Singapore - The age of EVs is upon us, with Singapore well on the trajectory towards electrifying the vehicle population.
In recent years, electric vehicle registrations in Singapore have seen a steep increase from just 12 cars registered in 2016 to a staggering 1,217 in 2020.
This, along with the government’s plan to phase out internal combustion engine (ICE) cars for electric vehicles by 2040, ought to be enough of a nudge for consumers to start considering going electric.
EVs are no longer just a proponent of a cleaner environmentally friendly future. They are the future... and they are here today.
Granted, switching from internal combustion engines to electric motors may have its fair share of issues, but it does prove a stellar value proposition when you factor in the benefits associated with owning an EV.
Modern technological advances in EV technology have rendered range anxiety and long charging times a thing of the past; moreover, there are no major fluids or running parts to the EV, unlike the traditional car, so maintenance costs are naturally lower.
Gone are the days of fussing about hunting down the nearest available charging point, riddled by range anxiety after just over a hundred kilometres, only to find a charging point that doesn’t have a connector to fit the proprietary charging port of your car.
Universally recognised Type-2 chargers are the norm now and these can be found in petrol stations, shopping malls, office buildings, private apartments and even industrial estates.
This number will only increase, owing to the government’s pledge to increase the total number of charging stations across the island to 60,000.
The planned expansion of the local charging infrastructure should alleviate the concerns of prospective buyers who can’t install a personal charging wall-box. There are also numerous financial incentives that help make electric vehicles an appealing choice for the average Joe.
The Vehicular Emissions Scheme (VES) has been reworked so all EVs qualify for a band A1 VES rating, netting you a S$25,000 rebate. On top of that, the new EV Early Adoption Incentive (EEAI) gives EV buyers an additional 45 per cent rebate of up to S$20,000 of their Additional Registration Fee (ARF).
If the math works out, you could get up to S$45,000 your next EV purchase, which should soften the blow on your wallet. So, owning an EV may now seem like an affordable prospect at this juncture, but what about financing the purchase? That’s where Teck Wei Credit comes in.
Teck Wei Credit has been an active player in the car industry for years, with deep roots in the local automotive trade dating all the way back to 2001. Starting out as a used car dealership before transitioning into a full-fledged financing company when the loan curbs started.
Today, they offer a wide range of car loans for cars, commercial vehicles and motorcycles for both consumers and dealers. At the helm of the company is Arthur Ong, an avid petrolhead who dabbles in a wide variety of cars ranging from sportscars to classic collectibles.
Through the years, his company has remained steadfast, as it evolved with the times to become the reputable finance company it is today, as it kept drivers on the road and became the one-stop solution for anyone’s motoring needs.
In line with the government’s ramping up of EV related initiatives, Teck Wei Credit is also doing its bit to promote EV adoption. As part of its 20th anniversary, Teck Wei Credit is introducing a 1.58% interest rate on its loans to EV buyers as a promotional offering, which should encourage the shift towards EVs.
By and large, the time is now ripe for buyers to start snapping up electric cars as their daily drives. Between Teck Wei Credit’s attractive interest rates on EV loans, the VES rebates and the early adoption incentives, buying an EV seems almost like a no-brainer now, doesn’t it?