Are you considering investing in an electric vehicle? If so, you have made the right decision. Electric cars are becoming increasingly popular because of their many benefits. However, before you buy an electric car, you must consider the factors discussed in the following sections. They will help you make an informed decision.
6 Points You Must Consider While Buying Electric Cars
Let’s take a look at the important points you must consider before buying electric cars in India:
Driving Range
Ideally, an electric car has a driving range above 100 km, which is efficient for daily driving. However, high-end electric vehicles offer a driving range of over 400 km.
Considering the maximum distance the vehicle can travel on a single charge will help you determine whether the car meets your requirements.
Electric Vehicle Loan
To make your purchase stress-free, research the prices of the cars and know the budget. Consider applying for an electric vehicle loan to help you fulfil your dream of owning a car without denting your savings.
Use a car loan EMI calculator to calculate your monthly instalment and formulate a financial plan, considering other liabilities.
The formula for calculating electric car loan EMI is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
P = Principal sum of the car loan
R = Rate of interest charged by the lender
N = Tenure of the loan in months
As you can see, the calculation procedure is time-consuming and can be subject to errors. So, you can use an online car loan EMI calculator to get accurate results quickly.
Battery Life
The battery is the most important component of an electric car, and it’s quite expensive. Hence, you must check the battery life before buying an electric vehicle. Find out details about the battery range and other specifications.
Moreover, check how long the battery can last and how much it will take to replace it.
Charging Options
Remember that you won’t find an electric vehicle charging station as easily as you find a fuel station. This is because the electric vehicle charging infrastructure has yet to establish a strong footing in India. Fast chargers are quite expensive to install in the car, and your city might have very few charging stations for them.
On the other hand, standard and slow-charging systems are more reasonably priced. So, before buying an electric car, check which charging system suits your vehicle and meets your budget.
Software Updates/Upgrades
Electric vehicles are equipped with software, which must be updated regularly. While some manufacturers provide the software for free, others might charge a certain amount for it.
Moreover, remember to ensure that your electric vehicle has the latest software upgrades/updates.
Maintenance Cost
You must maintain your electric vehicle regularly, just like a conventional car. Otherwise, its performance will be affected. Electric cars have few moving parts, requiring less maintenance effort.
Also, buying spare parts for an electric car will be more expensive than conventional cars. So, consider the maintenance costs of an electric vehicle before investing in one.
Additional Important Things to Keep in Mind Before Buying an Electric Car in India
In this section, we’ll explore the additional factors you must keep in mind before buying an electric vehicle:
Service and After Sales Support
Do you know that the experience of owning an electric car will depend on the nature of the assistance you require from the after-sales support team? Nowadays, EV (electric vehicle) manufacturers offer a warranty on battery packs. Some even offer to install a wall charger for the vehicle at a location of your choice.
Ensure the manufacturer has a good service centre with skilled professionals adept at dealing with EVs. Check reviews and testimonials, then choose a renowned brand for its customer support and after-sales services.
Electric Vehicle Insurance
Buying a suitable insurance policy for your electric car is an excellent idea. Moreover, as per law, it is mandatory to have at least third-party insurance. These vehicles are costly, and repairing even minor damage would incur huge expenses.
However, comprehensive car insurance for electric cars will protect you against paying a large amount for repairs. Well-rounded insurance will cover accidents, thefts, third-party losses, personal accidents, natural disasters, and more.
Usability
Before buying an electric vehicle, consider how you’ll use it. What distance do you have to cover daily, i.e., what is your driving range? Answer these questions to get a comprehensive idea about an electric vehicle.
If you live in an urban area, switching to electric bikes and cars makes great sense because it reduces air pollution. However, driving patterns and requirements vary from one person to another. So, consider the factors mentioned above before choosing a suitable EV model.
Once you decide, remember that these eco-friendly vehicles offer a good driving experience. For people who have switched to EVs, there’s no going back to conventional cars running on fuel.