As the fuel prices rising day by day and the government ramping up EV infrastructure, is this the best time to buy an EV car? Will it be a profitable deal to buy an EV car in India? Let;s find out now!
The electric car market in India is still in its developing stages, but is poised for tremendous growth in the coming years. With rising fuel prices, worsening air pollution in small or big cities, and the Indian government’s push towards electrification of transportation, EV car are becoming an increasingly attractive option for many Indian consumers.
However, there are some key considerations when deciding whether an EV car is worth buying in the current Indian context. are electric cars finally ready to conquer Indian roads?
Upon searching on Google, you will find a number of source links from Reddit, Quora which give a brief about 10 reasons not to buy an electric car, disadvantages of EV in India. But here, we will go inside and check every point and let you know about the benefits of buying EV in India over the petrol cars!
Price
EVs are generally more expensive upfront than comparable petrol or diesel vehicles. The price differential used to be massive earlier, but has reduced significantly over the last few years. Still, most EV cars (low to mid budget) in India cost anywhere between Rs. 6.99 lakhs to Rs. 25 lakhs.
The running cost of EVs is substantially lower due to lower electricity rates compared to fuel costs. But it takes a few years to recover the higher upfront costs through savings on running expenses. As compared to petrol, an EV car cost Rs 2 for 1 km while you have to spend around Rs 9 for 1 km in petrol.
So you can save a lot of money in just few years!
Range
Most affordable EV cars in India offer a range of 180km to 400km on a single charge. This makes them suitable for city commuting and long distances. Though the range anxiety still exists among consumers but the better infrastructure and new battery technologies helping to solve it.
Charging Infrastructure
Public EV charging stations are still limited in India, but new options will be installed soon which will offer the fast DC charging and customers don’t have to wait for long. In the interim budget 2024, it has been announced by financial minister that As India moves towards its net zero emission target by 2070, the Government will work towards expanding and strengthening the EV ecosystem as well as develop the charging infrastructure.
This gives a confidence and you can plan a long trip without worrying about the range. Now apart from the home, you can charge EV car at the charging stations, shopping malls, hotels, resorts, and even at some popular dhabas. With fast charging, you car will be charged from 20-100% within 1 hour.
Performance
EV cars provide a very smooth driving experience with instant torque and quick acceleration. Most affordably priced EVs have modest top speeds of around 100kmph, while high-end models can go up to 150kmph. Regenerative braking maximizes range. Performance-wise EVs are suitable for Indian roads.
Variety
The EV car model options in India are quite limited right now. The most popular affordable EVs are from Tata Motors, MG Motors and Hyundai. Luxury brands like Mercedes, Audi and Jaguar offer high-end EV models. More models from Maruti, Mahindra & Mahindra will be launched soon. But the options are still not as diverse as petrol/diesel vehicles.
Government Incentives
The FAME II scheme by the Indian government offers incentives for buyers of EVs up to Rs. 1.5 lakhs on select new EVs, but now the scheme has been expired. While there are currently no specific tax benefits of buying electric car in India, some states offer their own incentives like Free RTO or low cost registration charges like:
- Delhi: Offers a 100% exemption on road tax and registration fees for electric vehicles.
- Uttar Pradesh: Provides a 3-year exemption on road tax and registration fees for newly purchased electric vehicles (effective October 14, 2022).
- Gujarat: Offers a 50% reduction in road tax for electric vehicles.
- Maharashtra: Provides a 50% concession on registration fees for electric vehicles.
- Tamil Nadu: Provides a 25% reduction in road tax for electric vehicles.
- Andhra Pradesh: Offers a 5% to 15% reduction in road tax for electric vehicles based on their battery capacity.
Ease of Charging
Home charging is easy if you have a parking spot at home or office where a charging station can be installed. It just requires plugging in the car. Public charging still requires planning your trips carefully to ensure charging stops are available on route. Apps show real-time charging status at stations.
Maintenance
EVs have far fewer moving parts compared to internal combustion engine cars. There is no engine oil, spark plugs, air filters etc. to change periodically. Maintenance costs are thus very low and you can save up to 50-70% on electric car maintenance. Just tire rotation, brake checks, AC filters, and battery care are required.
Safety
EV car batteries can be a fire hazard if damaged during accidents. But with proper battery management systems and cooling mechanisms, EVs today have robust safety standards. Recalls due to battery issues are minimal. EVs also have lower center of gravity, reducing rollover risk.
Environmental Benefits
EV cars produce no tailpipe emissions during driving. This leads to lower urban air pollution levels. However, the electricity source should be renewable for zero emissions. In India, thermal power plants produce over 70% of electricity. Still, EVs can play a major role in reducing India’s oil imports and enhancing energy security.
Resale Value
Uncertainty about EV battery life affects the resale value of EVs. But established brands assure minimum battery capacity for many years. Also, EV tech is evolving rapidly, so buyers prefer latest models. This may lead to higher depreciation of old EVs. Proper appraisal framework for EV cars is still not in place.
Final Words
So finally, EVs make tremendous environmental and economic sense for the future. But for individual buyers in India, the main aspects to evaluate are upfront cost, range, charging needs, variety of models, and resale value. As the ecosystem and technology continue to evolve rapidly, the case for buying an EV in India gets stronger each passing year.
The biggest pros of buying EV cars are:
- Huge savings on per km
- Low maintenance cost
- Better torque and speed
- Free registration or discount on RTO fee.
- Zero emission – environmental friendly.
- Govt. working on EV infrastructure.
- New companies investing heavily in EVs
The biggest cons of buying EV cars are:
- High upfront cost
- Limited options
- Range anxiety
- Poor EV infrastructure
- High charging time & waiting
- Low resale value
Most industry experts predict EVs will reach cost parity with petrol cars in the next 3-5 years. This will lead to a major inflection point in adoption. For people driving less than 50km daily within city limits, the comet EV from MG and Tiago EV from Tata are already a viable option today.
Now in few years, when more companies will invest in EV then the prices of the car will drop and the EV infrastructure will improve. To give the boost to EV market, India has launched the new EV policy and seems the TESAL and BYD will grab this opportunity to make EV cars more affordable.
Although some people are still looking for more and the best, in the next 5 years EV cars will be the first choice over petrol, and it will be worth buying!
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