Best Electric Car Buying Guide in 2024 in India

Whether you're an avid speed-seeker, an environmentally conscious driver, or simply excited about the future of transportation, opting for an electric vehicle promises a unique and thrilling ride.

Bid farewell to the days of mundane fuel stations and harmful tailpipe emissions. It's time to embrace a new era defined by clean, efficient, and exciting driving experiences.

Prepare yourselves for an interesting journey as we embark on our comprehensive electric vehicle buying guide. We've covered every aspect that could impact your decision when purchasing an EV.

Here's to the captivating world of electric vehicle ownership, dashing forward and igniting sparks along the way!

Occurring Costs:

1. Ownership cost

You might be aware that EVs save you more money than traditional vehicles running on Dinosaur juice. Let me elaborate. The running cost of EVs come up to Rs. 1 per kilometre, Rs. 9 for petrol, Rs. 6 for Diesel, and additionally, Rs. 2.5 per km for vehicles that run CNG.

Whereas, the charging cost can vary depending on the battery capacity and also on where you charge it. For instance, charging your EV at a public station will cost you approximately Rs 80-202, whereas charging at home will be higher, ranging from Rs 160-450. For example, charging stations in Mumbai have a rate of Rs 15 per unit, resulting in an expenditure of around Rs 300-675.

These eco-friendly vehicles also come with several additional expenses. Apart from the initial purchase cost, you need to budget for other costs such as a home charger, installation of a charging station, maintenance of the charging station, and charges for public station charging.

2. Maintenance cost

Effective maintenance is a crucial element when it comes to owning an electric vehicle. Without proper care, an EV may experience a decline in performance. Fortunately, electric vehicles generally require less maintenance due to their minimal number of moving parts and no engine oil changes or transmission fluid replacements. Also, many EVs have regenerative braking that preserves brake life, minimising brake maintenance and replacement costs

However, when it comes to a breakdown, the expenses for repairing an electric vehicle can be quite steep. Additionally, the cost of spare parts is considerably higher compared to conventional cars. Moreover, there is a scarcity of mechanics specialized in handling EVs, and you are typically required to rely on the manufacturer for any service or repair needs.

3. Insurance cost

Insuring an electric vehicle tends to be more expensive due to their higher price tag. As the value of the vehicle increases, so does the insurance cost.

Currently, insuring an electric car with a power rating of more than 65 KW (Kilo Watt) requires a third-party insurance policy costing approximately Rs. 6,707. For vehicles with a power rating between 30-65 KW, the cost is around Rs. 2,738, and for those with less than 30 KW, it amounts to about Rs. 1,761.

Keep in mind that comprehensive insurance premiums can vary across insurers, depending on the specific model and selected add-ons.

Subsidies & Market Value:

1. Government Incentives & Tax Credits

To make you further relief, the government offers numerous financial incentives to make electric vehicles more affordable for you:

• Purchase Incentives on the EV cost
• Interest Subventions while availing loan as well as interest free loans
• Road tax exemption at the time of purchase
• Registration fee exemption
• Income tax benefit, that is payable by an individual to the government
• Scrapping incentives provided upon de-registering old combustion vehicles
• Coupons that can be reimbursed later

Fact Check- In the latest news, the subsidy offered by the government for electric two-wheelers registered on or after June 1, 2023, under the FAME-II (Faster Adoption of Manufacturing of Electric Vehicles in India) scheme has been revised. It is official.

2. Resale value

EVs have lower resale values compared to petrol cars due to lower overall sales. The battery, which constitutes a significant portion of an EV's cost, influences the resale value greatly.

EV batteries and the motors typically last around 8 years, with the range depleting over time. Once the warranty expires, battery replacement becomes a significant expense for owners. While EVs may offer lower operating costs initially, potential high battery replacement costs in the long run should be considered.

Nevertheless, don’t forget that EVs are quite new to the market and the technologies used in it are evolving rapidly. So, the resale value will definitely get better eventually.

Range & Charging Options:

1. Driving Range

When purchasing an electric vehicle, the driving range is a vital consideration. It's important not to solely depend on the driving range figures provided by the manufacturer. Instead, seek out real-life reviews to gain insight into the EV's driving range under actual conditions. Generally, an electric car should provide a driving range of more than 100km, which is suitable for daily commutes. High-end electric cars can even offer a driving range exceeding 500 km.

2. Charging Infrastucture:

The charging infrastructure in the country is still in its early stages of development. Electric vehicle charging stations are not as readily available as fuel stations, posing a significant challenge for EV owners. While major metro cities have a sufficient number of charging stations, the situation is not the same in other areas. Therefore, it is crucial to consider this factor before making a decision to own an electric car in India.

However, several companies like Tata, EESL (Energy Efficiency Services Ltd), BOLT, Indian Oil Corp, EVRE, Kazam, and others are establishing a widespread network of public electric charging stations across the country.

3. Charging at Home

There are multiple charging options available including fast-charging, standard charging, and slow charging. Installing fast-chargers can be costly, and they are typically scarce in most cities. On the other hand, standard and slow charging methods are more practical and can be conveniently set up at your residence.

Furthermore, there are two primary types of EV charging: Level 1 and Level 2.

Level 1 Charging (L1): This method is slower but requires minimal equipment. L1 charging utilizes a standard household power outlet and the charging cable provided with your EV. It can take up to 20 hours to fully charge the battery, making it ideal for overnight charging.

Level 2 Charging (L2): This option is faster and necessitates a 240-volt outlet along with a L2 charging station. The charging station can be installed at home and charges the EV up to six times faster than Level 1 charging. L2 charging can fully replenish the EV battery in approximately four to eight hours.

Battery Warranty & Replacement

The battery is one of the most costly components of an electric vehicle, and replacing the battery pack can significantly impact your finances. It can be a substantial expense that you need to consider carefully.

Also, the lifespan of an EV battery varies depending on usage, charging habits, climate conditions, and battery technology. Thankfully, the manufacturers provide a generous warranty on the battery pack of around 8 years. This warranty offers owners reassurance that any potential issues during this period will be taken care of, without imposing unexpected financial burdens.

Pro tip- Make sure you also check on the after-purchase services and support offered by the manufacturer, for a better ownership experience.

EV Powertrain

In an electric vehicle (EV), power is generated using an electric propulsion system. This system consists of a battery pack that stores electrical energy. The battery pack supplies power to an electric motor, which converts the electrical energy into mechanical energy to drive the wheels. The motor uses the energy from the battery to rotate and create torque, which propels the vehicle forward.

Electric vehicles possess a significant advantage over internal combustion engine vehicles when it comes to acceleration. This can be attributed to the instantaneous torque generated by electric motors, enabling EVs to achieve rapid acceleration.

Eventually, the overall performance of an EV depends on the number of electric motors and the power generated by the electric motors.

EV Driving Experience

• Instant Torque: EVs offer immediate and exciting acceleration, thanks to their instant torque delivery. It results in a responsive driving experience that feels quick and effortless.

• Silent Operation: EVs operate silently, eliminating the noise associated with internal combustion engines. This quietness creates a tranquil driving environment, free from engine rumble and vibrations.

• Lower Center of Gravity: With heavy battery packs placed low in the chassis, EVs have a lower centre of gravity. This configuration enhances stability, cornering ability, and overall handling, providing a more connected and agile driving experience.

Technologies used & Related Apps

Electric vehicles are outfitted with sophisticated powertrains and cutting-edge technology, and automakers frequently enhance the electric cars by providing software updates with the latest integrated advancements. Therefore, it is vital to ensure that you receive regular software upgrades after purchasing an EV. Certain manufacturers provide complimentary software updates , whereas others may levy charges on the owners for these updates.

There are a few apps available to make your EV ownership more subtle.

• Charging Infrastructure Apps: PlugShare, Recharge India, ChargeGrid provide real-time information on nearby charging stations.

• Battery Management Systems (BMS): Optimize battery performance, charging efficiency, and monitor battery health.

• Range Estimation Apps: AtherGrid, MapMyIndia offer accurate range predictions to reduce range anxiety.

• Telematics Solutions: Enable remote vehicle monitoring, battery status updates, and diagnostics.

• Smart Charging Apps: Schedule charging, track energy consumption, and optimize charging times.

• Vehicle-to-Grid (V2G) Technology: Enables bidirectional energy flow between EVs and the power grid.

Finally, Is an EV right for you?

Considering all the Gyaan mentioned above, you might now have a clear picture of what it would be like to own an EV. But, as a matter of fact, it probably still isn't a right fit for you.

For instance, an EV is not very practical, particularly in a country like India. It primarily comes down to individual needs and preferences: your daily driving distance and the driving range of the electric vehicle.Also, If you reside in a metropolitan city and your primary requirement is a vehicle for commuting to your office, owning an electric car might make more sense. So you might need to check on every specifics if an EV marks ticks everything on your checklist.

However, if you are someone who just thrives on an instant adrenaline rush, excited for new & upcoming tech or even just want to keep up with the trend, then EV is the one for you.