Are Electric Vehicles (EVs) the new normal? Here are some tips if you’re planning to make a green switch

Sustainability is the new in-thing and so are electric vehicles (EVs). EVs are becoming more common on the road and some are even considering ditching their conventional petrol-based vehicles for one with cleaner energy. With the Singapore Green Plan 2030 in motion, the Singapore Government is driving EV adoption through measures such as deploying more EV charging points and incentives which can lower the upfront cost of EV ownership by up to $40,000 from 1 January 2024 onwards.

But besides their green advantage, there are many financial and performance factors about EVs to consider as well. Buying a car is always exciting but it’s also a big ticket purchase that requires careful planning and research, especially when EVs are relatively new driving options. So, here’s an insightful guide for anyone who’s thinking of switching to the EV lane!

Pros
1. EVs are more sustainable driving options
With the rapid advancement of digital technology, an all-EV future in Singapore may soon become a reality! This electrical upgrade allows EVs to emit about half the emissions produced by petrol-based vehicles, which helps reduce local air pollution. Who knew that getting an EV lets you check off more boxes by being eco-friendly and feeling good while driving!

2. EVs are efficient and require lower maintenance efforts
Having fewer chores is always a plus, and you can get that from an EV’s convenient nature. With an electric-powered engine, you can say goodbye to conventional maintenance chores such as lubricating your engines and refuelling! EVs also operate without certain parts such as a fuel tank and fuel pump which removes the risk of damaging them, allowing you to save on operating costs. 

3. EVs offer a smoother driving experience
Another perk of operating without some of the usual car parts is that EVs become mostly automatic. Having fewer gears makes acceleration and deceleration easier, and the lower centre of gravity in EV also enhances their handling. Additionally, they lack internal combustion engines (ICEs) which prohibits noise emissions from burning fuel, making them a quieter ride.

4. EVs are diverse in range, models, and performance
Though fairly new to Singapore’s driving landscape, EVs do not lack in diversity and performance! Many brands offer EVs with differing ranges of at least 200 kilometres — more than enough for the average Singaporean driver. For example, the BMW iX xDrive50 has the longest range per charge among EVs in Singapore at 630 kilometres. 

Cons
1. EVs are more expensive
Cost is arguably the most important factor when researching your preferred cars in Singapore. Being a new player in the market, EVs generally have heftier price tags compared to their fuel-powered counterparts. An EV’s cost mainly comes from its rechargeable battery packs — the heart of the vehicle and their main source of power. Plus, these battery packs are made from costly metals such as lithium and cobalt. But as demand for EVs eventually increases, their technology will also become more affordable. 

2. EV services and repairs are hard-sourced
Finding a workshop or service centre providing EV services is not as easy as it seems — it can be tricky and expensive. Despite having more training courses on how to safely handle EVs, only 2% of local technicians have attended them. Being qualified to provide EV services is paramount as technicians should learn how to safely handle the complex electrical power system of EVs.

3. EV tires wear out faster
This disadvantage might come as a surprise, especially since EVs operate without some parts and are perceived to be lighter. On the contrary, EVs are heavier than traditional, similar-sized cars so they place a heavier weight on their tires. Together with the engine’s almost-instant torque, the increased friction can result in leaving rubber on the roads.

1. Instant performance
Most drivers would enjoy the instant response an EV can deliver, but it may not be an instant hit for all. Compared to normal cars, EVs are quicker and can jump ahead of them by about 32.2km/h. But this doesn’t always make EVs faster as their top speeds are often lower than gasoline cars. The bursts of speed while driving an EV can be addictive but those whose reflexes aren’t as quick and are too used to the progressive nature of an ICE vehicle might think otherwise. 

2. Evaluate accessibility of charging points
Before purchasing an EV, it’s important to familiarise yourself with accessible charging points — near your home, work, and frequented places. Local charging points are more convenient than ever with 3,600 of them islandwide, even in HDB carparks! This convenience will only spread as Singapore aims to have more than 60,000 EV charging points before 2030. You can also download several apps to find your nearest charging station and their providers. Apps like PlugShare and Charge+ allow you to access the network of charging ports near you — all at your fingertips!

3. Available EV types
With a plethora of EV types, choosing the right ride can make or break your money’s worth. Knowing your preferred passenger capacity and design features are just some of the factors to help you decide between EV types such as a Hybrid Electric Vehicle (HEV) or Plug-in Hybrid Electric Vehicle (PHEV). To make your EV investment worth, remember to shield yourself from long lists of bills as a result of unforeseen problems by looking at maintenance costs, warranty, and insurance.

This is where insurance with EV considerations come in handy! MSIG’s MotorMax Plus includes EV-centric benefits such as emergency EV towing services when your vehicle runs out of electricity during use and medical coverage for injuries caused by electric shock from battery leakage. It also provides up to $60 of transport allowance per day while your vehicle undergoes repairs from accident damage and New For Old Replacement.

4. Government incentives and subsidies
Being eco-friendly can be rewarding, quite literally! To grow a greener land transport, measures were introduced to make owning EVs more affordable. For example, the EV Early Adoption Incentive (EEAI), which offers people who buy fully electric cars and taxis rebates up to $20,000, has been extended to 31 December 2025. With multiple initiatives in place, EV buyers can currently enjoy rebates and save up to $40,000.

Getting yourself an EV definitely has more benefits than you’d think! It’s definitely an investment worth considering. But like all investments, risks are unavoidable and protecting yourself is all the more necessary. No one wants to spend hard earned money on a new ride only to rack up shocking bill amounts from encountering unforeseen accidents.

That’s why getting insurance for your new vehicle is essential. Getting comprehensive coverage acts as a reliable safety net, letting you cruise in your new EV without stressing over financial worries.

Secure a safe and green drive with MSIG’s MotorMax Plus:
https://www.msig.com.sg/personal-insurance/MotorMax