Electric vehicles (EVs) are taking the world by storm, and Singapore is no exception. But when it comes to driving an EV, many people face the same question: should you lease, or should you subscribe? Both options are great alternatives to buying outright, but they come with their own perks and limitations. Let’s dive into the details so you can make the best choice between leasing an EV and a subscription service.
What is EV leasing and How Does it Work?
Leasing an EV is a long-term rental agreement, typically lasting between two to four years. During this time, you pay a fixed monthly fee to use the car. The vehicle isn’t yours to own—you’ll return it at the end of the lease period.
Key features of EV leasing include:
Mileage limits: Most leases cap the number of kilometres you can drive annually. Exceeding this limit can result in extra charges.
Fixed commitment: Leasing locks you into a multi-year contract, which may not be ideal if your needs change.
Latest models: Leasing gives you access to shiny, brand-new EVs without the hefty upfront cost of purchasing.
Think of leasing as a cost-effective way to stay ahead of the curve. Want to drive the latest Tesla or BMW iX? Leasing could be the perfect option for you.
What Is an EV Subscription Service in Singapore?
An EV subscription service offers flexibility and convenience. It’s like a Netflix subscription—but for vehicles! You pay a monthly fee to access a vehicle for a much shorter commitment, typically one to 12 months.
Here’s what makes EV subscriptions stand out:
All-inclusive pricing: The fee usually covers registration, insurance, maintenance, and even roadside assistance.
Short-term commitment: You’re not tied down for years. Swap vehicles or cancel the subscription with minimal hassle.
No ownership worries: The provider retains ownership, so you avoid depreciation concerns.
EV subscriptions are perfect for those who want to test the waters of EV driving or need a car for temporary use. Imagine using a Polestar 2 for a few months without the hassle of long-term paperwork—sounds tempting, doesn’t it?
What Are the Costs Involved?
When comparing costs, it’s essential to look beyond the monthly payment.
Monthly lease payments can vary depending on the model, but expect to pay S$1,500–S$3,000 for premium EVs.
Additional costs include excess mileage charges and optional add-ons like comprehensive insurance.
Subscription:
Subscriptions are slightly pricier monthly, ranging from S$1,800–S$4,000, but the fee typically includes everything—insurance, maintenance, and even road tax.
The only thing you’ll need to cover is charging costs.
While subscriptions might look expensive upfront, their all-inclusive pricing and flexibility often balance out the higher fees.
Key Considerations Before You Decide Between Leasing an EV and a Subscription Service
Before choosing, ask yourself these questions:
How long do I need the vehicle? If it’s less than a year, subscription services make more sense.
Do I want an all-inclusive package? Subscriptions often cover all additional costs, while leasing may require you to pay for extras like insurance.
Am I okay with mileage restrictions? If you drive frequently, look for plans with higher kilometre allowances.
How much flexibility do I need? Leasing locks you in; subscriptions let you pivot.
EVFY: Your Eco-Friendly Solution
Looking for a reliable EV subscription service in Singapore? EVFY has you covered. With an electric fleet powered by 100% renewable energy, EVFY ensures your ride is as eco-conscious as possible.
Their subscription plans include everything—insurance, maintenance, and even registration. Plus, their smart eco-routing technology ensures efficient travel while reducing your carbon footprint.
Ready to explore the future of driving? Contact EVFY today and embrace the flexibility of EV subscriptions. Let’s make sustainability effortless!