Five key factors that drive an EV purchase

0
120
electric vehicles

“Besides being the preferred choice of an environment-conscious individual, electric vehicles are gaining popularity among a large chunk of buyers because of the multiplicity of advantages they offer. Since there are lots of drawbacks also attached to EV ownership, one must make an informed decision before deciding to make a changeover. We highlight five critical factors which need to be considered before purchasing an electric vehicle.”

Source link: https://www.energybite.co.in/blog-post/five-key-factors-that-drive-an-ev-purchase/

An environment-conscious citizen’s plan to buy an electric vehicle is quite understandable as EVs have hordes of green advantages over their fossil fuel-run alternatives. In fact, following an aggressive campaign launched by the Government with the support of the industry, more and more people are exploring the EV option now.

Moreover, with the constant evolution of technology and the gradual strengthening of charging infrastructure, it won’t be a surprise that electric vehicles take over the automobile market in not-too-distant a future. The significance of saving the planet by merely driving a more environment-friendly vehicle is increasingly gaining popularity. And that is a healthy development, without a doubt!

electric vehicles

But it is also essential to know that even though buying an electric car for saving the environment is a noble goal in itself, there are several key factors that need to be taken into account before making the purchase. Here we discuss the five most important factors that have to be taken into account before making a switchover to an EV.

  • With the constant evolution of technology and gradual strengthening of charging infrastructure, it won’t be a surprise that electric vehicles take over the automobile market in not-too-distant a future.
  • Factoring in the objective of purchase can narrow down the best choice of vehicle required. EVs are more suitable for young urbanites who can afford, as well as use, their vehicle more efficiently.
  • EV batteries are priced significantly higher and also a lot of vehicle parts are not readily available. In most cases, an EV can be serviced or repaired only at an authorized outlet making the ownership cost go up.
  • Many people purchase their vehicles for long trips, travelling between cities or even across the country. Such car enthusiasts would obviously be discouraged from going in for an EV.
  1. Purchase objective

The first question that needs to be answered is if the electric vehicle purchase is a practical choice for you and your family? Cars and other auto vehicles are a convenience purchase – you need these to commute to the office, college, or drive your kids to school, etc. Factoring in the objective of purchase can narrow down the right choice of the vehicle required. EVs are more suitable for young urbanites who can afford as also use their vehicle more efficiently.

  1. Charging stations

The availability of a charging station at a convenient distance is another major factor in the EV-purchase decision. After having firmed up one’s mind to buy an EV, one should delve into exploring the charging facilities available nearby, or consider the installation of a charger at home. Although the fuel cost is significantly cut down by owning an electric vehicle, it is essential to have a charging station nearby to fulfill the vehicle’s charging requirement. Installation of a charger at one’s own premises is, of course, the most convenient option but it is quite an expensive affair.

  1. Affordability factor

Buying an EV is a Nature-friendly step, but it is also a bit pricey.  With fewer options to choose from, electric vehicles tend to be priced higher than their fossil fuel alternatives. By being conscious of one’s budget and keeping an eye on the new variants coming into the market with regular frequency, it has to be a well-thought-out decision. With no fuel change or engine repair costs, it is imperative to consider that EVs would have a cheaper maintenance budget, but sometimes the opposite is also true. EV batteries are priced high and also a lot of vehicle parts are not readily available. In most cases, an EV can be serviced or repaired only at an authorized outlet, making the ownership cost go up significantly.electric vehicles

  1. Driving Range

One of the biggest drawbacks of buying an electric vehicle is the driving range of such vehicles. Before making the booking, one needs to understand their usage and areas the vehicle would be driven in. Many people purchase their vehicles for long trips, traveling between cities, or even across the country. Such car enthusiasts would obviously be discouraged from going in for an EV with its low driving range and uncertainty of procuring a charger for its battery.

  1. Tax benefits

Buying an EV is largely beneficial with the multiplicity of tax benefits and subsidies being provided by the Centre and various state governments. In order to discourage petrol/diesel-driving, the Government is expected to come up with more incentives in times to come making an EV purchase decision all the more lucrative.

Although electric vehicles have many a drawback as of, for now, their zero-pollution advantage is winning over many buyers. The pace of infrastructure for supporting green vehicles is also a tad slow, but there is no denying that it will pick up the pace soon. Once the things get sorted – and that won’t take too long – an EV will be the first choice of every vehicle-buyer in the country.