Paying a higher upfront cost is a big deterrent for buying electric cars. Though this can be offset by the low fuel, running and maintenance costs, as well as tax incentives, it is still a deciding factor for many since one can buy a bigger petrol car for the same price.
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Lack of infrastructure
Although you can charge the electric car at home, it is cheaper to do so at a public charging station — which there are very few. Both private and public sector companies have already built station networks and are planning to expand further, but it will take at least five more years to establish a large network in the country. As many as 350 stations have been added under FAME II; Tata has built 1,000 stations and plans 10,000 more in three years; IOCL has 448 EV charging stations and 30 battery swapping stations, and plans to set up 10,000 at its existing fuel stations in three years; and BP is set to establish 7,000 in the few years down the line.
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Extended charging time
While a petrol/diesel car is filled within minutes, it takes 6-8 hours to charge the electric car at home. Even with fast chargers and bigger batteries it takes between 35 and 60 minutes to get an 80% charge.
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Not suitable for outstation travel
Since a single charge provides a driving range of 200-400 km, shortage of public charging stations means electric cars are good only for intra-city drive, not longer car trips.
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Fewer players in the market
Currently, there are only 4-5 mass market electric cars in India and 5-6 in the luxury segment. Another 5-6 are set to be launched in the coming year. Although the government incentives to manufacturers is likely to push more companies in the EV business, for now there is a limited choice for consumers.
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Higher insurance cost
As electric cars are expensive due to cutting-edge technology and high-capacity batteries, it raises the IDV. Also, while e-cars have fewer parts, these are more expensive, as are the batteries, which are very costly to repair or replace. While third party insurance rates have been fixed by Irdai at a 15% discount, comprehensive policy rates are much higher and do not offset the discount.
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Should you buy it now?
If the green factor weighs heavily on your mind, pick an EV as the initial high cost of purchase will be offset in a few years. Also, if you are in a metro with public charging stations or can install one at home, buy one. It will, however, make more sense to wait for 2-3 years so that you have a greater choice of cars and a better charging station network.
