Planning to get a Tesla but don't know if it fits your financial goal? Don't worry, your options don't limit to Tesla, BMW's EV i series, KIA or MG are on the listing.
Spend some time on this blog post to find out more about the Hong Kong EV price, each EV model's features in details. At the end of this blog, we'll give you some financing tips for personal loans and car loans, so don't forget to check them out!
Table of Contents: Electric Car Price Comparison in Hong Kong
- Tesla & EV Models Price Overview
- Tesla Model Y / 3 / S / X Price Overview
- BMW EV Price Overview
- 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
Tesla Latest Price Cut: Tesla Model 3, Model Y
Tesla Model 3 Price Reduction
On April 30, 2024, Tesla announced that in addition to launching the Model 3 Performance version in Hong Kong, they have also reduced the price of all Model 3 models in Hong Kong by HK$16,000. Under the new 'one-for-one' plan, the price reduction can be as much as HK$58,500, with a maximum reduction of up to 9.4%.
Here you can see the prices changes over the period:
Tesla Model | April 15, 2023 | August 4, 2023 | March 31, 2024 | June 4, 2025 | Latest: Jan 5, 2026 |
Tesla Model Y Rear-Wheel Drive | HK$367,100 | HK$345,100 | HK$345,100 | HK$339,798 | HK$282,800 |
Tesla Model Y Long Range | HK$459,685 | HK$406,150 | HK$391,000 | HK$427,668 | HK$322,800 |
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 | HK$254,200 | HK$249,000 |
Tesla Model 3 Long Range | HK$399,485 | HK$364,700 | HK$308,900 | HK$312,294 | HK$269,000 |
Tesla Model 3 Performance | HK$440,335 | HK$382,875 | – | HK$396,880 | HK$299,900 |
From the rate of change, it can be seen that the 'one-for-one' price of the Model Y Rear-Wheel Drive, Long Range, and Performance versions has decreased by 7.34% to 9.44% from before. It's also worth mentioning that Tesla Model 3 had another price in July 4, 2025, ranging from 2.7% to 14% drop after tax.
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:
Popular EV Models Price Comparison in Hong Kong | |
Model | Retail Price (before tax) |
Tesla Model Y Long Range | HK$374,520 |
Tesla Model 3 Long Range | HK$269,000 |
BMW iX2 eDrive20 M Sport Edition | HK$459,900 |
BMW iX xDrive45 | HK$755,500 |
BMW iX1 eDrive20 xLine | HK$369,900 |
BMW i4 eDrive35 | HK$419,000 |
Mercedes-Benz CLA 250+ Progressive | HK$439,000 |
Kia EV6 GT | HK$429,800 |
BYD SEAL Performance-AWD | HK$306,000 |
Last update on Jan 5, 2026 | |
* Electric vehicles with a pre-tax price exceeding HK$500,000 will not be exempt from first registration tax. Click here to calculate the after-tax prices under 1-for-1 replacement scheme.
Tesla Model Y / Model 3 Price Overview
Tesla is often the first name that comes to mind when considering buying your first EV. Here you can consider getting your first Tesla under different financing options.
Tesla Model 3 Hong Kong Price List
Tesla Model 3 Price | Base Price | Price Including Tax | One-for-one Replacement Scheme | Hire Purchase Monthly Payment (36 months) | Unsecured Loan Monthly Payments (36 months) |
Rear-Wheel Drive RWD | HK$249,000 | HK$344,640 | HK$249,000 | HK$8,706 | HK$10,667 |
Long Range | HK$269,900 | HK$381,840 | HK$269,000 | HK$9,805 | HK$11,819 |
Performance | HK$299,900 | HK$439,314 | HK$325,314 | HK$11,503 | HK$13,597 |
The most affordable Tesla Model 3 costs HK$254,200 (without tax), which lays under a reasonable price range for first-time car owner.
Tesla Model Y Hong Kong Price List
Tesla Model Y Price | Base Price | Price Including Tax | One-for-one Replacement Scheme | Hire Purchase Monthly Payment (36 months) | Unsecured Loan Monthly Payments (36 months) |
Rear-Wheel Drive RWD | HK$306,650 | HK$453,798 | HK$339,798 | HK$11,931 | HK$14,046 |
Long Range | HK$347,520 | HK$541,668 | HK$427,668 | HK$14,527 | HK$16,765 |
Performance | - | - | - | - | - |
Tesla Model Y / 3 Comparison
If you're unsure which Tesla model to choose, here's a comparison that includes the price and specifications of each model.
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$453,798 – HK$541,668 | HK$339,798 – HK$427,668 |
Tesla Model 3 | 491 - 547 | 225 - 261 | 3.3 - 6.1 | HK$344,640 – HK$439,314 | HK$249,000 – HK$325,314 |
*The official price has not yet been released; the actual price is subject to the official website.
Tesla Model 3 Specifications
The Tesla Model 3 is an entry-level electric vehicle from Tesla, with a basic price ranging from around HK$254,000 to HK$333,000. The "one-for-one" price ranges from HK$254,000 to HK$397,000, depending on the version. Currently, you can pre-order the Tesla Model 3 on the official website, with delivery expected in the second 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) | 520 km | 629 km | 528 km |
0-100 km | 6.1 s | 4.4 s | 3.1 s |
Maximum speed | 201 km/h | 201 km/h | 261 km/h |
Drive | Rear-wheel drive | Dual motor all-wheel drive | Dual motor all-wheel drive |
Seats | 5 adults | ||
Display | 15.4'' Central touch | ||
Charging speed | Charge for 15 minutes can go up to 275 km | ||
Cargo space | 649 liters | ||
Features | • Autopilot automatic driving aid | ||
Base car price | HK$254,200 | HK$292,900 | HK$333,200 |
New 2025 Tesla Model 3: Key Updates
Exterior Design
The exterior of the new Model 3 has been redesigned with sleeker and sharper body lines. These changes not only enhance its visual appeal but, more importantly, optimize aerodynamic performance, effectively reducing wind resistance, which in turn helps to increase the vehicle's range.
Additionally, Tesla has introduced new body color options, such as Stealth Grey and Ultra Red, which change appearance with light and viewing angle. Combined with upgraded wheel and tire designs, these not only offer a more stylish look but also contribute to improved range and reduced driving noise.
Interior Design
The vehicle's interior is one of the key focuses of this refresh. The revamped Model 3 features a new wraparound cabin design, creating a more immersive feel, and is equipped with customizable ambient lighting, allowing owners to personalize the in-car atmosphere. The interior materials have also been upgraded, offering a softer, more refined touch and enhancing the overall sense of luxury.
The center console still features the iconic 15.4-inch touchscreen, while an 8-inch touchscreen has been added for the rear passengers, allowing them to independently adjust air conditioning and operate the entertainment system. A significant change is the elimination of traditional physical stalks behind the steering wheel (such as those for turn signals and wiper control); these functions have been integrated into buttons on the steering wheel and controls within the central touchscreen.
Performance
The new Model 3 also boasts improvements in performance and efficiency, with its range increased by up to 11-12% compared to the older model. For example, the Long Range All-Wheel Drive (LR AWD) version has a WLTP range of up to 629 kilometers. The Rear-Wheel Drive (RWD) version offers a range of approximately 513 to 520 kilometers, accelerates from 0-100 km/h in 6.1 seconds, and has a top speed of 201 km/h. The Long Range All-Wheel Drive (LR AWD) version accelerates from 0-100 km/h in 4.4 seconds and has a top speed of 201 km/h.
In terms of charging efficiency, using a Tesla Supercharger, it is possible to add approximately 282 kilometers of range in as little as 15 minutes (depending on the model and Supercharger specifications).
Long Range AWD | Rear-Wheel Drive | |
Battery | Long Range Battery | Standard Range Battery |
Range | 629 km | 520 km |
Acceleration | 4.4s 0-100 km/h | 6.1s 0-100 km/h |
Drive | Dual Motor All-Wheel Drive | Rear-Wheel Drive |
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$422,000 to HK$547,000, depending on the version. Currently, you can pre-order the Tesla Model Y on the official website, with delivery expected in the second quarter of 2024.
Tesla Model Y | Basic Car Price | Including Tax | One-for-one |
|---|---|---|---|
Tesla Model Y RWD | HK$306,650 | HK$453,798 | HK$339,798 |
Tesla Model Y Long Range | HK$347,520 | HK$541,668 | HK$427,668 |
Tesla Model Y Performance | - | - | - |
Tesla Model Y Specifications Comparison
Tesla Model Y Specifications | Model Y | Model Y Long Range | Model Y Performance |
Range (WLTP) | 466 km | 551 km | / |
0-100 km | 5.9 s | 4.8 s | / |
Maximum speed | 201 km/h | 201 km/h | / |
Drive | Rear-wheel drive | Dual motor all-wheel drive | / |
Seats | 5 adults | ||
Display | 15.4'' 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 | ||
Base Car Price | HK$306,650 | HK$347,520 | Not available |
Tesla Model 3 vs Model Y Specifications Comparison
Tesla Model | Tesla Model 3 | Tesla Model Y |
Range (WLTP) | 520 to 629 km | 466 to 551 km |
0-100 km | 3.3 to 6.1 s | 4.8 to 5.9 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 | • Autopilot automatic driving aid |
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 | |
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 | |
Tesla Purchase Finance Solutions
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!)
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$541,668) 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$491,668 | HK$541,668 |
Repayment period | 36 months | 36 months |
APR | 4.05% | 3.88% |
Monthly loan payment | HK$14,527 | HK$16,765 |
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!
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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.
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Monthly Payment
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BMW EV Overview
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.
BMW iX xDrive45: Latest 3 Electric Car Models
The BMW iX has recently been updated for the 2025 model year, refreshing its flagship electric SUV lineup with three primary models: the new iX xDrive45, the iX xDrive50, and the high-performance iX M70 xDrive. Replacing the previous entry-level models, the xDrive45 now features an upgraded 94kWh battery, delivering a combined output of 408hp and a massive 700Nm of torque.
While the iX models utilize an intelligent all-wheel-drive system, the brand has also expanded its electric SAV family with the iX1 eDrive20, which employs a front-wheel-drive single motor. Charging capabilities have been further refined, supporting up to 175kW (or 130kW for the iX1), allowing for a high-speed charge that can add significant range in short intervals—roughly 120km to 150km in just 10 minutes depending on the model.
BMW iX xDrive45 Specifications | |
Horsepower | 408 hp |
Torque | 700 Nm |
Transmission | Dual-motor all-wheel drive |
0-100km | 5.1 seconds |
Top speed | 200 km/h |
Dimensions | 4,783 x 1,850 x 1,448mm |
Weight | 2,450kg |
Battery capacity | 94.8.7kWh |
Range | 520km |
Price | Base Price: HK$755,500; |
BMW could be a viable alternative to Tesla. Check out the following blog to learn more.
Other EV Alternatives: Mercedes-Benz / BMW / KIA / BYD
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 more 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$540,000* |
BMW iX1 eDrive20 xLine | HK$439,900 |
Kia: EV6 | HK$396,000* |
BYD: SEAL Performance | HK$306,600 |
*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$540,000.
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 | 880 hp |
Torque | 385 Nm |
Transmission | Front-wheel drive, single-speed automatic |
0-100km | 8.6 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 | 557 km (WLTP) |
Price | Base Price: HK$712,500; |
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.
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$396,000 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.
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$189,000 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 | 598 horsepower (Overboost mode) |
Torque | 72.4 kgm (Overboost mode) |
Transmission | Front and rear motors, two-speed gearbox on the rear axle, four-wheel drive |
0-100km | 3.8 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.
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!
Wanna stay ahead of the herd? Let’s check out the MoneySmart blog for more financial tips!
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