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Is owning an Electric Vehicle (EV) worth it in Singapore? Is now the best time to switch? (2025)
By Financial Horse  •  January 22, 2025
Electric Vehicles (EVs) are definitely the future. Is now the right time to switch? It seemed like such a novelty when Tesla delivered its first car in 2021. EVs were a rare sight then. Just three years later, EVs from brands like BYD and Hyundai are practically are everywhere. One in three new cars registered in 2024 is now an EV. This is nearly double from 18.1% in 2023. Government support is supercharging adoption. From 2030, all new car registrations will be cleaner-energy vehicles to achieve our sustainability goals. Combine that with more mass-market EV models being available and strong government incentives — and it’s no surprise why EVs are taking off. But what is it like to own an EV in Singapore? And should you make the switch from an internal combustion engine (ICE) vehicle? Let’s break it down. This article was written by a Financial Horse Contributor.  Total cost of ownership of EVs is lower than ICE cars Source: LTA...
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By Financial Horse
Financial Horse was founded with a simple goal – To provide high quality financial commentary, in plain English. He is a firm believer in Einstein’s quote that “If you can’t explain it to six-year-old, you don’t understand it yourself.” Too much of finance is shrouded in complex jargon, and Financial Horse aims to demystify financial investments.
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