The question of whether to invest in an electric vehicle (EV) in India during 2024–25 is becoming increasingly relevant as the Indian government pushes for a transition to electric mobility. With a dedicated budget of $6.5 billion for EVs, the landscape is rapidly evolving. Currently, India has approximately 6,000 to 7,000 charging stations, but the demand is estimated to be around 400,000.
Charging Infrastructure: Is India Ready?
One of the most common concerns is the availability of charging infrastructure. If you live in a city and have your own parking space, installing a home charger can significantly mitigate charging issues. For those without private parking, charging can be more challenging, especially in rural areas where petrol stations are far apart, making EVs a more convenient option.
Long-Distance Travel: Planning is Key
For highway travel, charging points are becoming more common within a 200-300 km range from major metro cities like Mumbai, Delhi, and Bangalore.
However, for longer trips of 1000–1500 km, careful planning is essential. The good news is that many car brands are working towards standardising charging systems, making it easier to find and use charging points.
Cost Considerations: Are EVs Economically Viable?
The initial cost of EVs has decreased significantly. While the price difference between petrol and EV models was once 5-7 lakhs, it has now reduced to 80,000 to 3,00,000 rupees.
The running costs of EVs are also lower, as electricity prices are more stable compared to petrol and diesel. Maintenance costs are reduced as well, with fewer components like engine oil needing regular replacement.
Resale Value: What to Expect
The resale value of EVs is still developing, as the market is relatively new. However, demand and supply will ultimately dictate retail prices. As more people adopt EVs, the resale market is expected to stabilise.
Final Verdict: Should You Buy an EV Now?
If you have access to charging facilities and plan to use the vehicle primarily within city limits, an EV can be a cost-effective and environmentally friendly choice. The current subsidies and lower GST rates make it an attractive option. However, if you lack private parking or have minimal daily driving needs, it might be worth waiting until the infrastructure develops.
Conclusion
India’s shift to electric vehicles is gaining momentum, supported by government initiatives and growing infrastructure.
While challenges remain, particularly in charging availability and long-distance travel, the benefits of reduced running costs and environmental impact make EVs a compelling option for many. As technology advances, the decision to invest in an EV will become increasingly viable for a broader range of consumers.