How to Save Money on an Electric Car in India

As the world becomes increasingly concerned about the impact of pollution and global warming, more and more people are turning to electric cars as a cleaner and greener alternative to traditional petrol vehicles. However, while electric cars offer numerous benefits over their petrol-guzzling counterparts, the high cost of purchasing and maintaining an electric car can be a deterrent for many potential buyers. In this article, we will explore several tips and strategies for how to save money on an electric car in India.

Consider the Total Cost of Ownership

When comparing electric cars to traditional petrol vehicles, it's important to look beyond the sticker price and consider the total cost of ownership. While electric cars can be more expensive upfront, they often have lower maintenance costs, cheaper fuel costs, and longer lifespans. According to a study by Consumer Reports, electric cars are typically 40% cheaper to maintain over their lifetime than petrol-powered cars. In addition, electricity is often cheaper than petrol, meaning that electric cars can offer significant savings on fuel costs over time.

Take Advantage of Government Incentives

The Indian government offers several incentives to encourage the adoption of electric cars, including tax benefits, subsidies, and reduced registration fees. For example, under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme, the government provides a subsidy of up to Rs. 1.5 lakh for electric cars. In addition, electric cars are exempt from certain state taxes and registration fees. By taking advantage of these incentives, buyers can significantly reduce the cost of purchasing an electric car.

Look for Second-hand Electric

Cars While the market for second-hand electric cars is still relatively small in India, it is growing quickly as more people trade in their petrol vehicles for electric ones. By purchasing a used electric car, buyers can save a significant amount of money compared to buying a new one. In addition, used electric cars often come with the remainder of their original warranty, meaning that buyers can enjoy the same benefits and protections as if they had purchased a new car.

Opt for a Lower-Range Electric

Car While high-end electric cars like the Tesla Model S and Model X may be the most popular and well-known, they are also the most expensive. By opting for a lower-range electric car with a smaller battery, buyers can save a significant amount of money on the upfront cost of the vehicle. In addition, lower-range electric cars often have faster charging times and longer lifespans than their high-end counterparts.

Install a Home Charging Station

One of the biggest advantages of electric cars is the ability to charge them at home, rather than having to rely on petrol stations. By installing a home charging station, buyers can save money on the cost of charging their vehicle, as well as avoid the hassle of having to find a public charging station. In addition, many electric utilities offer discounted electricity rates for customers who charge their cars at home during off-peak hours.

FAQs

How much can I save by buying an electric car in India?

The amount you can save by buying an electric car in India depends on several factors, including the cost of electricity in your area, the price of the car, and the incentives and subsidies available from the government. However, studies have shown that electric cars are typically 40% cheaper to maintain over their lifetime than petrol-powered cars.

Are there any tax benefits for buying an electric car in India?

Yes, the Indian government offers several tax benefits for buyers of electric cars, including reduced registration fees and tax credits. Under the FAME India scheme, the government provides a subsidy of up to Rs. 1.5 lakh for electric cars.

Are there any second-hand electric cars available in India?

Yes, there is a growing market for second-hand electric cars in India. While the market is still relatively small, more people are trading in their petrol vehicles for electric ones, creating a supply of used electric cars. By purchasing a used electric car, buyers can save a significant amount of money compared to buying a new one.

How can I find a reliable electric car to buy?

When looking for an electric car to buy, it's important to do your research and look for a reliable brand and model. Some of the most popular and reliable electric car brands in India include Mahindra Electric, Tata Motors, and MG Motors. In addition, it's important to have the car inspected by a professional mechanic before making a purchase, to ensure that it is in good condition.

How long does it take to charge an electric car in India?

The time it takes to charge an electric car in India depends on several factors, including the size of the car's battery and the type of charger being used. Most electric cars can be fully charged in 6-8 hours using a standard home charging station, while fast chargers can provide a full charge in as little as 30 minutes. However, fast chargers are still relatively uncommon in India, so most drivers rely on home charging stations or public charging stations with slower charging times.

Conclusion

While the upfront cost of purchasing an electric car in India can be a barrier for many potential buyers, there are several strategies and tips for how to save money on an electric car. By considering the total cost of ownership, taking advantage of government incentives, looking for second-hand cars, opting for lower-range models, and installing a home charging station, buyers can significantly reduce the cost of owning and operating an electric car. With the growing availability and popularity of electric cars in India, now is a great time to make the switch to a cleaner, greener mode of transportation.