5 Mins Aug 09, 2022
We are all aware that an EV is less polluting than a regular vehicle and hence good for the environment. But does it offer benefits beyond the environmental implications? Is it the right decision for you with respect to cost, maintenance, mileage and so on? Let’s find out!
If you are planning to buy an EV you could consider a car loan from Axis Bank.
Read on to know the features and benefits of EVs:
The biggest concern for electric cars owners is how much can you drive on a single charge. This is because, unlike, say, petrol pumps for regular cars, we still don't have a widespread network of charging points for EVs. So, ideally, you should be able to reach a charging point before the battery runs out. Given the traffic situation in our cities, you may get 200-250 km on a single charge.If you are primarily using it for city commutes, say, to go to and from work, an EV is the best option. Let us say that your commute is around 50-60 km a day, then a single charge will last you for three days. You can always recharge once you get back home in the evening to ensure that the battery is fully charged when you drive off the next day.
2. Battery Re-charging:
While EV charging points are not as common right now as petrol pumps, that is bound to change in a couple of years. In any case, if your primary objective is commuting within the city, where you will be charging the battery after coming home, remember that a 15 ampere AC charge will take you around nine hours to charge to 100% whereas a fast DC charger will go from 0 to 80% in one hour. The final 20% always takes a long time to recharge because a lithium-ion battery needs to be preserved.
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If you buy airline tickets with a credit card, you can accumulate frequent flyer miles. With enough flying miles, you can even purchase free tickets. This is especially useful if you are a business
traveller. You can use frequent flyer miles to redeem ticket costs for your trips and save money.
Several state governments, in a bid to encourage ownership of EVs and reduce vehicular pollution, are offering subsidies to buyers. These sometimes range up to Rs. 1.5 lakh. You can also get tax benefits under Section 80EEB for loan repayments on your EV loan up to Rs. 1.5 lakh.
5. Cost of spares:
EVs have far fewer moving parts than normal internal combustion (IC) engine-based cars. Since there are fewer moving parts, there is lesser wear and tear. So, the maintenance costs for an EV are a fraction of a typical ICE vehicle over an 8-10 year span.You can also use Axis Bank’s car loan EMI calculator or find out more about new car loan interest rates!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.