In a video posted to Swift's YouTube account on Wednesday, February 1, the pair are in a car when they hear the "Shake It Off" singer's duet with Hadid's boyfriend, Zayn Malik.
"First time listening to it on the radio," Swift, 27, says. "I've never heard it before!"
Then she and her model bestie, 21, begin to sing to the song, which is featured on the Fifty Shades Darker soundtrack.
The pair emote heavily and do plenty of hair acting as they lip-synch in an epic "Carpool Karaoke" clip that would make Late Late Show host James Corden jealous.
Swift also released a behind-the-scenes video on Wednesday that gives fans a look at the making of the sexy music video for the song. The dark and moody video, which features Swift wearing bright red glitter lipstick, was filmed at a London hotel and was released on Friday, January 27.
"I feel like I have a disco ball on my face!" Swift joked about the bold beauty trend.
Hadid has been dating the former One Direction singer, 24, since early last year, and the "Pillowtalk" crooner was recently spotted with a new tattoo that could be a tribute to the model — the word "Love" inked across his hand.
Tommy Hilfiger designer Hadid, meanwhile, was spotted with a thin gold band on her ring finger while out and about in New York City.
Want stories like these delivered straight to your inbox? Sign up now for the Us Weekly newsletter!