Tesla buyers in Singapore can now get up to $10,000 USD off the purchase of a Model 3 or Model Y in existing inventory. The new discount comes just over a week after a similar discounts were offered in North America, but there is a catch to this new discount in Singapore.
According to a report by local media outlet CNA, buyers can get a $5,000 USD discount if they trade-in an internal combustion engine (ICE) vehicle at the time of purchase. A company sales person also confirmed with CNA that another $5,000 discount can be applied to the purchase price to offset some of the cost associated with Singapore’s Certificate of Entitlement (COE).
The COE is required to register a vehicle and entitles the owner to drive the car for a period of 10 years. Prices for the COE fluctuate over time but can cost over SGD$100,000 (~$96,000 CAD) for EVs, essentially doubling the price of the Model Y in the country.
Along with the discount, Tesla is also offering a free Wall Connector for home charging. The offer does not cover the cost of installing the Wall Connector.
Unlike the discounts on existing inventory vehicles that were offered last month in Canada and the US, Tesla’s website in Singapore has not been updated to display either incentive. In a review of the existing inventory website in Singapore by Drive Tesla, there are just three Model Ys available, and no Model 3s available at the time of publication.