The Hong Kong authorities launched the primary registration tax (FRT) concession association (generally generally known as the One-for-One scheme) in 2018, and this scheme has been in place for practically 6 years. Within the 2024-25 Finances, 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 decreased by 40%. Thus, the utmost tax concession for first registration of electrical personal autos underneath the One-for-One scheme could be decreased from HK$287,500 to HK$172,500, and the cap for non-One-for-One tax concession for electrical personal autos could be decreased to HK$58,500. Furthermore, electrical autos priced over HK$500,000 earlier than tax is not going to profit from any tax concessions.
5 Tax-free Fashions underneath the 2024 One-for-One Scheme
Below the brand new One-for-One scheme of 2024, the utmost tax concession for first-time registration of electrical autos could be decreased from HK$287,500 to HK$172,500. To totally benefit from the most tax concession underneath the One-for-One scheme for the primary registration of electrical autos, the brand new automotive worth mustn’t exceed HK$270,000. We have now chosen 5 brand-new electrical autos 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 area. 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 digital camera system.
The Dolphin additionally gives a Premium Prolonged Vary model with a battery capability of 60.48 kWh and a spread of 490 km (NEDC). Furthermore, all fashions include a 6-year or 150,000 km automobile 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 sizzling truffles since its introduction in Hong Kong, options an attention grabbing design and the favored SUV physique sort. It is usually inexpensive, with costs beginning at simply over HK$200,000. Not too long ago, 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 shocking 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 automobile 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 fashion and a physique size of roughly 4 meters. It has a 40.7 kWh battery with a spread 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 provided with a class-leading 14.6-inch central touchscreen, a 6-speaker audio system, and wi-fi charging for the cell phone. It additionally gives 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 operating lights, 17-inch wheels, and hid door handles.
The Y Plus gives a spread 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 heart console, air con with PM2.5 filtration, rear air vents, a panoramic sunroof, ambient lighting, entrance and rear USB ports, a 360-degree parking digital camera, 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 will be thought of the pioneer of electrical autos and is presently the one non-Chinese language electrical automobile 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 provided with a 40 kWh battery and good for a spread of 311 km, which is enough for every day commuting. It additionally options the e-Pedal and Good Rear View Mirror (SRVM), which makes use of a rear digital camera to offer real-time photographs 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/Outdated One-for-One Automobile Worth Comparability Desk
| New/Outdated One-for-One Automobile Worth Comparability Desk | |||
| Mannequin | Outdated 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 fall 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 automobile, you should have a personal 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 probably be defined intimately under). If you wish to purchase an electrical automobile by the One-for-One scheme however should not have 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 vehicles, in a follow generally referred to 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. Nevertheless, 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 folks 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 patrons at hand over their previous personal vehicles to Tesla for scrapping. As a result of the previous automotive is bought collectively, the value of a ‘with automotive’ quota is increased 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 automobile may end up in a concession within the electrical automobile registration tax, this follow 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 homeowners proven on the Car Registration Doc turning into ‘1’. If you happen to plan to buy a quota to benefit from the One-for-One automobile worth, it is suggested to speak prematurely with the employees on the automotive dealership to facilitate the dealing with of associated paperwork.
Functions 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 sound automobile license for not 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
Verify 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 undecided, you possibly can personally take the Car Registration Doc to the Transport Division in Admiralty, or ship an e-mail ([email protected]) and mail a duplicate of the Car Registration Doc for inquiry.
Prepare for Scrapping of the Car
If the proprietor must scrap the previous personal automobile, it should 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’ll need to finish and submit the ‘Notification for Cancellation of Car Registration’ (Type 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’ (Type TD129).
Submit Your Software
Lastly, submit the applying for the preliminary registration of the ‘substitute electrical personal automobile’ and the applying underneath the One-for-One scheme. If the ‘substitute electrical personal automobile’ 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 previous automotive, and the applying 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. Subsequently, patrons 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 automobile scrapping date.