Does it make sense to buy an EV now or should you wait?

 In recent years, EVs (Electric vehicles) have significantly changed the whole scenario of cars in India. Well, these days cars that run on petrol, diesel and CNG are a completely different story. The question asked here is a vast topic, and many people want the answer should we buy EVs now or should we wait? 

Indian EVs Story

If we look at the entire market, Tata Motors, Mahindra Hyundai and MG Motors have already launched their electric vehicles. Electric vehicles have already been introduced in the market, whereas, on the other hand, if we look at the luxury segment, luxury companies such as Mercedes-Benz, BMW, Audi and Jaguar have launched their own electric vehicles as well.

The cheapest electric four-wheeler vehicle is the M.G Comet which starts at Rs. 6.99 Lakh. After that, Tata Nexon, Tata Tiago, Tata Tigor & Mahindra XUV400 etc. The government also wants all our dependencies should be removed from petrol and diesel vehicles and people should buy more and more EVs, which will not only reduce pollution but will also give many benefits to the people.


Electric vehicles getting charged at charging stations (illustrative image )

Benefits of buying an electric vehicle

Less Pollution

The biggest goal of buying an electric vehicle is that it should be very good for our environment and at the same time it does not cause any pollution. But according to a recent study it causes more harmful pollution as compared to other cars.

Government Incentives

Many governments are offering financial incentives to boost EV adoption, which can make buying an EV more affordable now. These incentives include tax benefits, subsidies, and reduced import duties. companies like Tata Mahindra are also giving huge discounts for the sale of their electric vehicles.

Lower Operating Costs

EVs require fewer moving parts, which means lower maintenance expenses. With rising fuel prices, owning an EV today can significantly cut down your long-term expenses.

Lower Running Cost 

The per kilometre cost in an electric vehicle (EV) is comparatively low to petrol, diesel, or CNG vehicles. EVs run on electricity, which is a cheaper energy source than traditional fuels.

Challenges of buying electric vehicles

Limited Charging Infrastructure

One of the major challenges for electric vehicles is the lack of widespread charging infrastructure. While charging stations are becoming more common, they are not as easily available as petrol stations.

High Initial Costs

EVs can save money in the long run, but their initial purchase price remains higher compared to conventional vehicles. While prices are gradually decreasing, an electric car with a decent range still comes with a premium cost. For example, an EV model Nexon that offers a range of over 300 km may cost 15-20 lakh INR, while a petrol model with similar features may cost 8-10 lakh INR. This price difference is vast now.

Limited range

The range of any electric vehicle is 250 to 500 km, this is just a saying but in reality, the range is less than that, it also depends on your driving style, on the other hand, it is seen that petrol vehicle in which you just fill the entire tank, then it can run for 1000 to 2000 km in just one go.

Battery life

Current EV batteries may have a limited lifespan compared to other cars. Batteries degrade over time, leading to reduced capacity and, consequently, decreased range. 

Therefore these need to be replaced after a few years and its servicing is also different in this case.

Conclusion 

The most awaited question now is Should You Buy an EV Now or Wait, after considering all the benefits and challenges, There are a lot of grey areas, This remains on individual needs and circumstances. Whether you are buying an electric two-wheeler or a car, you will have to be a strong believer to buy it. Along with that, you will also have to create an electric charging facility in your house, which can charge the vehicle for a lifetime. Purchasing an EV now can be a financially and environmentally sound choice. Lower running costs and the availability of incentives make EVs an attractive option today. 

Ultimately, It is very necessary to stay informed about all schemes that companies are providing. EVs do have lower sales due to their battery cost and other factors. It might sound wise to wait a few more years. As technology changes rapidly and EV prices are likely to decrease, battery tech will improve, and charging infrastructure will expand. But soon or later EVs are the future.