Switching to an electric vehicle (EV) is more than a change in transportation—it’s a statement about sustainability, efficiency, and staying ahead of the curve. Leasing an EV, especially in a forward-thinking hub like Singapore, can be a fantastic way to ease into this growing trend without the long-term commitment of ownership. But where do you start?

If you’re a first-time EV leasing customer, you’ll need the right mix of practical advice and insider insights. Here are five essential tips to ensure your EV leasing journey is smooth and hassle-free.

1. “What Should I Know Before Leasing an EV?”: Understand Your Driving Needs

The first step in EV leasing is understanding your own driving habits. Are you primarily commuting within the city, or do you take longer trips across the island? This will determine the range you need.

• Daily commuters: If your routine involves short city drives, a lower-range EV might suffice.

• Long-distance drivers: For those who frequently drive between the northern and southern parts of Singapore, opt for EVs with a range of at least 300km per charge.

Singapore has over 4,000 charging points as of 2024, but understanding where they’re located can help you decide whether charging accessibility aligns with your needs. Apps like SP Utilities or Charge+ are great for locating nearby charging stations.

2. “How Much Does EV Leasing Cost in Singapore?”: Crunch the Numbers

Leasing an EV is cost-efficient, but understanding the full financial picture is key. In Singapore, EV leasing costs vary depending on the model and lease duration. Here’s what you should account for:

• Monthly lease rates: Typically range from $1,500 to $2,500 depending on the EV model.

• Charging costs: Public charging fees can range between $0.40 to $0.70 per kWh.

• Maintenance: EVs have fewer moving parts, so maintenance is often lower than traditional cars. Confirm whether maintenance is included in your lease package.

Pro tip: Take advantage of government incentives, such as the EV Early Adoption Incentive (EEAI), which reduces the Additional Registration Fee (ARF) for EVs. While this primarily benefits buyers, it could influence leasing rates indirectly.

3. “How Long Should I Lease an EV For?”: Choose the Right Lease Duration

Lease terms typically range from one to five years. But how do you decide what works for you?

• Short-term leases (1–2 years): Ideal for first-timers. These let you test out EVs without a heavy commitment.

• Mid- to long-term leases (3–5 years): Best if you’re confident in EVs and want a stable, predictable monthly cost.

If you’re still uncertain about your preferences, look for flexible lease agreements. Some leasing companies in Singapore allow you to upgrade to a different EV model during your lease.

4. “What Features Should I Look for in an EV?”: Prioritise the Essentials

Choosing the right EV can be overwhelming, especially with the abundance of options in Singapore’s market. Focus on these key features to narrow down your choice:

• Range: For Singapore’s compact size, a range of 250km–400km is usually sufficient.

• Charging speed: Look for EVs with fast-charging capabilities to minimise downtime at charging stations.

• Technology: Modern EVs often come with advanced features like autonomous driving, regenerative braking, and smart connectivity.

Fun fact: Models like the Tesla Model 3 and Hyundai Ioniq 5 are particularly popular in Singapore, offering a mix of range, affordability, and cutting-edge tech.

5. “Are There Any Hidden Costs in EV Leasing?”: Read the Fine Print

Leasing an EV should be straightforward, but it’s essential to scrutinise your lease agreement. Watch out for these common hidden costs:

• Excess mileage fees: Check your mileage cap and understand how much you’ll be charged for exceeding it.

• Damage charges: Ensure you know what constitutes “normal wear and tear” versus “damage” to avoid hefty repair costs.

• Insurance: Confirm whether comprehensive coverage is included in your lease or if you’ll need to arrange it separately.

Ask your leasing provider about end-of-lease options, too. Can you purchase the EV after the lease? Is there a penalty for early termination? These details can make a significant difference in your overall experience.

Partner with EVFY for a Sustainable EV Leasing Experience

Ready to make the switch to electric? EVFY’s 100% electric fleet is designed for both eco-conscious individuals and forward-thinking businesses. With flexible leasing plans, transparent pricing, and ongoing support, EVFY ensures a seamless EV transition.

Why choose EVFY?

• Eco-efficient routes: Maximise your savings with smarter logistics and lower energy consumption.

• Comprehensive support: From vehicle maintenance to charging solutions, we’ve got you covered.

• Customised plans: Tailored to suit your driving habits and needs.

Contact EVFY to explore leasing options or book a consultation with our team.