Top 5 Factors to keep in mind while evaluating EVs EVs are the rave in the Indian market, and everybody seems to be talking about them. Many brands announcing their foray into the EV passenger car segment. The competition seems to be heating up. India is still at a nascent stage but with each new entrant, the interest in Electric cars seems to gain momentum. The EV buying process might seem similar to that of a traditional fuel car but there are quite a lot of factors to consider before you make up your mind. If you are a potential EV owner, what do you base your decision on? Here are the top 5 factors to consider before buying an Electric Vehicle!
Which EV to buy? The Indian EV market kick-started with the Mahindra Reva decades ago. Ever since then the EV industry has seen tremendous technological advancements. Brands like Mahindra, Tata, MG, and Hyundai have come out with electric cars. But do you know which one you should invest in? The most basic point is to understand your purpose for the vehicle. Some questions you need to ask yourself include
How many kilometers will you be driving every day? What will you use the EV for? Does the EV size matter? How much do you plan to spend on buying the EV? Your answers will provide inputs on which EV brand is best suited for your requirements. Most of the available EVs in the market belong to the quasi-SUV segment. Bigger cars need more parking space and you will need to provision for one.
What is the total cost of ownership for EVs? The purchase cost of an EV has come down substantially over the years and as the market grows the prices will be pushed down further. But, in the current state, the cost of an EV version is similar to that of a fuel vehicle. The Government of India has announced several incentive schemes to reduce the overall cost of the electric vehicle and that should drive sales northwards. However, don’t expect to save any money through the purchase of an Electric Vehicle. But the big difference is the total cost of ownership. Recently, the US government declared that EV costs are lower than those of a fuel vehicle. Electric cars require less maintenance due to the lower number of moving parts and this brings service costs down. Auto OEMs are offering extended warranties on the batteries or a minimum guaranteed battery life to push sales.
Let’s do some math. A Hyundai Kona with a battery capacity of 40kW will take around 5-6 hours to charge completely on a 7.2kW charger. That’s 40 units of electricity. BESCOM charges INR 8.5/unit for over 200 units. At that rate, a full charge will cost you around INR 350. The Kona will offer a range of about 300-350 km so that translates to less than INR 1 per kilometer! On the other hand, let’s take an average mileage of 15kmpl for a petrol car. The per kilometer cost comes to about INR 6.5 at the current fuel prices!
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