If you’re considering buying an electric vehicle, there’s never been a better time to make the switch. The Singapore government aims to phase out the sale of internal-combustion vehicles (ICEV) by 2030. That’s why we’re seeing more and more EV infrastructure, like charging stations, being built throughout the country.
According to the Ministry of Transport, in 2023, the number of new EVs registered reached 18.2% of all new car registrations—that’s about 50% more than in 2022!
However, even with grants, the hefty price tag of eco-friendly cars still makes it difficult for many to get onboard the electric bandwagon. One way we can electrify our drive without breaking the bank is to consider used electric vehicles.
But is buying a used electric vehicle safe? We look at the pros and cons:
Pro 1: You can get great deals on used electric vehicles (EVs)
In some ways, EVs are like iPhones. Each year, the technology evolves, and everyone wants the newest cars with the latest gizmos. But this is good news for those considering used EVs because you’re bound to get great deals on cars that are still in great condition.
One place to find such deals is the DBS Car Marketplace, which showcases a variety of used car listings directly from sellers or dealers. You can even see consolidated listings from SgCarmart and Carro, which saves you the trouble of checking multiple websites.
Here’s a great deal on a used EV on DBS Car Marketplace:
| Used EV on DBS Car Marketplace | New EV | |
| Car model | MG ZS Electric | MG ZS Electric |
| Price | S$108,888
(Mileage: 40,000km) |
S$143,888 |
As you can see, you get to save almost S$40,000 if you buy a secondhand EV, and the mileage isn’t even that high. Plus, this used EV is said to be in showroom condition.
If you’re ready to make a move on an EV you like, you can easily apply for the DBS Green Car Loan to finance your purchase. The DBS Green Car Loan covers both new and used EVs (minimum of S$10,000; tenure: 1 year and above) with an interest rate of 2.48% p.a. (EIR 4.65% p.a. based on 7-year tenure).
There’s also a sign-up cash rebate of up to S$588; valid from now till 31 Mar 2024.
Pro 2: Electric vehicle batteries are made to last for at least 10 years
But what about the battery? If you’re worried about your EV battery breaking down just because it’s a used car, fret not because EV batteries are made to last for at least 10 years. And by that time, the COE would have expired anyway.
There are ways to maintain and extend your EV’s battery life, such as charging it at a slower rate (as opposed to always using fast charging) and keeping the battery from going all the way to 0%.
EV batteries also come with warranties—usually 8 years or 160,000 km (whichever comes first). Just make sure you get the EV battery warranty transferred to you upon purchase.
Pro 3: More and more charging stations are being installed in Singapore
It’s now easier than ever to drive an EV because of the government’s green push. LTA has announced that it will deploy up to 60,000 EV charging points by 2030, with about 40,000 in public car parks and 20,000 in private premises.
As of Jan 2024, there are about 2,400 EV charging points at slightly over 700 HDB car parks across the island. New fast chargers will also be progressively rolled out.
On a full charge, you won’t have to worry about running out of battery even if you drive the whole day (good news for those who do rideshare). According to the LTA, many people only cover an average of 48km a day. When fully charged, most EVs can cover at least 300km (that’s the equivalent of going to and fro from Tuas to Changi 3 times).
Pro 4: Used electric vehicles tend to be in better condition than traditional used cars
Usually, used EVs will be in superior condition compared to traditional used cars with internal combustion engines (ICE).
Firstly, the mechanics of an EV are different from those of an ICE car. ICE cars have many more components that are susceptible to wear and tear, such as spark plugs, fuel injectors, and timing belts. None of these components are present in EVs, meaning there are fewer parts that you need to be concerned about.
But even though EVs are less likely to break down, it’s still important to get comprehensive car insurance. One policy you can consider is DriveShield car insurance. It offers additional benefits such as additional total loss payout, coverage on electric car battery and charging cable liability protection.
With DriveShield car insurance, you can choose between Basic and Enhanced plans, depending on your needs. And for a limited time, you can enjoy 23% off premiums plus an additional 10% off premiums exclusively for EVs when you apply now!
So, we’ve looked at all the positives of getting an EV; what about the negatives?
Con 1: EV batteries can degrade when exposed to extremely high temperatures
Yep, in Singapore’s scorching weather, parking your EV under the hot sun for prolonged hours is a recipe for disaster. Of course, leaving it for a couple of hours while you go to the mall or hawker is fine, but don’t leave it parked there for days under the heat.
While most EVs have thermal management systems that mitigate overheating issues, they can only do so much against constant sun exposure.
As much as possible, park your car in the garage, use multi-storey car parks, or park under the shade of a tree to prolong the battery life.
We know this may not always be possible in Singapore. That’s why it’s essential to get a comprehensive car insurance that covers EVs.
Con 2: You may not have the latest technology
The EV landscape is still burgeoning, with new tech constantly being developed. As newer models hit the market with enhanced battery efficiency, extended ranges, and smarter software, your current EV could lose its competitiveness.
But just like how you don’t really need the latest iPhone, you don’t need the latest EV. Even if slightly outdated, your EV can serve you for many years to come.
Ready to switch to a greener drive? Here’s the easiest way to sell your existing car
If you have an existing vehicle, you’d likely want to sell it off before purchasing an electric vehicle.
The easiest way to sell it is on DBS Car Marketplace—you only have to list it once for it to be listed on both Sgcarmart and Carro. All you need to do is fill in a form and have photos of your car ready to upload.
Furthermore, DBS Car Marketplace also offers free car valuations, which gives you a good idea of the price you should be selling your car for. You’ll also find financing tools available such as a loan calculator, which helps you estimate the monthly payments you will need to make to repay a car loan. It takes into account the loan amount, the interest rate, and the loan term. You can use a car loan calculator to compare different loan offers and to see how different factors, such as the down payment, will affect your monthly payments.
Whether you opt for a new or used EV, you’ll still be contributing to a greener and more sustainable future. Throw in government subsidies, the DBS Green Car Loan, and DriveShield car insurance, and you end up with a pretty sweet deal overall.
Interested in getting an EV? Look for your next car on DBS Car Marketplace.
Disclaimers
T&Cs apply. Protected up to specified limits by SDIC. This insurance policy is underwritten by Singapore Life Ltd.
Found this article useful? Share it with your friends!
This post was written in collaboration with DBS. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence.