Electric Car Price Comparison in Hong Kong: Tesla, Mercedes-Benz, KIA, MG, BMW

Buying an Electric Car in Hong Kong Price Comparisons of EV Brands

 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 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
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$328,300
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 Price Overview
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$14,206 HK$16,429
Long Range HK$596,150 HK$391,000 HK$16,137 HK$18,452
Performance HK$621,950 HK$$403,000 HK$16,899 HK$19,250

Tesla Model 3 Hong Kong Price List

Tesla model 3 promotional display in Olympian City.

Tesla Model 3 Price Overview
Tesla Model 3 Full pay (including taxes) 1 for 1 Replacement Hire purchase Unsecured loan
Rear Wheel Drive
Long Range HK$461,345 HK$328,300 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 Price Overview
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 Price Overview
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 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!

UA Finance logo

Monthly Payment

HK$12,680

Monthly Payment
Loan amount up to 300% of tax payable
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:

PrimeCredit logo

Monthly Payment

HK$8,483

Monthly Payment
MoneySmart Exclusive
APR*
1.18%
Total Amount Payable
HK$305,400
Total Interest Payable
HK$5,400
Monthly Payment
HK$8,483
WeLend logo

Monthly Payment

HK$8,690

Monthly Payment
MoneySmart Exclusive
The lowest APR
1.88%
Total Amount Payable
HK$312,852
Total Interest Payable
HK$12,852
Monthly Payment
HK$8,690
UA Finance logo

Monthly Payment

HK$9,113

Monthly Payment
MoneySmart Exclusive
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

The “One-for-One Replacement” Scheme: Save Up to HK$287,500 on Your First Registration Tax

If you’re a car owner and planning to switch to EVs, you can enjoy the first registration tax concession. Plus, the first registration tax (FRT) concession can be as high as HK$287,500 for a Tesla Model Y / 3 / S / X under the “One-for-One” Replacement Scheme (which is effective from February 28, 2018 to March 31, 2024).

Are you eligible for the scheme? Check out the details below.

“One-for-One Replacement” Scheme: Who Has the Eligibility for Electric Vehicle

  • 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

  1. Check whether the existing private car is eligible to participate in the “One-for-One Replacement” scheme“.
  2. Arrange for the demolition of existing private cars.
  3. Complete the de-registration of an existing private car.
  4. 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 EV 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.


Related Articles

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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