Want to replace your fuel-guzzling automobiles with electric vehicles (EVs) due to the several benefits of buying electric cars in India? But, the high cost is getting in the way? You are not alone! In a country where prices are sensitive, like India, the high cost is sometimes a worry for those looking to go green.
Our calculations revealed that the additional cost of purchasing an EV would be recouped when the vehicle has driven 75,000 km. You will reach this milestone in about four and a half years if you commute an average of 17,000 kilometres (46 km/day). By choosing an EV over a petrol car and driving 100,000 km, you could save Rs. 1.92 lakhs by the sixth year, which is the typical duration of ownership before switching to a new vehicle.. ##
Furthermore, with fewer moving parts and maintenance-free batteries, EVs provide cost-effective servicing and maintenance expenses .*
It should be emphasised that since an EV’s high purchase price is mostly offset by its high operating cost, net savings are only feasible when the car is used frequently. For example, in case of Tata Nexon and Nexon EV Prime, if the daily travel averages 15 km, EV car ownership costs are 2.27 lakh higher than those of a petrol vehicle over six years.
Greater Insurance For Electric Vehicles: EVs not only cost more to buy, but motor insurance is also significantly more expensive—by approximately 40%.
Despite batteries depreciating faster than engines, the current depreciation rates for electric vehicles are on par with those for petrol and diesel vehicles. . As a result, a car with a petrol or diesel engine will be worth more than one powered by batteries. With the car’s value being higher, the landing cost of insurance for electric vehicles for the customer is higher in EV cases.
With a 15 amp plug often used in homes for geysers and air conditioners, it is simple to charge and extend the range of an electric vehicle. Most automakers provide free installation of a 15 amp charging station at the owner’s residence. But in this instance, the billing period is greater. 10–90% charge takes about 9–10 hours.
The time it takes to offset the upfront cost of an Electric Vehicle (EV) with the savings on fuel and maintenance expenses depends on various factors. The list includes individual’s driving habits, price difference between EVs and traditional vehicles, and availability of government incentives. In many cases, with the growing affordability and efficiency of EVs, owners can recoup the initial investment within a few years, making EVs not only environmentally friendly but also economically advantageous in the long run.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan.
*Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.