Planning to get a Tesla but don’t know if it fits your financial goal? Spend some time on this blog post to find out more about the EV price comparison in Hong Kong. You options do not limit to Tesla, but also BMW’s EV i series, KIA or MG. I know there’s a lot to cover, but we’ll go through each EV model’s features and pricing in detail. So, you can find your dream car with ease. Plus, at the end of blog, we’ve prepared the financing tips for personal loans or car loans. Get ready to be MoneySmart!
Table of Contents: Electric Car Price Comparison in Hong Kong
- Tesla & EV Models Price Overview
- How Much Does the Tesla Model Y / 3 / S / X Cost in Hong Kong?
- How Much Does It Cost for BMW EV?
- How Much Does It Cost for Other EV Alternatives? (Mercedes-Benz / BMW / KIA / MG)
- The “One-for-One Replacement” Scheme: Save Up to HK$287,500 on Your First Registration Tax
- Steps to Apply for EV “One-for-One Replacement”
- How to Get a Cheaper License Fee For Electric Vehicle
- Frequently Asked Questions: Tesla EV Purchase
Latest Prices for Tesla Model 3 and Tesla Model Y
In response to the new “one-for-one” policy starting on April 1, 2024, Tesla adjusted the price of the Model 3 on March 15, 2024. The new price for the Tesla Model 3 RWD (Rear Wheel Drive) version is HK$270,200, which can enjoy the full tax exemption of the new “one-for-one” policy. As for the Model 3 Long Range version, the basic car price has been reduced from HK$328,300 to HK$308,900, and the new “one-for-one” price is HK$344,635.
Tesla Model 3 and Model Y had a price drop again on August 4, 2023, and there have been changes under the latest 1-for-1 replacement scheme. The new prices compared to the old ones are as follows:
| Tesla Model | April 15, 2023 | August 4, 2023 | Latest (2024) |
|---|---|---|---|
| Tesla Model Y Rear-Wheel Drive | HK$367,100 | HK$345,100 | HK$345,100 |
| Tesla Model Y Long Range | HK$459,685 | HK$406,150 | HK$391,000 |
| Tesla Model Y Performance | HK$487,202 | HK$431,950 | HK$403,000 |
| Tesla Model 3 Rear-Wheel Drive | HK$341,200 | HK$320,800 | HK$270,200 |
| Tesla Model 3 Long Range | HK$399,485 | HK$364,700 | HK$308,900 |
| Tesla Model 3 Performance | HK$440,335 | HK$382,875 | – |
The new selling price for the Model Y Long Range and Performance versions, and the Model 3 Performance version, are more than 11% cheaper than before, based on the equivalent exchange price after tax.
However, you may also note that the Tesla Hong Kong official website currently does not offer reservations for the Tesla Model 3 Rear-Wheel Drive and Performance versions.
Tesla & EV Price Overview in Hong Kong
For a quick comparison of all EV model prices in Hong Kong, here is an overview of prices.
| Model | 1 for 1 Replacement Price |
| Tesla Model Y | HK$345,100-HK$403,000 |
| Model 3 Long Range Dual Motor All-Wheel Drive | HK$308,900 |
| Tesla Model S | HK$1,166,877-HK$1,526,477 |
| Tesla Model X | Not available in Hong Kong |
| BMW i5 eDrive 40 | HK$759,900 |
| BMW iX1 xDrive30 xLine | HK$479,900 |
| BMW iX1 xDrive30 M Sport Edition | HK$539,900 |
| BMW iX3 M Sport Edition | HK$549,900 |
| BMW i3 | HK$311,150 |
| BMW i4 eDrive35 | HK$549,350 |
| BMW i4 eDrive35 M Sport Edition | HK$546,349 |
| BMW iX xDrive40 | HK$905,580 |
| BMW iX xDrive50 | HK$1,181,500 |
| BMW iX M60 | HK$1,850,900 |
| BMW i7 xDrive60 | HK$2,089,900 |
| i7 xDrive60 M Sport Edition | HK$2,189,660 |
| Mercedes Benz: EQA 250 | HK$ 425,000* |
| Kia: EV6 | HK$ 396,000 |
| MG: MG5 EV 2023 | HK$ 245,000 |
| Last update on January 1, 2024 |
How Much Does the Tesla Model Y / 3 / S / X Cost in Hong Kong?
Tesla is often the first name that comes to mind when considering buying your first EV. However, do you know how much a Tesla car costs? The most affordable Tesla Model 3 costs HK$320,800 (without tax), which lays under a reasonable price range for first-time car owner.
For most of us, financing the purchase through a car loan, a hire purchase/leasing, or a personal loan is a more practical option. To help you out, we have compared the prices of all Tesla models under different financing options. (Quick note: Tesla Model 3/Y got a price cut in August 2023!)
Tesla Model Y Hong Kong Price List ![Tesla Model Y promotional display in Olympian City.]()
| Tesla Model Y | Full Pay (including tax) | 1 for 1 Replacement Price | Hire Purchase | Unsecured Loan |
|---|---|---|---|---|
| Rear Wheel Drive | HK$530,790 | HK$345,100 | HK$13,221 | HK$15,397 |
| Long Range | HK$596,150 | HK$406,150 | HK$16,137 | HK$18,452 |
| Performance | HK$621,950 | HK$431,950 | HK$16,899 | HK$19,250 |
Tesla Model 3 Hong Kong Price List
| Tesla Model 3 | Full pay (including taxes) | 1 for 1 Replacement | Hire purchase | Unsecured loan |
| Rear Wheel Drive | – | – | – | – |
| Long Range | HK$461,345 | HK$308,900 | HK$12,154 | HK$14,279 |
| Performance | – | – | – | – |
At present, only the Tesla Model 3 Long Range option is available. As per the Tesla official website, the estimated delivery is in Q4 2023. There’s an upcoming Tesla Model 3 upgrade. If you’re interested, you can sign up for the newsletter on the official website to learn more.
Tesla Model S Hong Kong Price List
| Tesla Model S | Full pay (including taxes) | 1 for 1 Replacement* |
| Dual Motor | HK$1,166,877 | HK$976,877 |
| Plaid: Tri-Motor | HK$1,526,477 | HK$1,336,477 |
*The official price has yet been released, the actual price is subject to the official website.
Tesla Model X Hong Kong Price List
| Tesla Model X | Full pay (including taxes) | 1 for 1 Replacement* |
| Dual Motor | HK$1,215,729 | HK$1,063,229 |
| Plaid: Tri-Motor | HK$1,419,979 | HK$1,267,479 |
*The official price has not yet been released; the actual price is subject to the official website.
Tesla Roadster 2nd Generation Price
Deposit: HK$390,000 (currently only available for reservation)
Price: Estimated at US$200,000 (Approximately HK$1,570,000)
Tesla Cybertruck Price / Deposit
Deposit: HK$1,000 (currently only available for reservation)
Price: Estimated at US$39,000 – US$69,000 (Approximately HK$306,000 – HK$541,000)
Tesla Model Y / 3 / S / X Comparison
| Tesla Model Comparison | Range (km) | Top Speed (km/h) | 0-100km/h Time (seconds) | Price including tax | One-to-One |
|---|---|---|---|---|---|
| Tesla Model Y | 455 – 514 | 217 – 250 | 3.7 – 6.9 | HK$530,790 – HK$621,950 | HK$345,100 – HK$431,950 |
| Tesla Model 3 | 491 – 547 | 225 – 261 | 3.3 – 6.1 | HK$470,160 – HK$577,875 | HK$320,800 – HK$387,875 |
| Tesla Model S* | 628 – 652 | 250 – 322 | 2.1 – 3.2 | HK$1,166,877 – HK$1,526,477 | HK$976,877 – HK$1,336,477 |
| Tesla Model X* | 536 – 560 | 250 – 262 | 2.6 – 3.9 | HK$1,215,729 – HK$1,419,979 | HK$1,063,229 – HK$1,267,479 |
| Tesla Roadster 2nd Generation* | 1,000 | 400+ | 2.1 | Net car price: Estimated at 200,000 US dollars (about 1.57 million Hong Kong dollars) | N/A |
- The selling price on our official website is currently unlisted and subject to change.
Tesla Model 3 Specifications
The Tesla Model 3 is an entry-level electric vehicle from Tesla, with a basic price ranging from around HK$320,000 to HK$382,000. The “one-for-one” price ranges from HK$320,000 to HK$387,875, depending on the version. Currently, you can pre-order the Tesla Model 3 on the official website, with delivery expected in the first quarter of 2024.
The Tesla Model 3 comes with the Autopilot automatic driving aid feature. The basic Autopilot supports automatic steering, acceleration, and braking. The upgraded Autopilot automatic driving aid (+HK$27,000) supports automatic assisted navigation driving, assisted lane changing, and automatic parking.
If you add the fully automatic driving function (+HK$54,000), in addition to all the functions of the basic and upgraded Autopilot automatic driving aids, it will later add 2 functions: traffic light and stop sign control, and automatic assisted steering in urban streets.
Tesla Model 3 Specifications Comparison
| Tesla Model 3 Specifications | Model 3 | Model 3 Long Range | Model 3 Performance |
| Range (WLTP) | 491 km | 602 km | 547 km |
| 0-100 km | 6.1 s | 4.4 s | 3.3 s |
| Maximum speed | 225 km/h | 233 km/h | 261 km/h |
| Drive | Rear-wheel drive | Dual motor all-wheel drive | Dual motor all-wheel drive |
| Seats | 5 adults | ||
| Display | 15” Central touch | ||
| Charging speed | Charge for 15 minutes can go up to 275 km | ||
| Cargo space | 649 liters | ||
| Features | • Autopilot automatic driving aid • OTA wireless update• Sentry mode security system• Heated seats• Glass roof |
||
| Base car price | HK$320,800 | HK$328,300 | HK$344,635 |
Tesla Model 3 2024
Are you ready to change your car? The Tesla Model 3 will be revamped in 2024. The new Tesla Model 3 not only has excellent performance and a more ‘stylish’ appearance, but also upgrades on the inside. With its excellent range, superior design, and advanced features, it’s no wonder that experts have been praising the Model 3 even before its launch!
Tesla 3 2024 Interior Design: No Steering Wheel Control Lever, Larger Trunk, Larger Screen
Tesla adopted a minimalist design for the 2024 Model 3. Tesla also introduced a new steering wheel that includes turn signals, eliminating the control lever on the steering wheel. The gear selector has also been moved to the touchscreen.
Tesla redesigned the seats, added ventilation to the front seats, and improved the Model 3’s sound system to 17 speakers. In addition, the trunk has been expanded to 594 liters, and rear-seat passengers can now use an 8-inch touchscreen to control climate and entertainment functions. The size of the multimedia entertainment display screen in the front row has been increased to 15.4 inches, the frame is thinner, and the appearance is more fashionable.
Will Tesla 3 2024 Performance Improve?
Although Tesla has not yet announced the full specifications of the 2024 Model 3 in the United States, it has been confirmed that the new model in Europe has an increased range of 11-12%.
The entry-level standard range rear-wheel drive version can now travel 344 miles (554 km) in the WLTP cycle, while the long-range version can travel up to 421 miles (677 km). The standard range version can accelerate from 0 to 100 km/h (62 mph) in 6.1 seconds, while the long-range version can reach the same speed in just 4.4 seconds thanks to its two electric motors.
As for the revamped Model 3 Performance, its specifications have not been announced yet.
Although whether Tesla has improved the battery to increase the range is still a mystery, one thing is certain: the air resistance has dropped from 0.23Cd to 0.219Cd, which undoubtedly helps to increase the range. (Air resistance can be understood as a quantified number showing the air resistance of the car when it is driving.)
Tesla Model Y Specifications
The Tesla Model Y is designed with flexibility and ample storage space in mind. It is a 5-seat design, with each rear seat able to fold independently to increase storage space for larger luggage and items.
At the same time, the Tesla Model Y also supports the Autopilot automatic driving aid function and can be equipped with the upgraded Autopilot automatic driving aid or fully automatic driving function.
The basic selling price of the Tesla Model Y is about HK$345,000 to HK$400,000. The “one-for-one” price is HK$345,000 to HK$432,000, depending on the version. Currently, you can pre-order the Tesla Model Y on the official website, with delivery expected in the first quarter of 2024.
| Tesla Model Y | Basic Car Price | Including Tax | One-for-one |
|---|---|---|---|
| Tesla Model Y | HK$345,100 | HK$497,465 | HK$345,100 |
| Tesla Model Y Long Range | HK$391,000 | HK$596,150 | HK$406,150 |
| Tesla Model Y Performance | HK$403,000 | HK$621,950 | HK$431,950 |
Tesla Model Y Version Comparison
| Tesla Model Y Specifications | Model Y | Model Y Long Range | Model Y Performance |
| Range (WLTP) | 455 km | 533 km | 514 km |
| 0-100 km | 6.9 s | 5.0 s | 3.7 s |
| Maximum speed | 217 km/h | 217 km/h | 250 km/h |
| Drive | Rear-wheel drive | Dual motor all-wheel drive | Dual motor all-wheel drive |
| Seats | 5 adults | ||
| Display | 15” Central touch | ||
| Charging speed | Charge for 15 minutes can go up to 261 km | ||
| Cargo space | 2,158 liters (max) | ||
| Features | • Autopilot automatic driving aid
• OTA wireless update • Sentry mode security system • Heated seats • Glass roof • Adjustable and foldable second-row seats |
||
| Price | HK$345,100 | HK$391,000 | HK$403,000 |
Tesla Model 3 vs Model Y Specifications Comparison
| Tesla Model | Tesla Model 3 | Tesla Model Y |
| Range (WLTP) | 491 to 602 km | 455 to 533 km |
| 0-100 km | 3.3 to 6.1 s | 3.7 to 6.9 s |
| Maximum speed | 225 to 261 km/h | 217 to 250 km/h |
| Drive | Rear-wheel drive/Dual motor all-wheel drive | Rear-wheel drive/Dual motor all-wheel drive |
| Seats | 5 adults | 5 adults |
| Display | 15” Central touch | 15” Central touch |
| Charging speed | Charge for 15 minutes can go up to 275 km | Charge for 15 minutes can go up to 261 km |
| Cargo space | 649 liters | 2,158 liters (max) |
| Features | • Autopilot automatic driving aid • OTA wireless update• Sentry mode security system• Heated seats• Glass roof |
• Autopilot automatic driving aid
• OTA wireless update • Sentry mode security system • Heated seats • Glass roof • Adjustable second-row seat back |
Tesla Model S Specifications
The Tesla Model S has improved the aerodynamic design of the body, reducing the drag coefficient, increasing speed and endurance, and the shape is closer to a sports car. The folding rear seats can increase storage space.
Compared to Model 3 and Model Y, the Tesla Model S has more advanced features, such as a 17-inch touchscreen with 2,200 x 1,300 resolution, a built-in high-performance processor, and compatibility with wireless controllers for playing video games.
However, the Tesla Model S is not currently available for order on the official website in Hong Kong. If you want to own a Tesla Model S, you may consider buying a used car.
| Tesla Model S Specifications | Model S | Model S Plaid |
| Range (EPA assessment) | 405 km | 396 km |
| 0-100 km | 3.1 s | 1.99 s |
| Maximum speed | 149 mph | 200 mph |
| Drive | Dual motor | Triple motor |
| Seats | 5 adults | |
| Display | 17” touch | |
| Charging speed | Charge for 15 minutes can go up to 200 miles | |
| Cargo space | 793 liters | |
| Features | • Autopilot automatic driving aid • OTA wireless update• Sentry mode security system• Heated seats• Glass roof• Adjustable and foldable second-row seats |
|
Tesla Model X Specifications
The Tesla Model X is designed for the SUV market. The Model X and Model X Plaid offer 7 and 6 seats respectively, with a storage space of up to 92 cubic feet. The doors use a Falcon Wing design, which lifts the door from the roof, making it easy to retrieve luggage. The rear trailer hook can withstand a traction of 5,000 pounds, enough to carry outdoor or sports equipment.
Currently, the Tesla Model X is not available for order on the official website in Hong Kong. If you want to buy a Tesla Model X, you may consider buying a used car.
Tesla Model X Version Comparison
| Tesla Model X Specifications | Model X | Model X Plaid |
| Range (EPA assessment) | 371 miles | 340 miles |
| 0-60 mph | 3.8 s | 2.5 s |
| Maximum speed | 155 mph | 163 mph |
| Drive | Dual motor | Triple motor |
| Seats | 7 adults | |
| Display | 17” touch | |
| Charging speed | Charge for 15 minutes can go up to 187 miles | |
| Cargo space | 88 cubic feet | |
| Features | • Autopilot automatic driving aid • OTA wireless update• Sentry mode security system• Heated seats• Glass roof• Falcon Wing doors |
|
Tesla Purchase Finance Solutions
If you’re planning to get your Tesla, here’re the 3 common ways to pay for your new car: Full pay, 1-for-1 replacement price, and hire purchase or unsecured loan:
- Full pay: If you’re planning to pay in full, that means you’ll be paying the car price upfront without replacing your old car for a discount
- 1-for-1 replacement price: The 1-for-1 replacement price refers to the cost of replacing your old car with a discounted rate under the government’s incentive scheme.
- Hire purchase/Unsecured loan: This is a method for financing your purchase of a Tesla. Typically, it involves a down payment and a 36-month repayment period.
Tesla’s Hire Purchase / Car Loan / Personal Loan: Which Way of Car Financing Suits You Best?
You don’t need to break your bank to get your dream car! Wondering how to finance your EV purchase? Here are the most common methods of financing your dream car: Hire purchase/leasing, bank car loan, or a personal loan.
Obtaining Hire Purchase or Leasing for Your Electric Vehicle
Many “MoneySmarters” would consider hiring or leasing a car from a dealership. Yeah, it can save you lots of time and effort and give you peace of mind about all the purchasing procedures.
But don’t forget, the agency will keep the Vehicle Registration Document and transfer documents as collateral until full repayment is made.
If you transfer, renew, or change the Vehicle Registration Document within the payment period, you need to contact the agency. That’s the thing you need to be concerned about if you’re planning to buy a car through a car dealership.
Tesla’s Official Hire Purchase
Tesla is collaborating with ORIX and offering 36/48/60-month installments for your hire purchase.
The plan requires a minimum down payment of HK$50,000 (different from the general hire purchase that doesn’t need a down payment). And with the bigger down payment, you can pay less for the monthly payment compared to a general hire purchase.
Taking the Tesla Model Y (Full price with tax: HK$530,790) as an example, here is the details for a 36-month Tesla’s official hire purchase and unsecured loan:
| Description | Hire Purchase | Unsecured Loan |
|---|---|---|
| Down payment | HK$50,000 | HK$50,000 |
| Financed amount | HK$480,790 | HK$530,790 |
| Repayment period | 36 months | 36 months |
| APR | 4.05% | 3.88% |
| Monthly loan payment | HK$14,206 | HK$14,881 |
Getting Car Loans from Banks/Financial Institutions
Apart from hire purchases and leasing, some banks and financial institutions, such as OCBC Wing Hang Bank, CCB (Asia), Dah Sing Bank, ICBC (Asia), and Public Bank (Hong Kong), offer car loans.
A car loan covers 100% of the car’s price. The repayment period can be as long as 60 months. These car loans also offer hire purchase and leasing, with an assistant handling hassles like loan applications, license renewals, and car insurance. However, car buyers are required to purchase comprehensive car insurance.
Financial you EV purchase with Tax Loan
Thinking of owning a EV? Keep an eye out for the tax loan period from October to March – coinciding with tax season. During this time, major financial institutions offer tax loans with lower interest rates than regular personal loans. And with added welcome rewards, financing your Tesla purchase with a tax loan could be a smart move. Even if you’re not yet ready to make the leap to a new car, it’s still worth considering tax loans when they become available. Who knows, you might even find a new purpose for it!
Monthly Payment
HK$12,680
- APR*
- 1.38%
- Total Amount Payable
- HK$304,320
- Total Interest Payable
- HK$4,320
- Monthly Payment
- HK$12,680
Purchasing EVs with a Personal Instalment Loan
With a personal instalment loan to buy an EV, the car price is paid in one lump sum, and the car owner can keep the Vehicle Registration Document, which is more flexible in the transfer of ownership, renew the vehicle license, and change the vehicle registration mark.
Plus, there are plenty of personal instalment loan options, and you may find one with a lower interest rate.
Here is an example of Car Loan of HK$300,000 loan amount through personal instalment loan with a 36-month repayment period:
Monthly Payment
HK$8,483
- APR*
- 1.18%
- Total Amount Payable
- HK$305,400
- Total Interest Payable
- HK$5,400
- Monthly Payment
- HK$8,483
Selected customers can receive up to HK$12,000 Cash Rebate upon successful draw down!
【Last Chance! Apply for Personal Loan at the Beginning of the Year of Loong! 🐲】Earn with Your Personal Loan Application.
From now until 30 April, apply for designated loans from Prime Credit via MoneySmart, you can earn the application bonus of HK$800 vouchers (given out as 5,000 SmartPoints) regardless of approval! if the final status of application is cancelled, the customer would not be eligible to the rewards of this promotion. But that's not all - SmartPoints can be freely exchanged for cash vouchers from 20+ brands! Click here to learn more.
Monthly Payment
HK$8,690
- The lowest APR
- 1.88%
- Total Amount Payable
- HK$312,852
- Total Interest Payable
- HK$12,852
- Monthly Payment
- HK$8,690
Selected customers can receive up to HK$16,000 Cash Rebate upon successful draw down!
【Last Chance! Apply for Personal Loan at the Beginning of the Year of Loong! 🐲】Earn with Your Personal Loan Application.
From now until 30 April, apply for designated loans from Welend via MoneySmart, you can earn the application bonus of HK$1,000 vouchers (given out as 10,000 SmartPoints) regardless of approval! But that's not all - SmartPoints can be freely exchanged for cash vouchers from 20+ brands or converted into HK$666cash! Click here to learn more.
Monthly Payment
HK$9,113
- APR*
- 1.68%
- Total Amount Payable
- HK$328,080
- Total Interest Payable
- HK$28,080
- Monthly Payment
- HK$9,113
How Much Does It Cost for BMW EV? An Alternative to Tesla
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If you’re not feeling the love for Tesla’s electric cars, then BMW‘s i series might just be the jolt of electricity you need.
| Model | Price (Under One-for-One Replacement Scheme) | BMW Circle Instalment (60 months, 30-35% balloon payment) | Finance Lease (60 months) | Hire Purchase(50% down payment) | Estimated Delivery |
|---|---|---|---|---|---|
| BMW i5 eDrive 40 | HK$759,900 | N/A | N/A | N/A | N/A |
| BMW iX1 xDrive30 xLine | HK$479,900 | HK$5,337 | HK$9,031 | HK$5,149 | 2024 |
| BMW iX1 xDrive30 M Sport Edition | HK$539,900 | HK$6,005 | HK$10,160 | HK$5,793 | 2024 |
| BMW iX3 M Sport Edition | HK$549,900 | HK$6,116 | N/A | N/A | Available Now |
| BMW i4 eDrive35 | HK$549,350 | HK$6,110 | HK$10,337 | HK$5,895 | 2024 |
| BMW i4 eDrive35 M Sport Edition | HK$546,349 | HK$6,076 | HK$10,281 | HK$5,862 | 2024 |
| BMW iX xDrive40 | HK$905,580 | HK$10,071 | N/A | N/A | Available Now |
| BMW iX xDrive50 | HK$1,181,500 | HK$13,319 | N/A | N/A | Available Now |
| BMW iX M60 | HK$1,850,900 | HK$20,583 | N/A | N/A | Available Now |
| BMW i7 xDrive60 | HK$2,089,900 | HK$23,240 | HK$39,325 | HK$22,423 | Q4 2023 to Q1 2024 |
| i7 xDrive60 M Sport Edition | HK$2,189,660 | HK$24,350 | HK41,203 | HK$23,494 | Q4 2023-Q1 2024 |
BMW i4: Latest 3 Electric Car Models
BMW i4 is an electric version of the 4 Series GranCoupe launched by the manufacturer in March last year with three models: i4 eDrive40, i4 eDrive40 M Sport Edition, and i4 M50.
Among the three models, BMW i4 eDrive40 adopts rear-wheel drive and rear single-motor output, while BMW i4 M50 adopts front and rear dual motors with four-wheel drive. BMW i4 can be charged up to 200kW, and fast charging can provide up to 164km of range for i4 eDrive40 and up to 140km of range for i4 M50 in just 10 minutes.
BMW i4 has dedicated reinforcement components on the front and rear axles, with air suspension on the rear axle to ensure comfort. The high-voltage battery shell is directly connected to the chassis for reinforcement, and the original high-voltage battery provides an 8-year or 160,000km warranty.
The first batch will be delivered as early as the third quarter in 2023.
| BMW i4 M50 Specifications | |
| Horsepower | 551.5 hp |
| Torque | 81kgm |
| Transmission | Dual-motor all-wheel drive |
| 0-100km | 3.9 seconds |
| Top speed | 225km/h |
| Dimensions | 4,783 x 1,850 x 1,448mm |
| Weight | 2,290kg |
| Battery capacity | 80.7kWh |
| Range | 510km |
| Price | HK$799,000 / “One-for-One” HK$609,000 and up |
BMW could be a viable alternative to Tesla. Check out the following blog to learn more.
How Much Does It Cost for Other EV Alternatives: Mercedes-Benz / BMW / KIA / MG
Besides the most-mentioned Tesla, many other famous automotive brands like Mercedes-Benz, BMW, KIA, and MG also offer EVs. Here are some of the most affordable EV models that are worth your attention, including the SUV models.
Here is the price overview of other EV models:
| EV Models | Listed Price |
| Mercedes Benz: EQA 250 | HK$ 425,000* |
| BMW i3 | HK$ 311,150 |
| Kia: EV6 | HK$ 396,000 |
| MG: MG5 EV 2023 | HK$ 245,000 |
*Price under the “One-for-One Replacement” Scheme
Mercedes-Benz EQA 250: An EV That Runs Like “Gasoline Car”
The Mercedes-Benz EQA 250 is a practical electric vehicle designed for long-distance and smooth driving, making it suitable for Hong Kong’s narrow roads and frequent parking. With natural suspension movements, the cabin is very quiet during driving, and the handling feels very similar to gasoline cars.
The Mercedes-Benz EQA 250 can be charged from 0-100% in just over an hour. Mercedes-Benz also offers an original charging box for more than HK$9,000, which takes 8-10 hours to charge from 0-100% at around 7kW.
If you opt for the tax concession for the “one-for-one” replacement scheme, the Mercedes-Benz EQA 250 is priced at HK$375,000 (first registration tax waived!)
The EQA 250 is currently the second most affordable model offered by Mercedes-Benz in Hong Kong (With the Mercedes-Benz A180 being the most economical).
| Mercedes-Benz EQA 250 Specifications | |
| Horsepower | 190 hp |
| Torque | 38.3 kgm |
| Transmission | Front-wheel drive, single-speed automatic |
| 0-100km | 8.9 seconds |
| Top Speed | 160 km/h |
| Dimensions | 4,463 x 1,849 x 1,620mm |
| Weight | 2,040 kg |
| Battery Capacity | 66.5 kWh |
| Range | 426 km (WLTP) |
| Price | HK$561,750 / “one-for-one replacement scheme” HK$425,000 and up |
KIA EV6: A High-performance, Rear-wheel Drive Electric Vehicle
The KIA EV6 is a fully electric car that has been designed from the ground up by the Hyundai-Kia Group. It utilizes the E-GMP electric car exclusive chassis, which is also used by the Hyundai IONIQ 5. The KIA EV6 prioritizes performance and boasts a slightly sportier appearance compared to the IONIQ 5. Its suspension settings are also stiffer, although not quite on par with those of a pure sports car.
The KIA EV6 has six gears, including “0”, “i-PEDAL”, and automatic modes in addition to gears 1 through 3. The rear-wheel drive configuration provides more stable acceleration, while the front wheels have a larger turning angle.
However, noise control is not particularly ideal, as road and wind noise can be heard while driving. This makes the “environmental sound” mode, which is designed to prevent the car from being too quiet, seem unnecessary. Another drawback is that Apple CarPlay requires a wired connection.
Nonetheless, given its 170 horsepower and rear-wheel drive, the KIA EV6 remains a relatively cost-effective option. The KIA EV6 is currently available for pre-order and is scheduled to be delivered by the end of 2023.
| KIA EV6 Specifications (Standard Version) | |
| Horsepower | 170 hp |
| Torque | 35.6 kgm |
| Transmission | Rear-wheel drive, single-speed fixed gear |
| 0-100 km | 8.5 seconds |
| Max speed | 185 km/h |
| Dimensions | 4,680 x 1,880 x 1,550mm |
| Weight | 1,890kg |
| Battery capacity | 58kWh |
| Range | 370km |
| Price | Starting from HK$348,800 for “one-for-one” exchange |
MG ZS EV: Entry-level SUV Electric Car Perfect for Young Family
The MG ZS EV is an electric car designed for young families, produced in the UK and Shanghai. It comes in two variants in Hong Kong: the standard Business version and the top-of-the-line Premium version.
Equipped with an 8-inch touchscreen that supports Apple CarPlay, automatic air conditioning, a reversing camera, and a large panoramic sunroof, the MG ZS EV has an advantage over many entry-level gasoline SUVs.
The MG ZS EV offers three driving modes, including the KERS mode, which enhances energy recovery and reduces energy consumption. Its suspension settings are sporty-oriented, with a long suspension travel that makes it a bit hard to drive in the city but stable on uphill drives. However, due to the heavier body, the lean angle in corners is relatively high.
In terms of charging, using a household 220V/13A power supply takes about 20 hours, while a 7kW charging station in a mall takes about 6.5 hours.
The MG ZS EV has released an improved version in 2023 and has now been available for purchase in Hong Kong since April.
| MG ZS EV Specifications (Standard Edition) | |
| Horsepower | 176 hp |
| Torque | 28.5 kgm |
| Transmission | Front-wheel drive |
| 0-100km | 8.28 seconds |
| Maximum speed | 173 km/h |
| Dimensions | 4,323 x 1,809 x 1,625mm |
| Weight | 2,060 kg |
| Battery capacity | 51.1 kWh |
| Driving range | 318 km (WLTP) |
| Price | “One-for-One” HK$277,500 and up |
Porsche Taycan Cross Turismo: A SUV Ready to Go Off-road
If you’re looking for an off-road capable vehicle at a reasonable price, the Porsche Taycan 4S Cross Turismo might be just what you need. This high-performance electric vehicle has a hatchback/5-door wagon body style, dual-motor output of 571 horsepower, 21-inch wheels, and the factory Off-Road Design Package, giving it a rugged and adventurous look.
The Porsche Taycan Cross Turismo is a new addition to the Taycan lineup, which includes the Taycan 4, Taycan 4S, and Taycan Turbo models available in Hong Kong. The Taycan 4S Cross Turismo is a mid-range version of the lineup and offers a Sport+ mode with strong acceleration, instant release of full torque, and an electronic sports car sound effect, making for a thrilling ride.
When ready to go off-road, the Porsche Taycan Cross Turismo comes with a Gravel off-road driving mode, suspension that can be raised up to 30mm, resulting in a ground clearance of 158mm. It also boasts a spacious luggage capacity of up to 1,200 liters, larger than the four-door version.
| Porsche Taycan 4S Cross Turismo Specifications | |
| Power | 571 horsepower (Overboost mode) |
| Torque | 66.3 kgm (Overboost mode) |
| Transmission | Front and rear motors, two-speed gearbox on the rear axle, four-wheel drive |
| 0-100km | 4.1 seconds |
| Top Speed | 240 km/h |
| Dimensions | 4,974 x 1,967 x 1,409 mm |
| Weight | 2,245 kg |
| Battery Capacity | 93.4 kWh |
| Range | 388 – 452 km (WLTP) |
| Price | HK$1,886,000 / “One-for-One” HK$1,540,000 and up |
“One-for-One” Electric Vehicle Scheme: First-time vehicle registration tax reductions available for vehicle replacements
To promote the prevalence of electric vehicles and reduce carbon emissions, the government has introduced the “One-for-One” electric vehicle scheme from February 28, 2018 to March 31, 2024 and the scheme has been extended to March 2026.
Under this scheme, by scrapping (dismantling) and deregistering the existing private car and replacing it with an electric vehicle such as Tesla Model Y / 3 / S / X, you can enjoy a reduction of first-time registration tax, up to HK$287,500.
Please note that the date of deregistration of the existing private car and the date of submission of the first registration application for the new electric vehicle should not be more than 3 months apart.
2024-25 Budget: Extension and Update of the “One-for-One” Electric Vehicle Scheme
The “One-for-One” electric vehicle scheme, initially set to expire on March 31, 2024, is proposed for extension until March 2026 in the 2024-25 budget by Financial Secretary Paul Chan Mo-po. However, the first-time registration tax reduction will decrease by 40%, from HK$287,500 to HK$172,500. Cars with a pre-tax price exceeding HK$500,000 will not be exempted.
The maximum exemption for general electric private cars will be lowered from HK$97,500 to HK$58,500.
Buying a Tesla Model Y Performance (HK$403,000) under the “One-for-One” Electric Vehicle Scheme after March 2024:
[(HK$150,000 x 46%) + (HK$150,000 x 86%) + (HK$103,000 x 115%) – HK$172,500]
HK$69,000 + HK$129,000 + HK$118,450 – HK$172,500
= HK$143,950
The price including tax is HK$546,950
New prices for Tesla Model 3/Y under the new “One-for-One” Electric Vehicle Scheme
| Tesla Model | Tesla Model Y Rear Wheel Drive | Tesla Model Y Long Range | Tesla Model Y Performance | Tesla Model 3 Long Range |
|---|---|---|---|---|
| Car Price | HK$345,100 | HK$391,000 | HK$403,000 | HK$328,300 |
| New First-time Registration Tax | HK$77,365 | HK$130,150 | HK$143,950 | HK$58,045 |
| New Price under “One-for-One” | HK$422,465 | HK$521,150 | HK$546,950 | HK$386,345 |
| Current Price under “One-for-One” | HK$345,100 | HK$406,150 | HK$431,950 | HK$308,900 |
| Price Difference | +HK$77,365 | +HK$115,000 | +HK$115,000 | +HK$77,445 |
Calculation of the first registration tax under the “One-for-One” Electric Vehicle Scheme
The calculation of the first registration tax under the “One-for-One” electric vehicle scheme is as follows:
(First HK$150,000 taxable value (car price) x 46%) + (Next HK$150,000 x 86%) + (Next HK$200,000 x 115%) + (Remaining car price x 132%) – HK$287,500
If the taxable car price does not exceed HK$377,826, i.e., the first-time registration tax is less than the reduction amount of HK$287,500, you do not need to pay the first-time registration tax.
For example, under the “One-for-One” electric vehicle scheme, when purchasing a Tesla Model Y Rear Wheel Drive (HK$345,100) or a Tesla Model 3 Rear Wheel Drive (HK$320,800), no first-time registration tax is required.
Buying a Tesla Model Y Performance (HK$403,000) under the “One-for-One” Electric Vehicle Scheme:
= [(HK$150,000 x 46% + HK$150,000 x 86% + HK$103,000 x 115%) – HK$287,500]
= HK$316,450 – HK$287,500
= HK$28,950
The total car price is HK$431,950.
Eligibility for the “One-for-One Replacement” Scheme
- The cancellation date of the private car and the application date of the first registration of the new electric vehicle must be within 3 months.
- The existing private car has been first registered in Hong Kong for at least 6 years.
- The owner must have been registered as an existing private car owner for 18 consecutive months or more.
- The existing private car has a valid vehicle licence for at least 10 months (304 days) or more during the 12-month period prior to the deregistration of the current private car.
How to Apply for “One-for-One Replacement”: Steps to Apply with a EV Purchase
- Check whether the existing private car is eligible to participate in the “One-for-One Replacement” scheme“.
- Arrange for the demolition of existing private cars.
- Complete the de-registration of an existing private car.
- Submit a new electric vehicle first registration application and “one-for-one replacement” scheme application to receive the first registration tax concession.
If you’re up for purchasing a Tesla under the “One-for-One Replacement” program, please get in touch with them as Tesla is now providing support services for car owners. They will assist in arranging the demolition of your old car.
How to Get a Cheaper License Fee for Electric Vehicle
Except for the government’s “one-for-one” replacement program, the license fees for electric vehicles are much cheaper than those for gasoline and diesel private cars, and they are calculated based on the weight of the vehicle. (Learn more about Vehicles License Renewal)
The license fees are divided into 2 types: 1 year and 4 months.
As for the calculation method of Tesla license fees, taking Tesla Model 3 as an example, the weight of Model 3 Performance is 1,836 kilograms. The first ton (1,000 kg) of the license fee is HK$572 per year, and an additional fee of HK$124 is charged for every 250 kg thereafter. Therefore, the annual license fee for Tesla Model 3 is only HK$1,068.
Frequently Asked Questions: Tesla Purchase
Should I choose hire purchase/leasing or a personal instalment loan to purchase a Tesla?
If you want a more carefree purchase procedure, then hire purchase / lease fits better, as you are assisted with all the procedures.
However, if you want to keep your Vehicle Registration Document (hire purchase and leasing require the Vehicle Registration Document as collateral) and have a lower interest rate, a personal instalment loan may be more suitable.
What is the difference in interest rates between a hire purchase / leasing and a personal instalment loan?
The interest rate of hire purchase / leasing is usually not transparent, as it is determined according to the car’s model, age, and specifications. While the personal loan interest rate is determined according to the applicant’s financial situation, such as income, credit score, and sometimes occupation. Moreover, professionals may get preferential interest rates.
What is the difference between the hire purchase/leasing repayment period and a private loan?
Generally speaking, a repayment period of 36 / 48 / 60 months is available for hire purchase / leasing, while a personal instalment loan offers a 12 to 72-month repayment period.
Which loan is better? Car loan or Person loan?
There’s no better loan per se, but you may also consider your personal credit score as well as the interest rate the financial institution offers. For more detail, you may check out the blog post: Car Loan vs Personal Loan: which has a lower interest rate here.
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Are you a first-time car buyer? If you’re wondering how to finance your new ride, we’ve also prepared financing tips for private loans and car loans. So, get ready to make a MoneySmart decision and join the electric car revolution!
Don’t forget to get a car insurance! Check out what things you should know before getting a car insurance quote!
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