Is This The Right Time To Buy An Electric Vehicle? There is no doubt that the future of human mobility is the electric vehicle. The demand for electric vehicles is growing rapidly. The government has launched FAME I, FAME II and many schemes to promote electric vehicles so that it may become more convenient for people to buy an electric vehicle. EVs have a positive impact today and will have tomorrow. When we talk about zero-emission transportation, electric vehicles play an important role. Less pollution leads to a greener tomorrow.
The government and electric vehicle manufacturing companies are focusing on accelerating the number of EVs on the road. That is why, on September 27, 2023, at the launch of the C40 recharge SUV, Jyoti Malhotra, managing director of Volvo Cars India, officially announced about his electrification strategy and the future of EVs that they will end manufacturing of petrol or diesel vehicles by early 2024 and further there will be production of electric vehicles only. It is one of the biggest steps of Jyoti Malhotra to take India ahead in the field of EVs and motivate the people that it is feasible to buy EVs and give their contribution to save nature.
There are several automobile companies in India that manufacture EVs. The government provides incentives not only to buyers but also to manufacturers, which push them to produce more EVs, and it will increase competition in the market. To beat the competition, companies will launch their vehicles at a low cost. It will increase their sales and motivate the customers to go for it.
There are several factors that you should consider before buying an environmentally friendly electric vehicle, and these factors will prove to you why is this the right time to buy an electric vehicle.
- Cost of EV
- EV charging stations
- Running and maintenance costs of EV
- Recycling battery
- No fuel, zero-emissions
- Tax benefits and incentives by the government
- Electric vehicle driving range
- Convenient and quiet to drive
- Facility to charge at home
- Environment friendly
Now we will look into the above points of why is this the good time to buy an electric vehicle in detail
Is This The Right Time To Buy An Electric Vehicle?
1. Cost of EV:
When you plan to buy an EV, the first thing that comes to mind is cost. If you compare electric vehicles to traditional vehicles, you come to know that electric vehicles are costlier than gasoline vehicles, but with the use of new and advanced technology, the price of electric vehicles is going down, making them more convenient to buy.
Electric vehicles are costlier because of the battery. It is one of the most expensive components used in electric vehicles. Batteries are generally made up of lithium-ion, which is not abundantly available on earth. Other metals, such as cobalt and nickel, which are expensive and in very short supply, are also used in the production of batteries, but the good news is that India found a pack of 5.9 million metric tons of lithium in Jammu and Kashmir and Rajasthan.
It is a ray of hope in the competitive market. This discovery can boost the production of rechargeable batteries that are used in electric vehicles and may cut down on the cost of electric vehicles. It can even reduce our dependency on other countries (China, Chile, and Australia, the biggest producers of lithium), from which we import lithium.
2. EV charging stations:
One of the biggest challenges that EV buyers face is the ‘lack of charging stations.’ As easily as you can find a gasoline or diesel station, you cannot find an electric vehicle charging station. Major metropolitan cities such as Mumbai, Delhi, Hyderabad, Chennai, Kolkata, and Bangalore have enough charging stations, but the conditions are not the same in other cities.
Several manufacturing companies are coming forward with joint ventures to increase the number of charging stations. For instance, Statiq joins hands with NPCL (Noida Power Company Ltd), HPCL (Hindustan Petroleum Corporation Limited) and many more to invest $700 million in EV charging stations, workshops, and more.
According to a report, it is stated that Maharashtra is the first to install the highest number of EV charging stations, followed by Delhi and Karnataka. Also, as per the data there is an additional requirement of 18000 public EV charging stations in top nine cities.
The government, along with manufacturing companies, is energetically modernizing the charging stations to make them available for EV owners, and these stations are accessible in a better way than earlier. You can see a surge in the number of charging stations.
3. Running and maintenance costs of EVs:
Because of the rising cost of diesel or gasoline, running a gasoline vehicle is costly, so if you are planning to switch to an electric vehicle, it is a good choice because the cost of electricity is substantially lower. Besides, electric vehicles require less maintenance as they have fewer moving parts compared to traditional vehicles. EVs have more space to store things, as their motor and battery take up less space compared to traditional vehicles. Proper maintenance of EVs increases their life. Although EVs do not have any liquid that requires to replace soon, their maintenance is also easy. EV owners can save a large amount while using EVs
4. Recycling battery:
As you know, the use of EV batteries increases the manufacturing cost of EVs. So, recycling, and reusing batteries can bring down the cost of EVs. Recycling helps to take the raw materials from the used batteries and give them to companies so that they may use them in future manufacturing. This process will conserve natural resources. It makes sure that competitively priced products are accessible in the market and improves the growth of the economy.
5. No fuel, zero-emissions:
When everyone is facing the problem of pollution and degradation of the environment, this time if you make the decision to buy an electric car, it shows you are environmentally conscious. EVs emit no emissions because their electric motors work on a closed circuit. They are eco-friendly and save the environment from carbon footprints.
6. Tax benefits and incentives by the government:
To promote EVs, the government is providing incentives and tax benefits to install electric vehicle charging stations. Besides them, the government is also offering subsidies for the purchase of EVs. These benefits reduce the cost of EVs and make them more feasible and affordable to buy. The road tax and registration fee are very low for EVs. (It may vary according to states)
Click here to learn more about incentives and the state-wise policies of the government.
Click here for Benefits And Subsidies for Electric Vehicles
7. Driving range:
Driving range is always a crucial factor for electric vehicles because they are suitable for short commutes. When you plan for a long drive, an electric vehicle is not considered suitable because, on a single charge, electric vehicles cannot cover long distances. But to get the solution of this, before going on a trip, you can keep a check on the availability of an EV charger on your route so that you may get your electric vehicle charged there, and driving with an EV becomes fun and enjoyable. The range of the electric vehicle depends on the capacity of the battery too; if the battery has a high capacity, the range of the vehicle will automatically increase.
To increase the driving range of electric vehicles, instead of using long batteries that can be expensive too, manufacturers are coming up with the option of swapping batteries.’ It is a new and advanced technology that allows you to replace your old or discharged battery pack with a new or charged one, and your car is ready to run quickly and efficiently on the road. Swapping batteries can be done on its own, and it is the best alternative to the unavailability of charging stations. Swapping a battery is an easy solution to remove the anxiety of being stranded with a low battery.
8. Convenient and quiet to drive:
Electric vehicles run silently because there is no engine and the motors of electric vehicles run smoothly and efficiently. EVs even do not have valves or fans. The noise of the traditional vehicle sometimes leads to uneasiness and headaches, so noiseless driving with an electric vehicle becomes easy and comfortable.
9. Facility to charge at home:
One of the biggest benefits of electric vehicles is that they can be easily charged at home. Charge your electric vehicle at home and go wherever you want to go. It is not only easy but also cost-efficient. This facility extends the life of a battery. You can plug in your electric vehicle at night when you are not using it, and you will find your battery fully charged when you wake up in the morning.
10. Environment friendly:
Pollution worsens the environment and stops economic growth. It increases infection and heart disease. To curb pollution, the invention of electric vehicles is currently not less than a boon to us. Electric cars reduce pollution and make our streets clean, helping our cities become better places to live. They help to improve the air quality and control noise pollution.
Conclusion
In the past, it was not easy to drive an electric vehicle, but with the passing of time, the manufacturer companies have offered new and good-looking electric vehicles, and their performance has also improved. Electric vehicles are available in light weight, and their acceleration is better than earlier. Many countries are taking pledges to lessen their dependency on gasoline and diesel vehicles and switching to EVs as soon as possible, as it is a unique step to save our planet. They are a sustainable resource.
Gradually, EV technologies are improving, which leads to a decrease in the cost of batteries with the option of ‘battery swapping’, which is a quick process of disconnection and reconnection, and then EVs become a more feasible and attractive option to buy.
Although it can be a personal choice of a person to think whether it is the best time for them to buy an electric vehicle or not, yet if you consider all the given points, such as the usage of an EV decreases environmental hazards, makes the environment clean and green, makes it easy to drive, has the facility to charge your vehicle at home that is cheaper than getting your vehicle charged outside, recycles batteries, etc., I would like to say that it is the perfect time to purchase an EV. So, there is no doubt that no time is better than today to buy an electric vehicle.
