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As affordability of EVs increases, other cost-related queries are still bothering consumers.
As the adoption of electric vehicles (EV) in the country picks pace, consumers are asking more and more questions before they make a decision. Since the EV technology is a new concept for a majority of buyers, it is best to get all the concerns addressed beforehand. The most common question regarding the purchase of EVs is how much will one save? Here are various EV cost-related questions answered for you.
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What is the maintenance cost of EVs?
The maintenance costs of EVs are considerably low as compared to their fossil fuels powered counterparts. In an EV there are fewer moving parts, therefore, less wear and tear. Unlike petrol/diesel engines, EV motors are simple and consist of only one moving part. There is no gearbox or any oil changes involved in the maintenance process. Only consumables like tyres, and wear and tear of suspension components need maintenance for an EV.
For instance, Tata Motors Nexon EV needs only Rs 25,152 in maintenance over a five-year period which is about 40 percent less than that of a combustion-engined Nexon, as per the company.
Should you buy pre-owned EVs?
Electric vehicles depreciate quickly therefore the chances of finding a good deal are great. However, a few things like the battery capacity, and other driving and performance-related components should be thoroughly checked. Technology is also a key factor, as EVs are developing at lightning pace, and buying an outdated EV may not be a smart move.
What is the cost of a charging station and who pays for it?
The cost of a home charging station in India depends on the type (level) of the charger and the nature of the charging station.
For a private charging station, the cost may be between Rs 2,500 (in Delhi) to Rs 8,000 depending on the subsidies and type of charger. Most car companies also offer free installation of home charging stations upon purchase of an EV.
The cost of setting up a public charging station may be between Rs 2 lakh to Rs 14 Lakh. The cost here is borne by the company setting which is setting up the charging station or the state if it is installed by the government. Currently, companies like Tata Power, Exicomm, Magenta group etc. are installing public charging stations in India.
What is the cost of charging an EV?
The exact cost of charging may vary according to the tariff rates of the state. On average, it will cost Rs 40 for a single charge for electric cars and scooters. It will also depend on whether you are using a home charging station or a public charging station.
For instance, the Mahindra e2o needs 10 units of power for a full charge of 100 km. Therefore, at Rs 4 a unit the cost would be Rs 40.
How much does an EV battery cost?
Considering the price of 1 kWh lithium-ion battery pack capacity to be between Rs 15,000 to 20,000, an average EV battery will cost somewhere around Rs 5.5 lakhs to 8 lakh. For instance, the price of the Tata Nexon EV Battery Pack will be around Rs 5.50 lakh to Rs 6.20 lakh in India.
What are discounts and tax/fees cut on EVs?
Under the EV Policies and FAME II there are several benefits that EV customers can avail. In many states, the registration fee and road tax are waived for EVs. Many states are offering subsidies of Rs 5,000 to Rs 10,000 per kWh battery capacity for two-wheelers, up to Rs 10,000 per kWh battery capacity for four-wheelers and up to Rs. 30,000 per kWh battery capacity for three-wheelers.
Also, first-time buyers of EVs can get a total tax exemption of up to Rs 1,50,000 when taking a loan. It is applicable to all two-wheeler, three-wheeler and four wheeler EVs.
How much does electric car insurance cost?
A 15 percent discount on insurance is stipulated by the IRDAI for the insurance of EVs as compared to other vehicles.
The yearly premiums of third-party insurance for an electric vehicle with more than 65-kilowatt (KW) battery capacity is around Rs 6,707, for vehicles with 30-65 KW battery capacity it costs Rs 2,738, and for vehicles with less than 30-KW battery capacity, it costs Rs 1,761.
For two-wheeler EVs, the yearly premium for third-party insurance varies between Rs. 410 to Rs. 1975 depending on the battery capacity.
The premium rates for a comprehensive insurance policy differ from insurer to insurer.