There has been a lot of buzz surrounding electric vehicles as of late. However, are they really the best option for you, and how do they stack up against another green alternative — the hybrid vehicle?
Hybrid vs Electric Vehicles
Hybrid vehicles are a cross between standard cars and electric vehicles. It is mainly powered by an internal combustion engine (ICE) combined with an electric motor that generates energy while driving to be stored in its batteries.
Electric Vehicles (EVs) on the other hand do not possess internal combustion engines at all. They are solely run on an electric motor and a battery pack. While EVs also make use of regenerative braking to increase power efficiency, an EV’s main power source is its battery, which can be recharged at a charging point by using electricity from the power grid.
Pros and Cons of Hybrid Cars Vs Electric Vehicles
|Hybrid Vehicle||Electric Vehicle|
|Convenience and Flexibility|
|Rebates and Incentives||Vehicular Emissions Scheme (VES)
||Vehicular Emissions Scheme (VES)
EV Early Adoption Incentive (EEAI)
The minimum payable ARF of S$5,000 has been waived for EV buyers.
In terms of environmental impact, maintenance costs, energy efficiency and incentives & rebates, the EV comes up top.
However, one factor that might influence users into going for a hybrid vehicle is the sheer convenience it offers while being less harmful than its ICE counterparts.
As they are mainly powered by the internal combustion engine, you can fuel up at a petrol kiosk within minutes the same way you would with an ICE car. EVs in contrast have to be charged be it through slow overnight charging at charging stations or fast chargers at petrol kiosks. While Singapore is ramping up the availability of charging stations islandwide, not all petrol kiosks have started to integrate fast charging stations yet.
Would a Hybrid or Electric Vehicle Better Suit You?
Hybrid and electric vehicles are both good options for buyers who are looking for more environmentally friendly cars.
Hybrid vehicles are likely to offer more flexibility as they can be powered by both petrol and batteries. Meanwhile, electric vehicles offer greater rebates when purchasing and lower maintenance costs. Ultimately, the choice between the two is down to your personal needs and preferences.
If You Are a Single Working Person
If you are a single working person, an EV might be a good option for you. Often as a single working person, you spend a lot of time during the week with your car parked at work or overnight at home.
As one of the biggest concerns with EVs is the accessibility of charging stations, if you are able to charge your EV whenever it's idle and parked for long periods of time, you will be much less dependent on on-the-go charging. It is best if you live in a landed property, have other overnight charging options available to you or work in an office with charging ports available.
If You Have a Family
If you have a family, you might want to consider a hybrid card. Families with children often find themselves driving short distances up to multiple times a day to drop their children off at their various after school and weekend activities.
The savings from a hybrid vehicle is mainly derived from not having to refuel at a petrol station as often as a standard ICE car. Hybrid vehicles are only able to travel on a fully electric capacity for short distances.
Not only that, you would also not have to worry about recharging your EV while on the go and are able to fall back on the hybrid car’s petrol fueled engine over longer distances.
Plan Your Car Journey With DBS Car Marketplace
Feeling convinced to hop onto the green car bandwagon? Be it an electric or a hybrid vehicle, you can start your journey with the DBS Car Marketplace.
It’s a one-stop solution for all your car-buying needs.
From a wide selection of new and used cars from trustworthy industry partners to budget calculators and green loans that reward you for caring about mother nature, the DBS Car Marketplace has everything you need to get started planning and buying.
One of the best tools you cannot miss on the DBS Car Marketplace is the search tool.
With a few simple clicks, you are able to filter your search by type of car, price, registration year, depreciation and partner or dealer to find the option best suited to your needs.
DBS Green Car Loan
With the perfect green vehicle in mind, how can you take a step further in your sustainability efforts? You can use DBS’s Green Car Loan to help finance your large-ticket purchase.
DBS is currently offering competitive promotional rates with a max loan tenor of seven years on purchases of environmentally friendly cars.
The promotional rate is available for both new and used green personal cars and has a minimum loan amount of S$10,000 and minimum loan tenor of one year. The maximum eligible loan amount is capped at 60% of the net purchase price. Hence, a minimum upfront payment of 40% would be required to finance your purchase. You can apply for the Green Car Loan here using your DBS digibank or Singpass login.
For more details about the process of getting an EV with the DBS Green Car Loan, check out our detailed article on a guide to purchasing an EV.
Comprehensive Car Insurance – DriveShield
After purchase comes protection.
DBS DriveShield is a comprehensive insurance plan with both basic and enhanced coverage to better suit your budget and insurance needs.
Under the basic plan, you are able to get coverage for accidental loss, fire or theft damage, repairs for your car and windshield replacement.
Under the enhanced plan, you are able to get all of the above, with additional hospital coverage in the instance of an accident, loan protection in the instance of death, waiver on your own damage policy excess and even emergency breakdown roadside assistance.
Check out the latest car insurance deals when you sign up with DriveShield today.
Planning on becoming a proud car owner? Take a step into DBS Car Marketplace and enjoy savings on your car loan, insurance and other services!
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