Greater interest in EVs at showrooms as PARF rebate cuts take effect

Changes to PARF rebate cuts are driving Singaporean car buyers towards electric vehicles, increasing showroom traffic and EV adoption. Read more at straitstimes.com.

SINGAPORE – Car showrooms were abuzz with activity on Feb 28 as potential buyers sought to navigate changes to car ownership costs.

Cuts to the preferential additional registration fee (PARF) rebate have raised the overall cost of owning a car. The move, effective for cars registered on or after Feb 20, has a greater impact on petrol-hybrid and internal combustion engine (ICE) cars than electric vehicles (EVs), prompting what appears to be a swing towards greener options.

One of those taking the plunge was a 52-year-old who wanted to be known only as Mr Kor, who was among roughly two dozen people at the BYD showroom in Alexandra Road at about 11.30am.

He had just paid a deposit for a brand new BYD Sealion 7 Premium priced at $199,888.

The father of three, who works in education, said: “My current ride is hitting its fifth-year mark, so that’s why I’m here.

“I assessed the market and I think that in the current climate, this is the best price point for me to get in (on EVs). The latest announcement really pushed me to make this decision.”