Cost of Maintenance
EVs offer the advantage of reduced maintenance costs as compared to petrol or diesel vehicles, since they don’t require oil changes, spark plugs, filters, belts, or other wear-prone components. EVs also have fewer fluids and lubricants to replace, and their brakes last longer due to regenerative braking. According to the ICCT study, the maintenance cost of an EV in India is 40% lower than that of a petrol car and 45% lower than that of a diesel car over a five-year period.
Resale Value
EVs have a higher resale value than petrol or diesel vehicles, as they retain their battery capacity and performance over time. Electric cars lose value more slowly than regular cars because they are not as impacted by changes in fuel prices and pollution regulations. According to the ICCT study, the resale value of an EV in India is 69% of its original price after five years, compared to 51% for a petrol car and 40% for a diesel car.
Demand vs Supply
Another reason to buy an Electric Vehicle in India is that there is a growing demand for EVs in the country, as more consumers are becoming aware of the benefits of EVs, and the government is promoting EV adoption through various schemes and subsidies. According to a report by Bloomberg NEF, India is expected to have 6.8 million EVs on the road by 2030, up from 0.7 million in 2020. This indicates that there will be a higher demand for EVs in the future, which will increase their value and availability in the market.
Cost to Distance Covered
With their exceptional fuel efficiency and lower operational expenses, EVs offer a more economical mode of travel compared to their petrol and diesel counterparts. EVs can travel up to 150 km on a single charge, which is sufficient for most daily commutes and trips in India. They also have a lower cost per kilometer than conventional vehicles, as electricity is cheaper than petrol or diesel. According to the ICCT study, the cost per kilometer of an EV in India is 0.7 rupees, compared to 2.9 rupees for a petrol car and 2.3 rupees for a diesel car.
Conclusion
EVs are a game-changing technology that offers many benefits to Indian consumers in terms of reducing air pollution, saving money on fuel costs, and reducing dependence on imported oil. Also, the Indian Government has showed positive signs to increase the adoption of electric vehicles through various policy measures. Therefore, it is high time for Indian consumers to embrace EVs as an economical and environment-friendly mode of transportation.
5 Advantages of Electric Vehicles in India
Electric vehicles (EVs) are becoming more popular and affordable in India due to the government’s incentives and policies, as well as the increasing awareness of the environmental and economic benefits of EVs. If you are thinking of buying a new car, you might want to consider an EV vehicle for the following reasons:
Cost of Ownership
one of the main advantages of EVs is that they have a lower cost of ownership than conventional petrol or diesel vehicles. EVs have fewer moving parts and require less maintenance, resulting in reduced servicing needs and expenses. According to a study by the International Council on Clean Transportation (ICCT), the total cost of ownership of an EV in India is 19% lower than that of a petrol car and 28% lower than that of a diesel car over a five-year period. This calculation includes fuel costs, maintenance expenses, insurance premiums, taxes, and depreciation.