5 Hidden Costs of Owning an EV in India (And 3 Ways They Save You Money Long-Term)
The popularity of electric cars is growing in India because of the volatility in fuel prices and efforts for greener transportatiion. The savings on the maintenance, reduced pollution, and the encouragement of the Indian Government have made many people think about purchasing an electric car instead of a gas-based vehicle.
But while the cost of purchase plays a role, the total cost of owning a vehicle also includes other costs that many first-time owners of vehicles tend to ignore. Though such costs will be smaller when compared to the costs of a normal vehicle in the long term, knowing about them before the purchase will definitely help the buyers plan well.
Take a deeper look into the hidden cost of buying an electric vehicle in India and the ways EVs save on money.
Home Charging Setup Can Increase Your Initial Investment
One of the first hidden costs that buyers will run into is setting up a charger for their vehicle at home.
Whereas all electric car makers offer buyers a charger for their cars, some people require specific electrical wiring, a circuit breaker, or more power for safer charging.
Where an apartment dweller lives, setting up such charging will be even more challenging because societal permission or shared parking facilities may be required.
Public Fast Charging May Cost More Than Expected
Home charging is usually the most economical way to recharge EVs. On the other hand, frequent users of publicly available fast chargers might incur higher charges than anticipated.
Fast chargers typically apply high prices due to their high operational costs. High usage of highways and long distance commutes could mean higher costs for you as opposed to charging at home.
Despite still being less expensive than fueling with gasoline or diesel, using public charging stations could lower the cost efficiency in some cases.
Battery Replacement Remains the Biggest Long-Term Expense
The battery turns out to be the most costly part of an electric vehicle.
Contemporary batteries of EVs are made to serve for many years and come with the manufacturer’s warranty, which may cover up to eight years or even more. Yet when the warranty expires, replacement of the battery turns out to be rather costly if required.
Luckily, further developments of battery technology will make replacements cheaper.
Insurance Premiums Can Be Slightly Higher
Insuring an EV can sometimes be more expensive than a similar petrol or diesel car.
Vehicle costs, unique parts, battery system expenses can all contribute to the cost of insurance. In addition, repairs of electronic equipment can have an impact on the price.
But now many companies are offering EV-specific insurance policies, and competition is making prices competitive.
Repair Infrastructure Is Still Developing
Even though EVs require less maintenance, the availability of technicians and servicing centers can sometimes pose difficulties in some cities or small towns.
Issues related to the batteries and other components like software and power electronics require specialized tools and technicians. In some areas, you might have to wait or travel further for servicing.
As the EV ecosystem grows in India, this problem is likely to diminish greatly.
Lower Running Costs Save Thousands Every Year
However, despite these costs being incurred behind the scenes, electric vehicles keep giving what is one of their greatest strengths – reduced running costs.
Energy used by electric cars is usually cheaper than petrol and diesel used in the internal combustion engine vehicles. Commuters who have a long distance daily travel will save quite a bit of money on fuel over several years.
High mileage drivers are able to get back some extra cost incurred when buying the vehicle.
Maintenance Costs Are Considerably Lower
There are many fewer mechanical parts found in electric cars compared to standard gasoline-powered internal combustion engine cars.
Maintenance such as engine oil change, replacement of filters, no clutch repairs, and minimal wear and tear to brakes because of regenerative braking system are some examples.
All this means that maintenance is relatively easier and cheaper for owners.
Government Incentives Improve Overall Value
The federal government and state governments in a number of locations still continue providing incentives for purchasing electric vehicles.
The value of these incentives varies depending on the location, making the cost of acquisition lower and improving the financial viability of buying an electric car.
Even though these incentive programs may vary in structure from time to time, they keep making the EV purchase more attractive.
Is an EV Worth Buying Today?
It will depend a lot on your personal driving behavior.
If you travel mainly in urban areas, have access to charging at home, and drive often, you will be able to save a lot of money in the long run even though the car costs more than conventional cars from the get-go.
But people that travel long distances without having good access to charging stations will have to do their homework before buying a car.
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Conclusion
The cost of ownership for an EV in India is indeed high, but the costs associated with it are mostly once-off costs or costs that decrease as technology advances in the industry.
The fact remains that for many buyers, the savings made on fuel, maintenance, and incentives provided by the government eventually make the additional costs more than worth it.
There are no free lunches when it comes to owning an EV—but knowing about the hidden costs beforehand will help you make an excellent investment in your automobile.
