Cost and incentives

On average, charging an electric car is cheaper than refuelling a gasoline car. In Singapore, you can get a full charge for an average of $35 (based on $0.50/kWh) if you use a power supply at home or work. This average depends on multiple factors, such as electricity price, type of charging points, and your usage.  Plugging into a fast DC charger at a highway charging station is more expensive, but most EV drivers will only do so 6% of the time.

Electric cars have far fewer moving parts when compared with conventional cars. Therefore, the service intervals are further apart, and the amount of maintenance that needs to be done is relatively limited. EVs such as Polestar 2 even allow remote diagnostics through their onboard internet connection, meaning that potential technical issues get noticed before becoming costly repairs.

As electric powertrains are less complicated and more efficient, wear and tear become less of a consideration. Electric motors and battery packs are built to last, and regenerative braking ensures that brake pads and discs endure well. Essentially, tyres, wiper blades and washer fluid are the parts that require the most attention.

The lower running costs of an EV make them a compelling lease option. The monthly rate is usually lower because there’s less risk of high maintenance and changing fuel costs. Another plus is that performance EVs like Polestar 2 tend to be more resistant to depreciation (source: Driving Electric).