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

Within the 2024-25 Funds introduced on February 28, 2024, the Hong Kong authorities prolonged the electrical car first registration tax discount scheme (generally generally known as the “One-for-One Scheme”) to 2026. Underneath this scheme, electrical autos priced at HK$500,000 or under can take pleasure in a most first registration tax waiver of HK$172,500, whereas automobiles priced above HK$500,000 aren’t 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, generally known as an reasonably priced entry-level electrical sedan, is a favourite amongst Hong Kong automotive house owners. The brand new Mannequin 3 options slimmer headlights, a redesigned steering wheel, ambient lighting, ventilated seats, and a 15.4-inch touchscreen. Accessible 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.

Sensible #3 is the model’s first SUV coupe. Solely the BRABUS model is on the market in Hong Kong, that includes an aerodynamic design to scale 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 gives 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 working lights, 17-inch wheels, and hidden door handles.

The Y Plus gives 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 car.

The G6 is one among Xpeng’s first fashions launched in Hong Kong, out there in commonplace 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 car 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 contains a wheelbase near 2.9 meters, offering a spacious cabin area.

What’s ‘Quota Value’?

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 no less than 6 years, and you should have owned it for no 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 under). If you wish to purchase an electrical car via the One-for-One scheme however wouldn’t have a qualifying outdated personal car, you should buy a car scrapping certificates from others (akin to on Fb teams) who’ve scrapped their outdated 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 course of final 12 months, they quickly rose to almost HK$20,000 apiece, doubling in value or extra. Nevertheless, not too long ago they’ve fallen to round HK$10,000 to HK$12,000 every.

How Is a ‘With Automobile’ Quota Completely different?

Along with the common ‘scrapping certificates solely’ quota, there are additionally individuals promoting ‘with automotive’ quotas, the place the outdated personal automotive is bought along with the quota. That is primarily in response to Tesla’s Company Program, which requires consumers handy over their outdated personal automobiles to Tesla for scrapping. As a result of the outdated automotive is bought collectively, the worth 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 out there after which shopping for a brand-new electrical car may end up in a concession within the electrical car registration tax, this observe comes with its personal complexities and dangers. Most significantly, the brand new automotive should be registered within the identify of the proprietor listed on the scrapping certificates after which resold to oneself, ensuing within the variety of house owners proven on the Car Registration Doc changing into ‘1’. For those who plan to buy a quota to benefit from the One-for-One car value, it’s endorsed to speak prematurely with the employees on the automotive dealership to facilitate the dealing with of associated paperwork.

Purposes Necessities of the One-for-One Substitute Scheme

• Non-public 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 no less than 10 months (304 days or extra) of the 12-month interval instantly earlier than cancellation of registration

Software Means 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). If you’re undecided, you’ll be able to personally take the Car Registration Doc to the Transport Division in Admiralty, or ship an electronic mail (hklo@td.gov.hk) and mail a replica of the Car Registration Doc for inquiry.

Prepare 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, info of the scrapping firm, and firm stamp. Subsequently, you’ll be able to 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 have to to finish and submit the ‘Notification for Cancellation of Car Registration’ (Kind TD184). If you wish to maintain the license plate quantity, you will want to finish and submit the ‘Software to Switch or Retain a Car Registration Mark’ (Kind TD129).

Submit Your Software

Lastly, submit the appliance for the preliminary registration of the ‘alternative electrical personal car’ and the appliance below the One-for-One scheme. If the ‘alternative electrical personal car’ is bought from a registered distributor (automotive dealership), the One-for-One software should be submitted by the registered distributor. The scrapping and cancellation of registration of the outdated automotive, and the appliance for preliminary registration of the alternative electrical personal car should all be carried out throughout the legitimate interval, and the time to buy mustn’t exceed 3 months. Subsequently, consumers ought to inquire prematurely with the automotive dealership concerning the new automotive’s arrival date in Hong Kong, in order to make appropriate preparations for the car scrapping date.

Continuously 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 below the trade-in program is adjusted to HK$172,500 (up from HK$58,500). Automobiles priced over HK$500,000 is not going to qualify for the tax discount.

Q: What’s a trade-in quota?

A: For those who lack an eligible outdated automotive, you should buy scrapping paperwork (proof of destruction) from others, sometimes called shopping for a “quota.”