EV Trade-In Quota inquiry
Save up to $172,500
Government Tax Reduction Benefits
The "One-for-One" scheme will be extended for two more years until 2026, with the relief amount slightly reduced to 40%.
The first registration tax exemption cap for private electric vehicles will be adjusted from $97,500 to $58,500.
The maximum first registration tax exemption under the "One-for-One" scheme will be adjusted from $287,500 to $172,500.
Electric vehicles with a pre-tax price exceeding $500,000 will not be eligible for exemption.
Other types of electric vehicles, including electric commercial vehicles, electric motorcycles, and electric motor tricycles, will continue to receive full exemption from the first registration tax for the next two years.
* The scheme will be implemented from April 1, 2024, to 2026.
4 Qualifications for "Old Private Cars"
6Years
First Registration at Least 6 Years
The vehicle must have been first registered in Hong Kong for at least 6 years when it is scrapped and deregistered.
18Months
Consecutive 18 Months
The owner participating in the "One-for-One" scheme must have been the registered owner of the "old private car" for at least 18 consecutive months prior to deregistration.
304Days
304 Days Valid License
Within the 12 months preceding the deregistration of the "old private car," there must be at least 10 months (i.e., 304 days or more) with a valid vehicle license, whether consecutive or non-consecutive.
3Months
Separated by No More than 3 Months
The replacement process requires scrapping the old car before registering the new one. The old car must be scrapped, deregistered, and the replacement electric private car's first registration application must be submitted within 3 months.
4 Steps for "One-for-One"
1Confirm Eligibility
Confirm if the old car meets the eligibility criteria.
Confirm Eligibility
Confirm if the old car meets the eligibility criteria.
2Arrange Scrapping
Arrange Scrapping
3Deregister
Complete the vehicle deregistration process.
Deregister
Complete the vehicle deregistration process.
4Purchase Electric Vehicle
Submit the first registration application for the "replacement electric private car" and the "One-for-One" scheme application.
Purchase Electric Vehicle
Submit the first registration application for the "replacement electric private car" and the "One-for-One" scheme application.
* Special Note:
The first registration of the new car must be under the same owner as the old car. Under the "One-for-One" scheme, there are no resale restrictions on the new car, provided certain conditions are met. If the new car owner uses a relative's or friend's old car to apply, the number of owners on the registration document will show as 1.
How affordable is a Tesla under the "One-for-One" scheme?
Model | Pre-tax Price | Post-tax Price | One-for-One Price |
|---|---|---|---|
| Model 3 Long Range | $292,900 | $484,794 | $312,294 |
| Model 3 RWD | $254,200 | Tax-free up to $274,500 | $254,200 |
| Model 3 Performance | $333,200 | $569,380 | $396,880 |
| Model Y Long Range | $336,000 | $575,400 | $402,900 |
| Model Y RWD | $295,000 | $488,700 | $316,200 |
| Model Y Performance | $350,700 | $607,005 | $434,505 |
Model |
|---|
| Model 3 Long Range |
| Model 3 RWD |
| Model 3 Performance |
| Model Y Long Range |
| Model Y RWD |
| Model Y Performance |
Data is from the Hong Kong Tesla official website information: June 2024
Common Questions
Is there a limit on the number of applications per owner or applicant for the "One-for-One" scheme?
There is no limit. When purchasing an electric vehicle through the "One-for-One" scheme, the new car's registration document will show as 1 owner, but this does not affect the eligibility or number of applications for the owner. As long as the old car meets the criteria, multiple applications can be made under the scheme.
Can I scrap and deregister my private car and then allow my relative/friend to use it for the "One-for-One" scheme?
No. The registered owner of the "replacement electric private car" at the time of first registration must be the same as the registered owner of the "old private car" at the time of scrapping and deregistration to enjoy the higher first registration tax relief under the "One-for-One" scheme. However, there are no resale restrictions on the new car, and many new car owners use relatives' or friends' old cars to apply and then transfer ownership.
Are hybrid vehicles exempted from/reduced first registration tax?
The first registration tax reduction only applies to vehicles solely powered by electricity that do not emit any exhaust gases. Hybrid vehicles are not purely electric and therefore do not qualify for the first registration tax reduction.
How can I arrange to scrap my existing PC?
You may make use of the services provided by vehicle scrapping companies for scrapping your existing PC. You are reminded to request a scrapping certificate issued by the vehicle scrapping company, which shall contain the following -chassis number and registration mark of the scrapped vehicle;date and location of vehicle scrapping;name and Business Registration Certificate number of the scrapping company; and signature by the representative of the scrapping company, with company chop.
After my existing PC is scrapped, what should I do to de-register it?
After your existing PC is scrapped, you should submit to the Licensing Office of the Transport Department the duly signed and completed "Notification for Cancellation of Vehicle Registration" (form TD184)or "Application to Transfer or Retain a Vehicle Registration Mark" (form TD129) if you wish to retain the registration mark of the scrapped PC at the same time, with required documents for de-registering the PC.