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When 32-year-old advertising account manager Abdul Haqqim was in the market for a new car last year, he was torn between choosing an electric vehicle (EV) or a traditional petrol car. One major concern? Resale value.
There’s plenty of speculation online that EVs depreciate faster than internal combustion engine (ICE) cars — mainly due to worries over battery lifespan and the rapid evolution of EV technology.
“At that point, there wasn’t a lot of solid information,” Mr Haqqim shared. “There were people saying the resale value wouldn’t be as strong as a regular petrol car.”
Before finalising his purchase in May 2024, he made sure to research EVs thoroughly — especially around long-term value. One deciding factor was the six-year battery warranty offered with the EV he eventually chose. The warranty included a guarantee to replace the battery if its capacity dropped below a certain level.
That provided peace of mind — especially with concerns about battery degradation. As for fears that newer EV tech might make his car obsolete, Mr Haqqim believes the core features — like battery range and charging time — have largely stabilised.
“Any future upgrades, like new seat features or cosmetic changes, aren’t really game changers,” he explained. “It’s like comparing the iPhone 15 to the iPhone 16 — they’re not massively different.”
Despite Mr Haqqim’s confidence, not everyone in Singapore feels the same about EVs and their resale value — even as electric cars gain significant ground in the market.
According to the Land Transport Authority (LTA), 5,947 EVs were registered in the first four months of 2026. That represents around 40 per cent of all new car registrations — a substantial shift from just a few years ago.
Notably, Chinese automaker BYD has surged to the top of Singapore’s sales charts, overtaking long-time favourite Toyota. In the first four months alone, BYD sold 3,002 cars, accounting for 20 per cent of total vehicle sales. Toyota, by contrast, sold 2,050 cars in the same period, while EV-only competitor Tesla moved 535 units.
BYD’s growth has been particularly striking. The company went from selling just three vehicles in 2020 to 89 in 2021, 786 in 2022, and 1,416 in 2023. Last year, that number skyrocketed to 6,191 cars.
Tesla’s expansion has been steadier, though still significant. It sold just 20 cars in 2020, then rose to 924 in 2021, 875 in 2022, and 941 in 2023. In 2024, Tesla sold 2,384 cars in Singapore.
As EV adoption increases, resale values may eventually stabilise. But for now, buyers remain divided. While some, like Mr Haqqim, feel confident about the long-term value of their EV investment, others remain cautious — watching the evolving market closely before making their next big automotive decision.
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