Vehicles costing over $50,000 have an ARF rate of 180% of their OMV.

Luckily, your Tesla price in Singapore is lowered by specific rebates, including:

  • Vehicle Emission Scheme (VES)
  • EV Early Adopter Incentive

Certificate Of Entitlement (COE)

The COE is not included in the cost of Tesla car in Singapore; the brand requires customers’ approval to bid for a certain COE.

Then, you add a 15% allowance to that.

Besides, all Tesla cars with power outputs above 97 kW will need a COE corresponding to Category B or Category E for Singapore use.

The current COE prices (April 2024 bidding) are:

  • $102,001: Category B
  • $103,249: Category E

Estimated Cost Of Tesla Model 3

According to the Tesla website, the estimated Tesla Model 3 price in Singapore, excluding COE, is $114,655. Here’s the breakdown:

  • Subtotal: $80,340
  • GST: $5,256
  • Est. ARF: $76,959
  • VES Rebate: $25,000
  • EV Early Adopter Incentive: $20,000
  • Net ARF Payable: $31,959
  • Registration Fee: $220
  • Road Tax (12 months): $2,136

Apart from what that website is telling us, we can also add the following:

  • The COE value corresponding to category E + 15% = $123,281.15
  • The excise duties: $21,440.2

Therefore, the total price reaches $259,376.35.

Luckily, a loan will help you cover up to 60% of your Tesla’s OMV and COE.

That means subtracting $48,204 for the OMV and 73,968.69 for the COE, leaving you with $137,203.66.

How Much Will It Cost To Own The Tesla Model 3 For 10 Years In Singapore?

Here’s what you can expect to pay each year for your Tesla Model 3:

  • Electricity: $1,200
  • Road tax: $2,136
  • Motor insurance: $2,000
  • Routine maintenance: $220 (including rotation/balancing tires, air-con servicing, plus replacing the brake fluid, cabin air filter, and windscreen wipers)

Total: $5,556

Therefore, the cost of owning a Model 3 Tesla for ten years is $55,560, while the estimated fuel savings are $38,000.

You can also add parking, car wash, accessories, and possible fines, thus reaching another $600/month or $7,200/year.

However, you would take on these expenses with any car, not just a Tesla Model 3.

What Are The Features Of The Tesla Model Y

According to the Tesla website, the Model Y is designed with safety in mind. It is arguably the safest car in its class because it has a low centre of gravity, rigid construction and large crumple zones.

Other features include:

  • 360° Rear, side and forward-facing cameras
  • 514 km on a full charge
  • 15-inch touch screen
  • Autopilot

Size

Tesla Model Y is slightly larger and longer than Tesla Model 3, reaching:

  • 4,750 mm: Length
  • 1,920 mm : Width

So while that makes the Tesla Model Y a bit more accommodating, it also increases its turning circle.

Comfort

Tesla Model Y is a very comfortable car for both the driver and the passengers. You will have excellent visibility over the road thanks to the higher seat position and low dash. Besides, the interior is large and accommodating, while the glass roof creates an impression of more space.

Speed

The Tesla Model Y reaches a maximum speed of 217 km/h, going from 0 to 100 km/h in 6.9 seconds. Therefore, Model Y is slower than Model X, though much faster than other cars in this category.

Boot Space

Tesla Model Y takes the cake compared to model X regarding boot space. You will find the 2,158 litres more than accommodating. And, just like with the Model X, you can always retract the back seats to create more space.

What Is The Actual Cost Of A Tesla Model Y 

Let’s break down the actual cost of a Tesla Model Y following the categories above:

Open Market Value 

The OMV for a Tesla Model Y starts at:

  • $77,390 for the rear-wheel drive model
  • $95,390 for the Model 3 Performance

Excise Duties 

The excise duties will also represent 20% of your Tesla’s COE.

Additional Registration Fee 

Since Tesla Model Y costs over $50,000, the ARF will represent 180% of its OMV. But just like with the Tesla Model X, you can take advantage of the electric vehicle discounts above (VES and the early adopter scheme).

Certificate Of Entitlement (COE)

Your Tesla Model Y’s COE will also correspond to the B or E category, depending on the engine size, plus 15%.

So, like for Model X, the April 2024 bidding COEs are:

  • $102,001: Category B
  • $103,249: Category E

Estimated Cost Of Tesla Model Y

The Tesla Singapore price for Model Y, without the COE, is $142,471:

  • Subtotal: $92,340
  • GST: $6,041
  • Estimated ARF: $92,705
  • VES rebate: -$25,000
  • EV Early Adopter Incentive: -$20,000
  • Net ARF payable: $47,705
  • Registration fee: $220
  • Estimated road tax (12 months): $2,206

We will also add:

  • The COE value corresponding to category E + 15% = $123,281.15
  • The excise duties: $21,440.2

That gets us to $287,192.35.

Of course, if you get a car loan covering 60% of your Tesla Model Y’s OMV and COE, you can subtract $55,404 for the OMV and $73,968.69 for the COE.

Therefore, you end up with $157,819.66 after the loan.

How Much Will It Cost To Own The Tesla Model Y For 10 Years In Singapore?

Much like Tesla Model 3, owning a Tesla Model Y will cost you this much annually:

  • Electricity: $1,200
  • Road tax: $2,136
  • Motor insurance: $2,000
  • Routine maintenance: $220 (including rotation/balancing tires, air-con servicing, plus replacing the brake fluid, cabin air filter, and windscreen wipers)

Total: $5,556/ year and $55,556 for ten years

However, the estimated fuel savings are $38,000 for the next ten years.

Should You Go Electric?

As you can see, owning a Tesla car in Singapore is not as expensive as it might seem at first. Yes, the initial investment is higher than for regular vehicles. But over time, you will make up for it in fuel savings and other cost-efficient ownership perks unique to electric cars.

Besides, let’s not forget that you will also be doing your part for the environment by driving a Tesla. And that is priceless.

Turn Your Tesla Model 3 Or Model Y Dreams Into Reality

It is no surprise that purchasing an EV in Singapore requires a huge sum of money. This is not something that most of us have at our disposal. At Money Kinetics, we offer specially tailored personal loans to ensure that everyone will be able to afford the car of their dreams. All you have to do is to submit a quick and simple loan application with us and you’ll be able to receive your approval within 24 hours!

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