Why You Should Wait For An EV Before Buying A New Car

EVs are steadily becoming more feasible and practical options for car buyers and owners. The revolution in EVs has completely swept India, with a future transition being unavoidable. However, pricing has remained a deterrent towards faster adoption of these EVs throughout the country. Union Transport Minister, Nitin Gadkari, has previously stated that prices of EVs will be almost similar to regular ICE vehicles by the year 2024. The same timeline was given by him at the annual Indian Chamber of Commerce session and AGM for FY21, sometime later. He stated that EV costs will rapidly fall in two years, remaining at par with petrol versions.

Here's why you can consider waiting for an EV before investing in a new car once again:

1. Drop in prices- Prices of EVs are still higher than ICE versions by at least 50% as per reports. The Nexon petrol model comes from INR 7.29 lakh onwards (ex-showroom, Delhi) while the EV model comes from INR 14.24 lakh onwards (ex-showroom, Delhi). Lowering EV prices will mean that you can purchase a futuristic car at the same price within 1-2 years.
2. High fuel costs- Diesel and petrol cars are impacted by record-high prices of diesel and petrol. Running and maintenance costs have increased considerably for regular cars.
3. Improvements in infrastructure- Buyers often worry about the absence of suitable electric vehicle infrastructure in the country. However, while it will naturally take more time to establish a network at par with conventional diesel and petrol models, it will ultimately happen. There is significant expansion of charging and other infrastructure. Nitin Gadkari has also assured citizens about the Government taking the initiative towards establishing 600 charging points for electric vehicles by 2023, across all major Indian highways. At the same time, the country is also focusing on usage of charging stations that make use of renewable wind and solar-based electricity. Private companies are also playing a crucial role in expanding EV infrastructure throughout the country.

Looking at these factors, it might make sense to wait it out a little more, and invest in a futuristic EV.