【One-for-One Scheme Prolonged to 2026】2025 Tax-Free EVs Advice｜Newest Quota Costs｜Eligibility and Utility Course of

Within the 2024-25 Funds introduced on February 28, 2024, the Hong Kong authorities prolonged the electrical automobile first registration tax discount scheme (generally referred to as the “One-for-One Scheme”) to 2026. Below this scheme, electrical autos priced at HK$500,000 or beneath can get pleasure from a most first registration tax waiver of HK$172,500, whereas automobiles priced above HK$500,000 usually are not eligible for the waiver. Kwiksure has compiled 6 brand-new EV fashions that qualify for the tax exemption, together with particulars on the newest quota costs and software procedures, serving to you maximize the tax profit when buying your dream automotive.

6 Really helpful Tax-Free EV Fashions for the One-for-One Scheme

Tesla Mannequin 3, referred to as an reasonably priced entry-level electrical sedan, is a favourite amongst Hong Kong automotive homeowners. The brand new Mannequin 3 options slimmer headlights, a redesigned steering wheel, ambient lighting, ventilated seats, and a 15.4-inch touchscreen. Out there in RWD, Lengthy Vary AWD, and Efficiency AWD variations in Hong Kong, the Efficiency model—dubbed the “efficiency beast”—can speed up from 0-100 km/h in simply 3.1 seconds.

Good #3 is the model’s first SUV coupe. Solely the BRABUS model is obtainable in Hong Kong, that includes an aerodynamic design to cut back drag and enhance vary. Geared up with a 66 kWh battery and dual-motor AWD, it delivers 315 kW energy and 543 Nm torque, accelerating from 0-100 km/h in 3.7 seconds with a 415 km vary. The 150 kW DC quick charging permits 10%-80% cost in simply half-hour.

ZEEKR X is available in RWD and AWD variants, each with a sporty design and five-seater configuration. The RWD model delivers 203 kW energy and 343 Nm torque, whereas the AWD model offers 315 kW energy and 543 Nm torque, accelerating from 0-100 km/h in 3.8 seconds. Options embody a central touchscreen, wi-fi charging, and an electrical tailgate.

Final 12 months, AION launched the Y Plus in Hong Kong, that includes a futuristic design. This mannequin belongs to the compact SUV class and is supplied with LED headlights with daytime operating lights, 17-inch wheels, and hidden door handles.

The Y Plus provides a variety of 490 km and comes with a well-equipped inside, together with electrical seats for the motive force, a multifunction steering wheel, a ten.25-inch digital instrument panel, a 14.6-inch central touchscreen, air-con with PM 2.5 filtration, rear air vents, a panoramic sunroof, ambient lighting, entrance and rear USB ports, a 360-degree parking digital camera, and full airbags all through the automobile.

The G6 is one in every of Xpeng’s first fashions launched in Hong Kong, obtainable in customary and long-range single motor rear-wheel drive variations, with ranges of 435 km and 570 km, respectively. It’s geared up with the SEPA 2.0 electrical automobile chassis platform, supporting DC quick charging with a most energy of 280 kW, permitting the battery to be charged from 10% to 80% in simply 20 minutes.

Regardless of the G6 being an SUV, its roughly 4.7-meter-long physique incorporates a wheelbase near 2.9 meters, offering a spacious cabin area.

What’s ‘Quota Worth’?

Merely put, to qualify for the One-for-One scheme when buying a brand new electrical automobile, it’s essential to have a non-public automotive that has been registered in Hong Kong for at the very least 6 years, and it’s essential to have owned it for at the very least 18 months earlier than arranging for its scrapping (the necessities and means of the One-for-One scheme will probably be defined intimately beneath). If you wish to purchase an electrical automobile via the One-for-One scheme however do not need a qualifying previous personal automobile, you should buy a automobile scrapping certificates from others (comparable to on Fb teams) who’ve scrapped their previous personal automobiles, in a observe generally known as ‘shopping for quota’.

Newest Quota Costs

With the extension of the One-for-One scheme, a marketplace for quotas continues to exist. From round HK$7,000 to HK$10,000 apiece in the midst of final 12 months, they quickly rose to just about HK$20,000 apiece, doubling in worth or extra. Nevertheless, lately they’ve fallen to round HK$10,000 to HK$12,000 every.

How Is a ‘With Automotive’ Quota Completely different?

Along with the common ‘scrapping certificates solely’ quota, there are additionally individuals promoting ‘with automotive’ quotas, the place the previous personal automotive is bought along with the quota. That is primarily in response to Tesla’s Company Program, which requires consumers handy over their previous personal automobiles to Tesla for scrapping. As a result of the previous automotive is bought collectively, the worth of a ‘with automotive’ quota is larger than that of a ‘scrapping certificates solely’ quota, starting from roughly HK$15,000 to HK$20,000.

Though buying a One-for-One quota out there after which shopping for a brand-new electrical automobile may end up in a concession within the electrical automobile registration tax, this observe comes with its personal complexities and dangers. Most significantly, the brand new automotive have to be registered within the title of the proprietor listed on the scrapping certificates after which resold to oneself, ensuing within the variety of homeowners proven on the Car Registration Doc changing into ‘1’. If you happen to plan to buy a quota to benefit from the One-for-One automobile worth, it’s endorsed to speak upfront with the employees on the automotive dealership to facilitate the dealing with of associated paperwork.

Functions Necessities of the One-for-One Alternative Scheme

• Personal automotive registered in Hong Kong for six years or extra
• Steady possession because the registered proprietor for 18 months or extra
• Has a sound automobile license for at the very least 10 months (304 days or extra) of the 12-month interval instantly earlier than cancellation of registration

Utility Technique of the One-for-One Alternative Scheme

Affirm Eligibility for the Scheme

The automotive proprietor ought to first affirm eligibility for the scheme (besides for many who have bought a One-for-One quota). In case you are unsure, you possibly can personally take the Car Registration Doc to the Transport Division in Admiralty, or ship an e-mail (hklo@td.gov.hk) and mail a replica of the Car Registration Doc for inquiry.

Organize for Scrapping of the Car

If the proprietor must scrap the previous personal automobile, it have to be carried out by a Registered Car Scrapping Firm with the Environmental Safety Division. After the automobile is scrapped, you’ll obtain a scrapping certificates which lists the automobile’s chassis quantity, license plate quantity, date of scrapping, data of the scrapping firm, and firm stamp. Subsequently, you possibly can take the scrapping certificates to the Transport Division to cancel the registration of the ‘previous personal automotive’.

Cancel the Car Registration

Inside 15 days after the scrapping, carry the scrapping certificates to the Transport Division workplace in Admiralty or Cheung Sha Wan to cancel the automobile registration. You have to to finish and submit the ‘Notification for Cancellation of Car Registration’ (Kind TD184). If you wish to preserve the license plate quantity, you’ll need to finish and submit the ‘Utility to Switch or Retain a Car Registration Mark’ (Kind TD129).

Submit Your Utility

Lastly, submit the appliance for the preliminary registration of the ‘substitute electrical personal automobile’ and the appliance beneath the One-for-One scheme. If the ‘substitute electrical personal automobile’ is bought from a registered distributor (automotive dealership), the One-for-One software have to be submitted by the registered distributor. The scrapping and cancellation of registration of the previous automotive, and the appliance for preliminary registration of the substitute electrical personal automobile should all be carried out inside the legitimate interval, and the time to buy mustn’t exceed 3 months. Due to this fact, consumers ought to inquire upfront with the automotive dealership in regards to the new automotive’s arrival date in Hong Kong, in order to make appropriate preparations for the automobile scrapping date.

Incessantly Requested Questions

Q: When does the EV trade-in tax discount finish? What’s the restrict?

A: This system has been prolonged to March 31, 2026. The utmost first registration tax waiver for EVs beneath the trade-in program is adjusted to HK$172,500 (up from HK$58,500). Vehicles priced over HK$500,000 won’t qualify for the tax discount.

Q: What’s a trade-in quota?

A: If you happen to lack an eligible previous automotive, you should buy scrapping paperwork (proof of destruction) from others, also known as shopping for a “quota.”