Leasing an electric vehicle (EV) in Singapore isn’t just a trend—it’s quickly becoming a smart financial move. With government rebates, tax incentives, and a rapidly expanding EV infrastructure, it’s the perfect time to jump on the EV bandwagon.
But where do you start? How can you secure the best EV lease deals in Singapore that doesn’t just save you money but also matches your lifestyle?
Whether you’re a first-time EV driver or simply looking for a cost-effective solution, this guide breaks it down for you—step by step, no fluff.
Why Leasing an EV in Singapore Makes Sense
Leasing, rather than buying, an EV is gaining traction in Singapore for good reason.
Lower upfront costs: Compared to purchasing a car, leasing requires less cash upfront. You get to enjoy driving an EV without breaking the bank.
Tax credits can work in your favour: Leasing companies often benefit from tax incentives and rebates for electric vehicles. The best part? They can pass those savings to you in the form of reduced lease payments.
Flexibility matters: Leasing allows you to upgrade to a newer EV model after your lease term ends. This is perfect in a world where technology evolves quickly.
Zero resale worries: Once your lease term is up, simply return the car—no stress about depreciation or resale value.
Add to this Singapore’s push for cleaner transportation and the generous rebates available, and leasing an EV feels like a no-brainer.
What Rebates and Incentives Are Available for EV Leasing in Singapore?
Let’s talk about savings. Singapore’s government is rolling out rebates that make EV leasing more attractive than ever.
From January to December 2024, electric car and taxi lessees can enjoy a rebate on the Additional Registration Fee (ARF), capped at S$15,000. This scheme significantly reduces the cost of EV ownership or leasing.
Here’s how it works:
The ARF rebate applies only to electric vehicles.
It’s deducted upfront, making your lease payments lower.
You don’t need to deal with the paperwork—the leasing company handles it and passes the benefits to you.
By combining this with tax credits, leasing an EV can be much cheaper than you might think.
How to Find the Best EV Lease Deals in Singapore
Finding the best EV lease deal doesn’t have to be overwhelming. Follow these actionable steps to maximise savings and value.
Compare leasing packages
Not all lease packages are created equal. Some include insurance, road tax, and servicing, while others charge extra. Compare multiple leasing providers to get a full picture.
Look for deals that bundle essential services into one price—it simplifies budgeting.
Consider the lease term
Short-term leases (e.g., 1-2 years1-12 months) give you flexibility to upgrade.
Mid-term leases( e.g. 1-3 years) offer a balance between commitment and adaptability.
Long-term leases (e.g., 3-5 years) usually offer lower monthly payments.
Ask about rebates and tax credits
Always check whether the leasing company factors in ARF rebates and tax incentives. If they do, you’ll benefit from lower lease rates.
Some companies are more transparent about these savings than others—ask questions.
Negotiate mileage limits
Most EV leases come with mileage caps. If you drive frequently, ensure the limit matches your needs to avoid penalties.
Tip: Some providers offer “unlimited mileage” plans—worth exploring if you’re on the road a lot.
Monitor promotions
Leasing companies often run seasonal promotions with discounts or added perks like free charging credits. Keep an eye out for these.
What Are the Latest EV Leasing Trends in Singapore?
Singapore’s EV market is buzzing with developments that impact leasing options.
More models, better choices: Major EV brands like Tesla, BYD, and Kia are flooding the market with affordable models, giving lessees plenty of options. Whether you prefer a sleek sedan or a family-friendly SUV, there’s something for everyone.
Rapid charging infrastructure growth: The government aims to install 60,000 charging points by 2030, making it easier than ever to own and lease EVs. Fast-charging hubs are popping up across residential estates, malls, and business districts.
EV leasing for businesses: Companies are switching their fleets to electric cars to reduce costs and align with sustainability goals. If you’re a business owner, leasing multiple EVs could come with attractive bulk deals.
These trends show that leasing an EV is becoming more convenient, affordable, and sustainable for Singaporeans.
Tips for Getting the Most Value Out of Your EV Lease
Here are a few pro tips to make sure you get the most bang for your buck:
Look for all-inclusive packages: A good lease deal includes servicing, road tax, insurance, and even charging benefits. It eliminates unexpected costs.
Opt for EV-friendly insurance: EV-specific insurance can be cheaper and tailored to electric vehicles. Check with your leasing provider.
Take advantage of government rebates now: The ARF rebate ends in December 2024. Lock in your lease this year to enjoy the savings.
Charge smart: Maximise savings by using charging stations at off-peak hours. Some providers offer charging credits as part of the lease package.
The more informed you are, the better choices you’ll make.
Ready to Lease? Start with Evfy for the Best Deals!
If you’re ready to switch to an EV, Evfy makes the journey smooth and affordable.
We offer competitive leasing packages tailored to fit your lifestyle and budget. With transparent pricing, bundled perks, and expert advice, we ensure you get the most value from your EV lease.
Don’t miss out on the current rebates and incentives—this is the year to make the switch. Contact Evfy today and let us help you find the perfect electric car.
The future of driving is here, and it’s electric. Why not get ahead?