The Hong Kong authorities launched the primary registration tax (FRT) concession association (generally often called the One-for-One scheme) in 2018, and this scheme has been in place for practically 6 years. Within the 2024-25 Price range, the Monetary Secretary introduced that the electrical personal automotive One-for-One scheme could be prolonged by two years, however the quantity of tax concession could be lowered by 40%. Thus, the utmost tax concession for first registration of electrical personal automobiles below the One-for-One scheme could be lowered from HK$287,500 to HK$172,500, and the cap for non-One-for-One tax concession for electrical personal automobiles could be lowered to HK$58,500. Furthermore, electrical automobiles priced over HK$500,000 earlier than tax is not going to profit from any tax concessions.
5 Tax-free Fashions below the 2024 One-for-One Scheme
Underneath the brand new One-for-One scheme of 2024, the utmost tax concession for first-time registration of electrical automobiles could be lowered from HK$287,500 to HK$172,500. To totally benefit from the most tax concession below the One-for-One scheme for the primary registration of electrical automobiles, the brand new automotive worth shouldn’t exceed HK$270,000. Now we have chosen 5 brand-new electrical automobiles promoting for lower than HK$270,000.
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The BYD Dolphin, which sells for lower than HK$200,000, is a five-door hatchback with a wheelbase of two,700 mm, offering ample rear passenger house. It comes well-equipped with fake leather-based seats, a multifunction steering wheel, a 5-inch digital instrument panel, a 12.8-inch rotatable touchscreen, an air con system with a PM2.5 filter, Apple CarPlay, and a 360-degree digicam system.
The Dolphin additionally presents a Premium Prolonged Vary model with a battery capability of 60.48 kWh and a variety of 490 km (NEDC). Furthermore, all fashions include a 6-year or 150,000 km car guarantee and a lifetime battery guarantee.
| BYD Dolphin Dynamic Commonplace Vary | |
| 2024 One-for-One Worth | HK$191,130 |
| Battery Capability | 44.9 kWh |
| Vary (NEDC) | 410 km |
| Most Horsepower | 79 kW |
| Most Torque | 180 Nm |
| Drive System | Entrance-Wheel Drive (FWD) |
| Dimensions | 4,290 x 1,770 x 1,570 |
The favored BYD Atto 3, which has been promoting like scorching muffins since its introduction in Hong Kong, options an eye catching design and the favored SUV physique sort. It’s also inexpensive, with costs beginning at simply over HK$200,000. Lately, BYD launched the 2024 model of the Atto 3, which provides the Cosmos Black shade choice and modifications the D-pillar trim from silver to mystic black.
Much more stunning is that the One-for-One worth of the Superior flagship mannequin is HK$269,000, which makes it practically HK$20,000 cheaper than the earlier model.
| BYD Atto 3 | |
| 2024 One-for-One Worth | HK$269,000 |
| Battery Capability | 60.48 kWh |
| Vary (NEDC) | 480 km |
| Most Horsepower | 150 kW |
| Most Torque | 310 Nm |
| Drive System | Entrance-Wheel Drive (FWD) |
| Dimensions | 4,455 x 1,875 x 1,615 |
NETA, a Mainland Chinese language electrical car model, formally entered the Hong Kong market on the finish of final 12 months. The NETA AYA, which was the primary mannequin to be launched, has a contact of SUV coupe type and a physique size of roughly 4 meters. It has a 40.7 kWh battery with a variety of 338 km (WLTP). The AYA helps 70 kW quick charging, which permits the battery to be charged from 30% to 80% in simply half-hour.
The NETA AYA is supplied with a class-leading 14.6-inch central touchscreen, a 6-speaker audio system, and wi-fi charging for the cell phone. It additionally presents a ahead collision warning system and an adaptive cruise management system with distance sensing. Contemplating it sells for lower than HK$200,000, the AYA is nice worth for cash.
| NETA AYA | |
| 2024 One-for-One Worth | HK$188,800 |
| Battery Capability | 40.7 kWh |
| Vary (NEDC) | 338 km |
| Most Horsepower | 70 kW |
| Most Torque | 150 Nm |
| Drive System | Entrance-Wheel Drive (FWD) |
| Dimensions | 4,070 x 1,690 x 1,540 |
AYON, which additionally entered the Hong Kong market final 12 months, has launched the futuristic-looking Y Plus, a compact/midsize SUV. It options LED headlights with daytime working lights, 17-inch wheels, and hid door handles.
The Y Plus presents a variety of 490 km, and is well-equipped with options together with a power-adjustable driver’s seat, multifunction steering wheel, 10.25-inch digital instrument cluster, 14.6-inch touchscreen middle console, air con with PM2.5 filtration, rear air vents, a panoramic sunroof, ambient lighting, entrance and rear USB ports, a 360-degree parking digicam, and a full set of security airbags. The One-for-One worth is estimated at round HK$250,000.
| AYON Y Plus | |
| 2024 One-for-One Worth | HK$250,000 (Estimated) |
| Battery Capability | 61.5 kWh |
| Vary (NEDC) | 490 km |
| Most Horsepower | 150 kW |
| Most Torque | 225 Nm |
| Drive System | Entrance-Wheel Drive (FWD) |
| Dimensions | 4,535 x 1,870 x 1,650 |
The Nissan Leaf may be thought-about the pioneer of electrical automobiles and is presently the one non-Chinese language electrical car model that shines when it comes to affordability. The brand new Nissan Leaf is priced as little as HK$229,800.
The Nissan Leaf is supplied with a 40 kWh battery and good for a variety of 311 km, which is ample for day by day commuting. It additionally options the e-Pedal and Good Rear View Mirror (SRVM), which makes use of a rear digicam to supply real-time pictures of the rear atmosphere.
| Nissan Leaf | |
| 2024 One-for-One Worth | HK$229,800 |
| Estimated Supply Date | 2024 Q1 |
| Battery Capability | 110 kWh |
| Vary (WLTP) | 311 km |
| Most Horsepower | 316 kW |
| Most Torque | 320 Nm |
| Drive System | Entrance-Wheel Drive (FWD) |
| Dimensions | 4,480 x 1,790 x 1,540 |
New/Previous One-for-One Automobile Worth Comparability Desk
| New/Previous One-for-One Automobile Worth Comparability Desk | |||
| Mannequin | Previous One-for-One Worth | New One-for-One Worth (Ranging from 1/4/2024) | Worth Distinction |
| Tesla Mannequin 3 | HK$328,300 | HK$386,345 | +HK$58,045 |
| Tesla Mannequin Y RWD | HK$345,100 | HK$422,250 | +HK$77,150 |
| Tesla Mannequin Y Lengthy Vary | HK$406,150 | HK$521,150 | +HK$115,000 |
| Tesla Mannequin Y Efficiency | HK$431,950 | HK$546,950 | +HK$115,000 |
| Mercedes-Benz EQE 350 | HK$699,000 | HK$986,500 | +HK$287,500 |
| Mercedes-Benz EQE 350 SUV | HK$759,000 | HK$1,126,500 | +HK$367,500 |
| Mercedes-Benz EQS 53 4MATIC+ | HK$2,510,000 | HK$2,797,500 | +HK$287,500 |
| Mercedes-Benz EQS SUV 450 4MATIC | HK$1,290,000 | HK$1,577,500 | +HK$287,500 |
| Audi This autumn e-tron 45 | HK$439,800 | HK$554,800 | +HK$115,000 |
| Audi Q8 e-tron 50 quattro | HK$799,800 | HK$1,087,300 | +HK$287,500 |
| Hyundai IONIQ 5 | HK$348,800 | HK$430,420 | +HK$81,620 |
| Hyundai IONIQ 6 | HK$398,800 | HK$513,800 | +HK$115,000 |
| BMW iX M60 | HK$1,850,900 | HK$2,138,400 | +HK$287,500 |
| BMW i4 eDrive35 SE | HK$499,900 | HK$614,900 | +HK$115,000 |
| Porsche Taycan Turbo S | HK$2,957,500 | HK$3,245,000 | +HK$287,500 |
| MAXUS MIFA 9 | HK$499,000 | HK$533,000 | +HK$34,000 |
| MINI Electrical | HK$269,800 | HK$279,800 | +HK$10,000 |
| MINI COUNTRYMAN E | HK$379,800 | HK$379,800 | – |
| Volkswagen ID.4 | HK$379,800 | HK$494,800 | +HK$115,000 |
| Volvo C40 Recharge | HK$488,880 | HK$574,800 | +HK$85,920 |
| KIA EV9 | HK$629,800 | HK$957,300 | +HK$327,500 |
| KIA EV6 | HK$369,800 | HK$484,800 | +HK$115,000 |
| Lexus RZ450e | HK$579,182 | HK$714,650 | +HK$135,468 |
| BYD Dolphin | HK$191,130 | HK$191,130 | – |
| BYD Seal | HK$376,000 | HK$383,550 | +HK$7,550 |
| MG4 X-Energy RS4 | HK$369,000 | HK$369,000 | – |
| AYON Y Plus | HK$250,000 | HK$250,000 | – |
| Wuling Air EV | HK$148,850 | HK$148,850 | – |
| Volvo EX30 | HK$316,800 | HK$404,620 | +HK$87,820 |
| Subaru Solterra | HK$329,900 | HK$329,900 | – |
What’s ‘Quota Worth’?
Merely put, to qualify for the One-for-One scheme when buying a brand new electrical car, you should have a non-public automotive that has been registered in Hong Kong for not less than 6 years, and you should have owned it for not less than 18 months earlier than arranging for its scrapping (the necessities and means of the One-for-One scheme will likely be defined intimately beneath). If you wish to purchase an electrical car by means of the One-for-One scheme however shouldn’t have a qualifying outdated personal car, you should buy a car scrapping certificates from others (resembling on Fb teams) who’ve scrapped their outdated personal vehicles, in a apply 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 course of final 12 months, they quickly rose to almost HK$20,000 apiece, doubling in worth or extra. Nonetheless, not too long ago they’ve fallen to round HK$10,000 to HK$12,000 every.
How Is a ‘With Automobile’ Quota Totally different?
Along with the common ‘scrapping certificates solely’ quota, there are additionally individuals promoting ‘with automotive’ quotas, the place the outdated personal automotive is offered along with the quota. That is primarily in response to Tesla’s Company Program, which requires patrons handy over their outdated personal vehicles to Tesla for scrapping. As a result of the outdated automotive is offered collectively, the value of a ‘with automotive’ quota is greater 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 available in the market after which shopping for a brand-new electrical car may end up in a concession within the electrical car registration tax, this apply comes with its personal complexities and dangers. Most significantly, the brand new automotive should 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 turning into ‘1’. In case you plan to buy a quota to benefit from the One-for-One car worth, it’s endorsed to speak prematurely with the workers on the automotive dealership to facilitate the dealing with of associated paperwork.
Purposes Necessities of the One-for-One Substitute 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 legitimate car license for not less than 10 months (304 days or extra) of the 12-month interval instantly earlier than cancellation of registration
Utility Strategy of the One-for-One Substitute Scheme
Affirm Eligibility for the Scheme
The automotive proprietor ought to first verify eligibility for the scheme (besides for individuals who have bought a One-for-One quota). In case you are undecided, 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 outdated personal car, it should be carried out by a Registered Car Scrapping Firm with the Environmental Safety Division. After the car is scrapped, you’ll obtain a scrapping certificates which lists the car’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 ‘outdated personal automotive’.
Cancel the Car Registration
Inside 15 days after the scrapping, convey the scrapping certificates to the Transport Division workplace in Admiralty or Cheung Sha Wan to cancel the car registration. You’ll need to finish and submit the ‘Notification for Cancellation of Car Registration’ (Kind TD184). If you wish to hold 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 applying for the preliminary registration of the ‘substitute electrical personal car’ and the applying below the One-for-One scheme. If the ‘substitute electrical personal car’ is bought from a registered distributor (automotive dealership), the One-for-One utility should be submitted by the registered distributor. The scrapping and cancellation of registration of the outdated automotive, and the applying for preliminary registration of the substitute electrical personal car should all be carried out throughout the legitimate interval, and the time to buy shouldn’t exceed 3 months. Due to this fact, patrons ought to inquire prematurely with the automotive dealership in regards to the new automotive’s arrival date in Hong Kong, in order to make appropriate preparations for the car scrapping date.
