Electric Vehicles and COE

As Singapore accelerates its transition to electric vehicles (EVs), many vehicle owners are wondering how COE works for EVs and whether they should switch. Here is what you need to know.

COE Categories for Electric Vehicles

Electric vehicles in Singapore are categorised based on their power output rather than engine capacity. EVs with maximum power output not exceeding 97kW fall under Category A, while those exceeding 97kW fall under Category B or Category E.

Government Incentives for EVs

The Singapore government offers several incentives to encourage EV adoption, including the EV Early Adoption Incentive (EEAI) and the Vehicular Emissions Scheme (VES) rebates. These can significantly reduce the effective cost of buying an EV.

Should You Switch to EV at COE Renewal?

If your COE is expiring, this is a natural decision point. Consider:

• The total cost of switching to an EV vs renewing your current COE
• Your daily driving patterns and charging infrastructure availability
• The long-term savings on fuel and maintenance
• Government incentives currently available

COEPLUS Can Help

Whether you decide to renew your current COE or buy a new EV, COEPLUS can help with financing. We work with banks that offer competitive rates for both COE renewal loans and new vehicle loans.