Cost of Tesla Model 3 in Singapore
Recently, Tesla Motors announced that their newest Model 3 electric car will be made available in Singapore. Touted as its most affordable car starting at US$35,000 (S$47,000), at least 13 people in Singapore have placed orders for the Model 3, which is due to arrive in 2018. Amid all the hype and excitement, we have to wonder: how much will Singaporeans really have to pay for a Model 3? Let’s find out.
The Tesla 3 costs US$35,000, which is about S$47,000 with the current exchange rate. In Singapore, mandatory taxes have to be included, and are often based off a car’s open market value (OMV). For simplicity’s sake, we will assume the open market value is $47,000.
Additional Registration Fee (ARF)
- 100% of first $20,000 = $20,000
- 140% of next $30,000 = 140% x $27,000 = $37,800
- Total ARF = $20,000 + $37,800 = $57,800
Excise Duty
- 20% of OMV = 20% x $47,000 = $9,400
Goods and Services Tax
- Duties payable = 20% x $47,000 = $9,400
- 7% of (OMV + duties payable) = 7% x ($47,000 + $9,400) = $3,948
With all the taxes included, the cost of the Tesla 3 is a total of $47,000 + $57,800 + $9,400 + $3,948 = $118,148. And that’s not even with the COE included!
The first Tesla car in Singapore, a Model S owned by Mr Joe Nguyen, was slapped with a $15,000 carbon surcharge. Mr Nguyen has mentioned that there was difficulty getting the car approved and registered, as it was the first Model S to be tested for carbon emissions in Singapore. Compared to other countries which grants tax breaks to Tesla electric cars, this surcharge was unexpected. Although there are carbon emission rebates, the Model S was not eligible. LTA had taken into account the emissions associated with the electricity needed to charge the car. After talks between Tesla founder Elon Musk and PM Lee, we are hoping the situation will be looked into so the new Tesla 3 will be able to enjoy the rebates.
Unfortunately, it looks like the Tesla 3 will not be the affordable electric car it’s lauded to be, at least in Singapore anyway. If you’re still interested in the Tesla 3 despite the high price tag, you can reserve one on the Tesla website.
