The Buyt Desk
Electric Vehicles are the future. Environment-conscious people are either buying electric vehicles or are seriously considering the idea of driving electric cars or scooters. The hike in fuel prices is also one of the reasons why people want to make this shift. Electrical vehicles (EV) cause no pollution and have a greener impact on our planet. They are the best option for eco-friendly transportation. In the Indian market, at present, there are only a few electric cars but there is a huge market for electrical scooters. People are becoming more environmentally friendly and are opting for EVs over traditional petrol/diesel vehicles. But buying new EV can be complicated as they are new in the market. There are many factors to be considered before buying an EV.
The new trend of Electric Vehicle
The shift from a traditionally powered auto to a full electric or crossover vehicle can be done smoothly when you know all aspects of EV. EV may not give the power and thrill like traditional fuel engine vehicles but driving a battery-powered vehicle has many rewards. The biggest advantage of driving an EV is low operating and maintenance costs compared to a petrol-diesel vehicle.
Five factors to be considered before buying an Electric Vehicle
1. Practical Usability and Driving Range – Decide for what purpose you are buying a new vehicle and what is your driving range. If you are looking to drive across cities or looking for powerful vehicles, then the ideal choice is not EV. An EV can run till its battery lasts. EV will burn more kilowatts of energy at highway speeds than you will around town. Refilling the fuel tank is easy as there are many fuel stations on the highway but it is difficult to find an EV charging station. New electric cars can run up to 300 km once fully charged compared to older generations of EVs.Look for an EV model which once fully charged can run distance as your daily commute. It is better to overestimate your daily needs with respect to distance travelled while calculating the range for a new EV. One full charge should suffice a day.
2. Price – Though the operating and maintenance costs of EVs is low, its purchase price is high compared to gas-fueled models. The costliest part of an EV is the vehicle’s battery as it has no engine there will not be oil component or wear and tear which is a major portion of maintenance cost. Manufacturers are trying to bring down the cost of batteries by replacing cobalt with nickel but it is a long way to go. Few more years are needed to bring in major improvement in costing.
3. Battery Life and warranty – Battery is the heart of an EV. Its longevity and its replacement cost are what decide the durability of EVs. As EVs do not have engines, they have very few moving parts. Apart from battery, it is tyres that may need replacement hence maintenance cost is negligible. Nowadays batteries have a longer life. Some are even good for running up to 10-15 years before replacement. Older batteries offer lesser mileage so it is an indication for replacement. Other than the purchase cost, battery replacement is the next major cost to be borne by EV owners.
4. Charging Infrastructure and options – EVs can be charged with the standard chargers. Some EVs are designed for specific chargers. The chargers are classified as level 1, level 2 and so on. Home chargers are different from the fast and DC fast chargers available at charging stations. Before buying, check the connector type, cabling requirements and charging time and see if it matches your criteria. There are fewer public charging stations in metro cities than in tier 2 cities. Charging at home is 3-4 times more time consuming because of lower power output. Charging at power stations is very quick. One can even install a higher output charging point (through the electric board) in the house garage if need quick charging.
5. Incentives And Tax Benefits – Under the Income Tax Act, section 80EEB, there is a tax benefit for EV. There are tax deductions on the interest payments up to Rs.1,50,000/- on EV auto loans. This offer is lucrative and to shift to EVs. The purpose of this initiative from the government of India is to increase sales of environment-friendly vehicles and decrease the sales of petrol/diesel engines.
There are many reasons to shift to EVs, be it for environmental reasons, our children’s respiratory issues or to save money on fuel. It is a good decision if you are going for EV. I hope this article has helped you with making better decisions and understanding EV.
