There is an EV car for every pocket. Costlier the better. India has around nine EV cars as on date.
Few more EVs will probably hit the Indian Market in the next few months. The probables are:
Though the models are increasing in number, Indian customers are little hesitant to buy EV cars due to various reasons.
Advantages of EV Cars
1.There is no emission and it is good for the environment.
2.Maintenance cost is expected to be low due to less number of moving parts.
3.The average running cost is low and is at around Rs. 0.8/km for an EV. It is around Rs 4.2/km for diesel and Rs. 5.7/km for petrol.
4.GST rate for EV is only 5%. It is 28% for other vehicles.
5.There is a tax deduction upto Rs. 1,50,000 for interest paid when the vehicle is bought on loan under section 80EEB from the assessment year 2020-21 onwards.
Challenges for EV Cars
1.The purchase cost is very high, ranging between 10 – 30% higher than the normal vehicles.
2.Resale value of EV Cars is not known.
3.EV Cars are only meant for heavy users and might not benefit for those customers who travel 20 – 30 Kms/day.
4.The fuel cost saving does not match with the high cost of the vehicle. On an average, for a distance of 1 lakh km, the fuel saving is only about Rs. 3.4 lakhs.
5.The charging facilities are available within the city limits, which dampens intercity movement.
If at all one buys an EV car, it could be bought for emotional or environmental reasons and not for financial reasons, until the vehicle cost comes down drastically.