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 almost 6 years. Within the 2024-25 Budget, the Monetary Secretary introduced that the electrical personal automobile One-for-One scheme can be prolonged by two years, however the quantity of tax concession can be decreased by 40%. Thus, the utmost tax concession for first registration of electrical personal autos underneath the One-for-One scheme can be decreased from HK$287,500 to HK$172,500, and the cap for non-One-for-One tax concession for electrical personal autos can 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 can be decreased from HK$287,500 to HK$172,500. To completely benefit from the most tax concession underneath the One-for-One scheme for the primary registration of electrical autos, the brand new automobile 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 provides 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 automobile guarantee and a lifetime battery guarantee.
| BYD Dolphin Dynamic Customary Vary | |
| 2024 One-for-One Value | 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 desserts since its introduction in Hong Kong, options an attention grabbing design and the favored SUV physique sort. Additionally it is reasonably priced, with costs beginning at simply over HK$200,000. Just lately, BYD launched the 2024 model of the Atto 3, which provides the Cosmos Black coloration possibility and adjustments 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 almost HK$20,000 cheaper than the earlier model.
| BYD Atto 3 | |
| 2024 One-for-One Value | 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 model 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 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 provides 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 Value | 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 provides 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 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 Value | 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 autos and is at the moment 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 variety of 311 km, which is adequate for day by day commuting. It additionally options the e-Pedal and Sensible Rear View Mirror (SRVM), which makes use of a rear digital camera to offer real-time photographs of the rear surroundings.
| Nissan Leaf | |
| 2024 One-for-One Value | 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 Automotive Value Comparability Desk
| New/Outdated One-for-One Automotive Value Comparability Desk | |||
| Mannequin | Outdated One-for-One Value | New One-for-One Value (Ranging from 1/4/2024) | Value 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 Value’?
Merely put, to qualify for the One-for-One scheme when buying a brand new electrical automobile, you will need to have a personal automobile that has been registered in Hong Kong for a minimum of 6 years, and you will need to have owned it for a minimum of 18 months earlier than arranging for its scrapping (the necessities and means of the One-for-One scheme might be defined intimately beneath). If you wish to purchase an electrical automobile by means of the One-for-One scheme however would not have a qualifying previous personal automobile, you should purchase a automobile scrapping certificates from others (corresponding to on Facebook groups) who’ve scrapped their previous personal automobiles, 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 just about HK$20,000 apiece, doubling in worth or extra. Nonetheless, just lately they’ve fallen to round HK$10,000 to HK$12,000 every.
How Is a ‘With Automotive’ Quota Totally different?
Along with the common ‘scrapping certificates solely’ quota, there are additionally individuals promoting ‘with automobile’ quotas, the place the previous personal automobile is bought along with the quota. That is primarily in response to Tesla’s Corporate Program, which requires patrons at hand over their previous personal automobiles to Tesla for scrapping. As a result of the previous automobile is bought collectively, the worth of a ‘with automobile’ 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 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 apply comes with its personal complexities and dangers. Most significantly, the brand new automobile should be registered within the title of the proprietor listed on the scrapping certificates after which resold to oneself, ensuing within the variety of house owners proven on the Automobile 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 workers on the automobile dealership to facilitate the dealing with of associated paperwork.
Functions Necessities of the One-for-One Substitute Scheme
- Non-public automobile registered in Hong Kong for six years or extra
- Steady possession because the registered proprietor for 18 months or extra
- Has a legitimate automobile license for a minimum of 10 months (304 days or extra) of the 12-month interval instantly earlier than cancellation of registration
Software Technique of the One-for-One Substitute Scheme
Verify Eligibility for the Scheme
The automobile proprietor ought to first affirm eligibility for the scheme (besides for many who have bought a One-for-One quota). If you’re unsure, you’ll be able to personally take the Automobile Registration Doc to the Transport Division in Admiralty, or ship an e-mail ([email protected]) and mail a duplicate of the Automobile Registration Doc for inquiry.
Organize for Scrapping of the Automobile
If the proprietor must scrap the previous personal automobile, it should be carried out by a Registered Vehicle Scrapping Company with the Environmental Protection Department. After the automobile is scrapped, you’ll obtain a scrapping certificates which lists the automobile’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 ‘previous personal automobile’.
Cancel the Automobile 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 automobile registration. You will want to finish and submit the ‘Notification for Cancellation of Automobile Registration’ (Form TD184). If you wish to hold the license plate quantity, you will want to finish and submit the ‘Software to Switch or Retain a Automobile Registration Mark’ (Form TD129).
Submit Your Software
Lastly, submit the applying for the preliminary registration of the ‘alternative electrical personal automobile’ and the applying underneath the One-for-One scheme. If the ‘alternative electrical personal automobile’ is bought from a registered distributor (automobile dealership), the One-for-One utility should be submitted by the registered distributor. The scrapping and cancellation of registration of the previous automobile, and the applying for preliminary registration of the alternative 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, patrons ought to inquire prematurely with the automobile dealership in regards to the new automobile’s arrival date in Hong Kong, in order to make appropriate preparations for the automobile scrapping date.
