Should I Buy An Electric Car Now Or Wait? Is It Worth Buying?

Should I buy an electric car now or wait? With new launches of electric cars these days, you must be asking this question to yourself.

But let me guess, you haven’t found the answer to this question yet.

Don’t worry! In this article, I will tell you about all the disadvantages of electric cars in India. Not only this but I will also tell you about all the things that you need to consider before buying an electric vehicle.

So that you can decide whether EV cars are worth buying or not.

Table of Contents

Should I Buy An Electric Car Now Or Wait?

You should not buy an Electric car in India right now and should wait for a few years. There are many disadvantages of electric cars in India that do not make them a feasible option right now.

Almost every company in the world is investing heavily to go all-electric in the next 5 or 10 years. Some have even announced the deadline for doing so.

However, I don’t think electric cars are a good option right now compared to petrol cars. There is no denying that they come with some advantages but they have their own set of disadvantages.

And when you compare their disadvantages with petrol cars then they do not seem to be a good choice.

If you like to watch videos instead of reading articles then you can watch the below video as well.

Disadvantages Of Electric Cars In India

The disadvantages of electric cars in India are:
1. Cost of purchase
2. Insurance cost
3. Cost of battery replacement
4. High electricity bill
5. Charging infrastructure
6. Range of electric cars
7. Environmental pollution
8. Electricity production
9. Battery recycle

Now you must be like: What are those disadvantages of EV cars that you are talking about? Well, let me tell you about them one by one.

Electric cars are being marketed heavily on two main points.

One is the low cost of running
And another is the environmental friendliness

But what if I tell you that it is not true? And if you buy an electric car then you will have to bear more cost of running and it will even produce more pollution compared to a petrol car.

Yes, you read that right!

And I am going to back this statement with some logical reasons. Let’s look at them one by one.

1. Cost Of Purchase

The first major drawback of EV cars is their upfront cost.

There is no doubt that their per km cost of running is way less than the petrol cars. But their cost of purchase is way higher as well.

An electric car costs as much as 30 to 40% higher than a petrol car. And this is despite the government giving incentives on registration. If the incentives go away then the difference will even go up.

Now take into account:

The extra interest amount that you will have to pay because you have to take a higher car loan amount
And the interest that you would have earned if you have invested that higher amount

The difference even goes up.

And if you drive your car around 10,000 km in a year then it will take you 8 to 9 years to recover the extra amount that you have paid for an EV car. Considering the fact that the cost of running an electric car is way less than a petrol car.

2. Insurance Cost

Since the cost of an electric car is higher than a petrol car, therefore, you will also have to pay higher insurance costs. And this is not a one-time payment. You will have to bear the higher insurance cost every year.

So it will now take you a few more years to recover the higher insurance cost as well.

3. Cost Of Battery Replacement

Electric cars are powered by a battery, right? Therefore they will need battery replacement like your mobile after some time. Generally, companies are offering 7 to 10 years of battery warranty. So let’s consider you will have to replace the battery of an EV car after 10 years.

So you just recovered the upfront cost that you paid for EV in 9 years. And after a year, it will need a battery replacement, which is not at all cheap by the way.

The cost of the battery in an electric car accounts for 40% of the cost of the car. For eg. if you purchase an EV for 20 lakhs then 8 lakhs is for its battery alone.

4. High Electricity Bill

EV cars need an additional electric meter to be installed at your home. So that you can charge your car and pay separately for it.

However, many EV owners have complained that they are having a hard time getting that meter installed. And they are charging their cars from the normal meter.

As a result, they now have to pay the additional cost for the electric consumption at their home.

Because there are cost slabs according to the units that you use right? The higher the units you consume the higher amount per unit you will have to pay.

And if you start charging your electric car then obviously you will be consuming higher units. As a result, you will have to pay a higher amount per unit for the units consumed.

5. Charging Infrastructure

EV charging infrastructure in India is at a very nascent stage. Therefore it is not at all convenient to charge your vehicle readily.

In fact, many EV owners have complained that some of the charging stations don’t even work.

And if you plan on going on long trips then you are going to have a very hard time reaching your destination. Even if you find an electric charging station then also you will have to wait a long time to get your car charged.

6. Range Of Electric Cars

It’s been very clear by now that electric cars don’t offer the range that their companies claim. But what if I tell you this range will even degrade over time?

Yes, the more you use the battery of a car, the more it gets depleted, like your mobile phone. So after a few years of usage, you will see a gradual decrease in the range of your electric car.

So you will have to charge your car more and more but it will return less and less range over time. This will further increase your running cost as well.

7. Environmental Pollution

So we have discussed how electric cars are not cost-efficient as compared to petrol cars. Now let’s look at their environmental friendliness side.

You will be surprised to know that manufacturing an electric car creates more pollution than a petrol car. According to a study, manufacturing an electric vehicle produces 80% more pollution than a petrol-powered car.

Yes, an eclectic vehicle will not produce pollution while running, there is no doubt about that. But the amount of pollution that is getting produced in manufacturing is huge. In fact, a petrol car will not produce this much pollution in its lifetime, if driven nominally.

8. Electricity Production

70% of the electricity in India is generated from coal. So again to run your electric car, the electricity that is getting produced is again producing pollution.

An electric car may not pollute the environment by running. But it takes a lot of pollution to make it run in the first place. And this pollution will even go up if more electricity is needed to run more electric cars.

9. Battery Recycle

Once the battery has done its job in an electric car, then recycling it will again produce environmental pollution.

Just imagine the amount of battery that will be needed to be recycled if all cars go electric.

Things To Consider Before Buying An Electric Vehicle

The things to consider before buying an electric vehicle are:
1. Parking space
2. Public charging stations
3. Usage
4. Cost of purchase
5. Battery replacement cost

Let me now tell you about some things that you need to consider if you still want to purchase an electric car.

1. Parking Space

The first and foremost thing that you need to keep in mind is the personal parking space. You have to have a personal parking space where you can install the charger. Because you will charge your car mostly at your home for the foreseeable future.

If you don’t have a personal parking space then you are going to have a very hard time charing your car.

2. Public Charging Station

Another thing that you need to keep in mind is the nearby charging station to your home. In case you are not able to charge your car at home then you should be able to charge it nearby to keep it running.

3. Usage

Electric cars come with a fixed range, right? And this range will further go down with time as the battery of the car depletes.

So you should also take your usage of the car in mind. If your usage consists of long-distance travel then buying an EV car will not make much sense.

4. Cost Of Purchase

As discussed, the cost of purchasing an electric car is almost 30 to 40% higher compared to a petrol car. Therefore you should also consider the cost of purchase and your budget before buying an electric car.

The overall cost of ownership of an EV car will be more than a petrol car if used nominally. Also, the cost of insurance is going to be higher for an electric vehicle.

5. Battery Replacement Cost

In electric cars, you will have to pay for the replacement of their battery after a certain period of time. And the cost of a battery in an electric is almost 40% of the overall cost of the car. Therefore you will have to spend a hefty amount on battery replacement after around 10 years.

Are EV Cars Worth Buying?

No, EV cars are not worth buying as of now. They have many drawbacks and their overall cost of ownership is significantly higher compared to petrol cars.

As discussed, there are many disadvantages to electric cars.

Electric cars may need less cost to run but their overall cost of ownership comes out to be greater than petrol cars.

Also, they don’t pollute the environment while running. But their manufacturing pollutes the environment way more than the manufacturing of petrol cars.

And if we talk about the charging infrastructure in India then also you will not going to have peace of mind. You will constantly keep worrying about charging your car.

Keeping all these things in mind, I don’t think electric cars are worth buying right now.

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FAQs

Should I Buy An Electric Car Or Petrol?

The cost of ownership of an electric car is more compared to a petrol car. Therefore you should buy a petrol car over an electric car.

What Is The Disadvantage Of Having An Electric Car?

Higher cost of ownership and no peace of mind are the main disadvantages of an electric car.

Is It Good To Buy EV Cars Now?

No, EV cars come with a lot of disadvantages as of now. Therefore it is not good to buy them now.

Will EV Prices Go Down In The Future?

Yes, it is possible that the prices of EVs will go down in the future.

Is It The Right Time To Buy Electric Cars In India?

No, it is not the right time to buy an electric car in India. We don’t have the basic infrastructure to charge electric cars right now.