Tesla Model 3 Highland (2025) Rear-Wheel Drive (RWD) COE Category B
After placing an order for the Tesla Model 3 Highland Rear-Wheel Drive (RWD) COE Category B on 18th December 2024, I finally got the car on 6th February 2025.
When I bought it in 2024, the default color in Singapore was white. However, my Tesla was only built in 2025 when, in Singapore, they changed the default color from White to Stealth Grey. So I have to pay an extra S$1,500 to keep the white. I asked whether I could return to Stealth Grey, but Tesla mentioned no, as the car is already being built.
Despite spending S$1,500 for white, the net savings I get are still more. That is because in 2025, LTA reduced the Additional Registration Fee (ARF) from S$23,862 to $19,000, saving me S$4,862.
Of course, I also got an additional S$1,200 off from a referral from a friend. Tesla nerfed the referral to S$300 in 2025. However, it is still free money. If you are interested in getting any Tesla models in Singapore, feel free to use my referral link: tesla.com/referral/lester68357.
Here is the price breakdown of my Tesla Model 3 Highland Rear-Wheel Drive (RWD) COE Category B stated in the Motor Vehicle Order Agreement.
| Description | Price (S$) |
|---|---|
| Model 3 Rear-Wheel Drive | $69,800 |
| Pearl White Paint | $1,500 |
| 18″ Photon Wheels | Included |
| Black Premium Interior | Included |
| Autopilot | Included |
| Order Fee (includes GST) | $350 |
| On-Board Unit (includes GST) | $280 |
| Your Model 3 (includes GST) | $71,930 |
| Your Model 3 (excludes GST) | $65,991 |
| Est. ARF | $59,000 |
| VES Rebate (A1) | -$25,000 |
| EEAI | -$15,000 |
| Net ARF Payable | $19,000 |
| Registration Fee | $350 |
| Est. Road Tax (12 months) | $2,136 |
| Referral | -$1,200 |
| Total Cash Price including GST, excluding COE | $92,216 |
Certificate of Entitlement (COE) Bidding
When you buy a Tesla in Singapore, the COE and the car are separate. Tesla will help you with eight non-guaranteed COE bids. You can even bring your own COE.
I did not get the first COE bidding of 2025, as it shot up to S$121,501. But I managed to get it at the second bidding, where it dropped to S$116,625. Of course, for the first bidding of February 2025, it fell even further to S$111,104.
Tesla also offers S$2,000 incentives for my COE, so despite the COE being at S$116,625, I paid S$114,625.
In my contract, Tesla mentioned the maximum bid would be S$116,802. However, after the bidding results, I realized Tesla overbidded by S$3,000 at S$119,802. So, even if the COE is S$119,802, I still pay S$114,625.
Bidding for COE is like buying stocks; hindsight is always 20/20.
Trade-In
Tesla quoted me S$31,000 for my 8-year-old Mercedes Benz A180 (W176) Style while Carro quoted me S$34,000.
Of course, the no-brainer thing to do is to go with Carro. However, after sending my car for inspection, the buyer backed out, and the next highest bid was S$28,600 (subject to viewing). Maybe the condition of my car was awful.
So, I just decided to trade in with Tesla. The trade-in process is seamless, just drive your car to Tesla on the date of your collection. There is no inspection or anything. In hindsight, I should have gone with Tesla from the start, but I was greedy for the S$3,000 difference. I wasted my time and half-day leave at Carro.
The moral of the story is that if your car is old and in a bad condition, don’t waste your time with Carro.
Vehicle Registration Number (VRN) Retention
The VRN of my previous car is under my mom’s name, as the vehicle is registered under her name.
For my Tesla Model 3 Highland, it is registered under my name. And if I want to retain the same VRN as my previous car, my mom has to transfer the VRN to me. That can only be done in person at the Land Transport Authority (LTA) Sin Ming office.
LTA does not allow the random transfer of VRN from one party to another. They only allow if the transfer is between spouse and parent and child. So, I need to bring along my original birth certificate to prove our relationship.
You need to pay S$42.50 (including GST) for the amendment and S$1,300 (including GST) for the retention. Once the VRN is used on a new vehicle, LTA will refund you $1,200 via PayNow to your NRIC within two weeks. So, the total cost for retention is only S$100.
Loan
I chose DBS for the car loan. My loan amount is S$123,000. For the loan tenure, I chose 5 years instead of 7 years. So each month, I will be paying S$2,223.
Both DBS and OCBC offer reasonable rates for Tesla cars. DBS rate is at 1.68% while OCBC rate is at 1.65%.
Despite the difference, which is only 0.03%, DBS does offer a one-time rebate of S$300, and it will be credited to your POSB/DBS GIRO or car loan account one month after loan disbursement.
This rebate makes DBS slightly better than OCBC.
Insurance
Tesla Singapore partnered with Liberty to provide car insurance under InsureMyTesla.
Based on a 50% No Claim Discount (NCD), my premium is S$1,707.41 (including GST). There is a promotion for 20% off the first-year premium, making it S$1,365.93.
Ultimately, I did not choose Liberty because the excess is high. The named driver excess is S$2,000, and the windscreen excess is S$500.
I chose Allianz Motor Protect, where my premium is S$1,605.53 (including GST), the named driver excess is S$1,500, and the windscreen excess is S$300.
