Electric vehicles (EVs) are the future of the automobile industry that will reduce the cost of travelling and create a positive impact on the planet. At present, transport is one of the significant contributors to air pollution and with electric mobility, we can reduce air pollution caused due to vehicles. Hence, electric vehicles will play an essential role towards creating a cleaner environment.
India is witnessing a rapid shift in the automobile market with more people inclining towards electric vehicles instead of petrol/diesel vehicles. In 2022 alone, more than 10 lakh EVs were sold, which is expected to grow by 17 million by 2030. EVs are becoming increasingly popular as people become more aware of their environmental and financial benefits.
However, before you switch to an electric vehicle, here are a few important things to remember. This blog post will outline nine essential things you should not skip when purchasing an electric vehicle.
Range Anxiety
One of the biggest anxieties among customers about EVs is the operational range of the EV battery. We all know that electric vehicles run on rechargeable batteries and once they get discharged, we need to charge them again. The fear of running out of battery before reaching your destination restrains people from opting for EVs confidently. However, manufacturers are using more advanced technologies to improve EV battery efficiency.
But all EV models do not offer the same mileage. Some vehicles consume more battery in operation and some less. Hence, it’s crucial to determine your typical driving patterns and the distance you travel regularly. It will help you choose an EV with a range that meets your daily needs.
Additionally, you should plan your trips carefully and make sure you have access to charging stations on longer journeys. You can use Statiq Route Planner, which helps you locate nearby EV chargers in your route to enjoy seamless travel.
Charging Options
EV owners have several charging options, including home, public, and fast charging. Home charging is the most convenient option, as you can charge your vehicle overnight while you sleep. The 2-wheeler and 3-wheeler owners can easily manage their charging needs at home.
Fast charging stations are ideal for long-distance travel and 4-wheelers, as they can charge your vehicle quickly. It’s important to consider your charging options before purchasing an EV, as this will affect your charging habits and the overall convenience of owning an electric vehicle.
Total Cost of Ownership
While EVs tend to be more expensive than gasoline-powered vehicles, they offer significant savings in the long run because EVs have lower maintenance costs and operate at a lower cost per mile. Also, EV owners can take advantage of tax and other financial incentives, such as rebates and credits. Considering the total cost of ownership when buying an EV is important, as this will give you a better idea of the financial benefits of owning an electric vehicle.
Charging Infrastructure
The availability of charging infrastructure is an important consideration when purchasing an electric vehicle. While major metro cities have a sufficient number of charging stations, others cities may have few charging stations.
Before purchasing an electric car, you should research the availability of EV charging stations in your area and the areas you typically travel to. Additionally, you should consider the availability of charging stations along popular travel routes, such as highways and interstates.
But the good news is to boost EV infrastructure in India; the government is providing financial aid and subsidies for installing EV charging stations. More EV charging stations are getting installed all across India. Statiq, one of the largest EV charging station providers, has installed more than 7000 EV chargers in 60 cities across India. They aim to reach 20,000 EV chargers by the end of 2023.
Battery Life and Replacement Cost
The battery is one of the key components of an electric vehicle. EV batteries degrade over time, and their performance will diminish as they age. It’s important to consider the battery life of an EV and the cost of replacing the battery when it eventually fails. It will give you a fair idea of the long-term maintenance costs of owning an electric vehicle.
Electric Vehicle Price
Electric vehicles are environment-friendly but not pocket friendly. The main component of an EV is their battery. India imports all EV batteries, making EVs a bit costly compared to ICE vehicles. Even a small electric hatchback car can cost you above 8 lakhs. So better manage your budget accordingly when buying your electric car.
Car Insurance Cost
According to the Motor Vehicle Act of 1988, it is mandatory for all vehicles to be covered under insurance. Whenever you buy a new vehicle, you get it insured by motor insurance, as it’s a mandatory thing we cannot skip. The electric vehicle is expensive; hence their insurance is also a bit costly compared to an ICE vehicle. The more expensive the car is, the more expensive the insurance will be; hence, consider the higher insurance cost before buying an electric car.
Battery Warranty
The battery is one of the most important and expensive components of an electric car. Usually, manufacturers offer 5-8 years warranty on the battery pack installed in the EVs. However, the warranty period differs from manufacturer to manufacturer; hence always look for cars that offer a complete replacement warranty of the batteries without any hidden terms and conditions. Also, check their warranty claim process and other services.
Incentives and Tax Benefits
The government of India is offering subsidies and tax benefits for purchasing an electric vehicle. It will reduce the total ownership cost of an EV. Don’t miss checking the percentage of subsidies and incentives you will receive on purchasing an eco-friendly car.
Conclusion
In conclusion, buying an electric vehicle requires some careful consideration and planning. Considering these nine key points, you can make an informed decision about whether an electric vehicle is right for you. With their lower operating costs, environmental benefits, and improved performance, electric vehicles are an excellent choice for those looking to reduce their carbon footprint and save money on transportation.