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For a small country like Singapore, we’re certainly car dense. As of end-2021, there were nearly 990,000 motor vehicles on this tiny red dot.
We know that vehicles are certainly big contributors to global warming and things don’t look too good for the earth if climate change continues unchecked. Every little bit to reduce our emissions count and one way to do so is by making the switch to electric vehicles (EVs).
The Government has also been encouraging Singaporeans to switch to EVs with initiatives such as rebates for buying EVs and deploying double the number of charging points across the country by 2030, as well as stopping new diesel car registrations from 2025.
With renowned brands like Tesla coming into Singapore in 2021, it has certainly increased the hype around electric vehicles. However, electric vehicles are still expensive to purchase or can have limited range if the battery life isn’t optimised.
If you’re thinking about switching to electric vehicles, but you, your partner or maybe even your parents have concerns around doing so, share this article with them and let us convince them for you.
Looking for your dream choice, but not sure whether to settle for an Electric, Hybrid or Petrol Vehicle? You can find all of these car models on a single platform at DBS Car Marketplace. In a few simple clicks, you can easily filter and sort the car models based on your lifestyle needs and budget.
Let’s take a further look at the various factors that might impact your decision.
The cost of an Electric Vehicle (EV) holding you back?
If you’re hesitating on making the switch to an EV because of cost, that’s totally understandable. There’s the impression that the cost of an electric car right off the bat is usually more expensive than a normal car.
But that’s not necessarily true as the government is offering rebates for EV buyers. As part of the EV Early Adoption Incentive (EEAI), from now till 31 Dec 2023, those who buy an electric vehicle will receive a 45% rebate off the Additional Registration Fee (ARF), capped at $20,000, according to the Land Transport Authority.
Not to mention that in the long run, you’ll also save on petrol costs now that petrol is so expensive.
Car loans for an EV can be very competitive as well.
There’s the DBS Green Car Loan that offers a competitive rate for a 7-year loan tenure. To be eligible, all you need is to take a minimum loan of $10,000 and 1 year tenure. You can also get the loan even if you’re buying a new or second-hand car.
Compared to the current loans for regular cars for the same amount and tenure, the difference is not that much, when you factor in the rebates and no petrol cost.
Wondering about battery issues for Electric Vehicle (EV)?
Of course, anything with a battery will eventually wear out. Most electric vehicle batteries last around 10 to 20 years before they need to be replaced. In comparison, normal cars last around 12 years.
You may also have heard cases of EVs catching fire if the battery overheats because the lithium-ion batteries used are flammable. Oftentimes, these are the cause of faulty batteries that have manufacturing defects.
To reduce your risk, make sure you drive an EV with a first-party battery and not some third-party part. This means getting a vehicle, whether it’s leasing or buying, from a reputable seller or brand.
Worried that your Electric Vehicle (EV) might get hacked?
Ok there is a definite possibility that EVs can be hacked and be remotely taken control of, as several researchers have tested on Tesla, which of course is a disaster if it happens when you’re driving on the road.
Even if they don’t control the driving, they could also mess with the windshield wipers, aircon or radio, which would make it seem like your car is possessed. However, the likelihood of this happening is rare. There have been no reported cases and really, no outright benefit to a hacker.
If an EV gets hacked, it’s most likely because the hacker wants to steal the owner’s personal information, which can also be stolen by other means. What’s happening nowadays is that hackers are targeting EV charging stations to gain access to the whole network and take it down, or gain access to a car via the charging station.
To protect yourself, try to use a home charger if possible. Make sure the other devices that you plug into your car such as your phone, bluetooth devices are protected and unplug or turn them off when you’re not using them. Also hide your location data and install firewalls to ensure you can’t be tracked.
Not used to driving an Electric Vehicle (EV)?
Never driven an EV before? Not sure if you’ll like it? You’ll have to give it a try for yourself to find out for yourself.
Here’s what we found out about the differences between driving an Electric Vehicle versus a regular internal combustion engine (ICE) vehicle:
Driving an EV is much quieter and smoother than a regular car
EV has no gear shifting and instant launch to max torque from the start, accelerating your car instantly which may be slightly alarming until you get used to it.
The regenerative braking of EVs may also feel weird as the energy may go back to the battery super fast, depending on the energy expended.
If you’re not too sure yet, you could also try a hybrid vehicle and have the flexibility of switching between electric and a regular engine.
Another main difference is the lasting power of an EV. You may need to change your route to find a charging point and cater more time if you’re driving long distance and need to charge your EV halfway. But with the government installing more charging ports and infrastructure, this may soon be a non-issue.
By the way, do also look into getting coverage for your EV. Consider DBS DriveShield, a comprehensive car insurance that will offer specific coverage for electric vehicles from the second quarter of 2023. The Enhanced plan also offers benefits such as 10% reduction of your No Claim Discount (NCD) when you are at fault, free roadside rescue services in the event your car breaks down, Gap Cover and Loan Protector benefits and more.
Thinking of greening your ride by leasing an Electric Vehicle (EV)?
If your concerns are hampering you from taking the plunge and buying an EV, well, you can lease your dream car from DBS Car Marketplace prior to jumping in.
There are models like the BMW and KINTO One that you can lease easily, as though it’s another Netflix subscription.
Interested buyers will be pleased to see some hybrid and electric car models available such as Toyota Camry 2.5 Hybrid, Lexus ES300H, and more.
If you’ve wanted to try out an Electric or even a hybrid vehicle you can do so easily and start reducing your carbon emissions ASAP. Plus, you also have the option to lease your dream car and test drive a model or brand that you’ve always wanted to try.
Although it is not easy to make changes to our lifestyle, we can easily incorporate sustainability into our everyday life with simple switches to achieve a greener lifestyle.
Find out more about the DBS Car Marketplace — the one-stop portal for your automotive needs.
The post Green-ing your Ride: Tackling Your Concerns on Switching to an Electric Vehicle (Beyond Saving Money) appeared first on the MoneySmart blog.
The post Green-ing your Ride: Tackling Your Concerns on Switching to an Electric Vehicle (Beyond Saving Money) appeared first on MoneySmart.sg.
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