Battery-Swapping as a Hidden Lease? An Imputed-Interest Analysis of E-Motorcycle Subscription Schemes in Indonesia
Keywords:
battery-swapping imputed interest finance lease transparency electric vehicleAbstract
This study analyzes the battery-swapping subscription model for electric motorcycles in Indonesia to identify hidden financing elements embedded within seemingly affordable daily payment structures. Using an imputed-interest analysis based on a 24-month cash-flow simulation, the study models the battery (not the vehicle) as the leased asset, valued at IDR 12,000,000, with daily payments of IDR 25,000 (equivalent to IDR 750,000 per month) and residual values between 0–15% to reflect realistic battery degradation. The simulation results indicate a monthly internal rate of return (IRR) ranging from 3.53% to 4.10%, equivalent to an effective Annual Percentage Rate (APR) of 51.7–62.0% per year—four to five times higher than conventional motorcycle financing rates (11-13%) and the Bank Indonesia reference rate of 5.25%. These findings reveal a substantial hidden cost of capital and confirm that the scheme economically qualifies as a finance lease under IFRS 16 and PSAK 73. The high effective rate and risk transfer indicate strong information asymmetry between service providers and users, particularly gig-economy drivers with low financial literacy. This study recommends that OJK and Bank Indonesia strengthen cost-transparency regulations by mandating disclosure of the effective APR in all subscription-based energy services to ensure that Indonesia’s electric-mobility transition remains transparent, inclusive, and socially just.
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