If you are planning to buy a new car, then the electric cars currently available on the Indian market may be your ideal choice. In this article, we will show you the benefits of buying an electric car in India!
“Change is the only eternity in life!” Change is part of our lives, and most people work together to achieve positive changes that benefit society. As far as the automotive industry is concerned, one of the biggest changes we have seen in recent years is the advent of electric vehicles. Seems to be a perfect future!
Low Maintenance Costs
The first and most important reason that allows you to buy an electric car is the cost of protection. If you buy a car with an internal combustion engine.
It will have higher mechanical components, so you may encounter more complex and protective problems. And because of its simple shape and ease of use, its storage cost is lower. This is one of the major benefits of an electric car in India
EVs have NO noise of their own
Another advantage of electric cars over current cars is peace of mind. Common sense is simple, there is no engine under the hood, so there is no noise. The function of the motor is so quiet, you can even browse the e-book inside.
Considering the realistic and quiet side of car interiors, electric cars can usually provide a more comfortable experience due to their completely silent operation. Manufacturers must carry false sounds so that pedestrians are not afraid of them.
Low Running Costs
Another big advantage of electric vehicles over traditional IC vehicles is the cost of ownership. For example, if you look at Hyundai Kona, it can travel about 450 kilometers on a single charge, and the operating cost even drops to less than 1 US dollar/rupee. Kilometers.
That’s great, isn’t it? Considering your India, this is the most important of all the benefits of buying an electric car.
Fuel Price Hike
Are you worried about fluctuating fuel prices? When you buy an electric car, you don’t have to worry about the daily fluctuations in gasoline and diesel prices. Although the government changes fuel prices based on world market prices, you no longer need to worry.
Easy Home Charging
You may be familiar with the crowds that pop up at gas stations during peak hours. If you want to refuel on the way to work, you may also be late. In this case, if you only need to plug in the car, an electric car has a huge advantage. It takes 4-5 hours to get home, and then you can move.
Yes, if you have an electric car, your home can be your gas station! The only disadvantage, in this case, is that if one day you forget to plug the machine into the socket, it will appear. Modern electric cars are also equipped with a fast-charging function, which can charge them in 60 minutes!
Easy to drive
All-electric cars from electric scooters to electric buses have no gears. Yes, electric cars are interesting because you don’t have to control the switching mechanism.
A series of buttons or pedals can increase or decrease the speed, nothing more. If you think that an automatic gasoline/diesel car provides you with the same degree of convenience, then we have more advantages than buying an electric car.
If you plan to use or buy an electric car, it is certainly good for the environment. The earth is cut off, the earth is healed, and now we must absolutely consider the environment when making decisions.
Because there are no emissions at all, you can reduce your carbon footprint. Electric vehicles are one of the most sustainable modes of transportation on the market today.
Comfortable Cabin and More Storage Options
We know that we mentioned that the cab is quiet, but if you choose an electric car, you have more legroom, although the front row may provide you with more storage space because there is no gear lever, and the rear There are passengers in the middle of the flat floor of the row and fully enjoy the ride.
Storage options have also been expanded. Since there is no engine this time, there may be front storage under the hood. Compared with electric motors, batteries do not take up much space.
The benefits of buying an electric car are not limited to the car itself. Now the Delhi government also wants you to buy an electric car because electric cars are the future. The Delhi government recently introduced a new electric vehicle policy that will allow you to get more benefits. Up to Rs.150,000.
EVs are future proof
In view of our development direction, electric vehicles are the only future we can look forward to! Fossil fuels may run out at any time, and it is an unfair decision to use all fossil fuels while we are still alive. Fossil fuels, but we are gradually turning to renewable energy, this is definitely the future.
We have renewable solar and wind energy, and they will not pollute the environment! Electric cars are the future you must get used to now.
Tax benefits of buying an electric car in India
Section 80EEB-Withholding interest on purchase loans. In the 2019 coalition budget, the government announced incentives for the purchase of electric vehicles.
Will be rewarded according to the plan. A new section 80EEB was introduced, which allows interest to be deducted from loans for the purchase of electric vehicles from August 2020 to 2021.
The deductions in this section of the eligibility criteria only apply to individuals. This deduction does not apply to any other taxpayers. Therefore, if you are a HUF, AOP, partnership, corporation, or another type of taxpayer, you may not be eligible for benefits
Amount of deduction
According to Article 80EEB, you can deduct interest up to Rs 1.50,000. A single taxpayer can own an electric car for personal or commercial use. This deduction makes it easier for people who own an electric car for personal use to receive the interest paid on a car loan.
In the case of commercial use, according to the provisions of Article 80EEB, individuals can also request withholding tax up to Rs 150,000. Interest payments in excess of Rs 1.50,000 can be regarded as business expenses. To declare a business expense, the vehicle must be registered in the name of the owner or trading company.
Please note that individual taxpayers must obtain proof of interest paid when submitting their tax returns and must have the necessary documents such as tax receipts and loan documents.
Conditions for claiming the deduction
The loan must be obtained from a financial institution or a non-bank financial company to purchase an electric car and be approved at any time between April 1, 2019, and March 31, 2023.
“Electric vehicle” is defined as a vehicle driven only by an electric motor, whose traction energy is only provided by the traction battery installed in the vehicle, and has a regenerative electric braking system that can convert electromotive force. When the vehicle is braking. Convert energy into electrical energy.
Benefits of EV policy, electrification of logistics, and more by Government
Delhi’s new electric vehicle policy aims to improve the economy, reduce the pollution crisis in the city and its surrounding areas, and most importantly, increase the sales and use of electric vehicles. The benefits will be provided to all-electric car buyers in the next three years.
Buying a two-wheeled electric rickshaw or truck now can bring a profit of up to 30,000 rupees, while the purchase of a four-wheeled car with a price of up to 150,000 rupees is the first of its kind in the country.
The Rs 30,000 electric scooter reward is an important step in increasing sales of two-wheeled electric scooters in Delhi.
In addition, to encourage the purchase of electric cars, the government allows electric cars to be sold in India without batteries. Other countries have not yet allowed the cost of electric cars to be reduced because it is a battery pack.
The most expensive part of an electric car. The quotation must include a vehicle that has been tested and sold as a station wagon. The original equipment manufacturer is responsible for guaranteeing, charging, or replacing the battery after the vehicle is sold.
It has a significant economic impact on both the industry and consumers.
Financial benefits of the policy
The directive mentions that the purchase of electric vehicles is exempt from tolls and registration fees.
At present, the road tax is 4% to 10% of the vehicle value, the registration fee is about 3,000 rupees, and the battery capacity subsidy of 5,000 rupees/kWh per EV purchased, 30,000 rupees per kilowatt-hour, shows satisfactory benefits.
Buyers. The first 1,000 electric vehicles or electric four-wheel-drive vehicles receive a subsidy of 10,000 rupees per kWh, with a maximum subsidy of 150,000 rupees per vehicle.
In addition, low-interest credit is being provided to people who want to buy electric cars for commercial purposes, and registration fees and road taxes have been abolished, attracting people to invest in the field. Stationary charging car with battery.
In addition, the cumulative sales of newly purchased cars in the capital are estimated to be about 25%, lower than the current 0.2%. Next year, the goal of establishing 100 charging stations in the city will be achieved.
The next 4 years will be a turning point in the history of electric vehicles in India. This will overcome the trouble of reluctance to buy electric cars because charging on the road has always been a problem for consumers.
Progressive transformation in logistics
Even if it is a delivery service, it needs to include next-generation mobile solutions, such as B. Adapt to the adjustment of the vehicle architecture in the e-commerce field, from large delivery trucks to two-wheelers, optimize the IT platform and route of the platform, and change the delivery time.
A few days were shortened to less than an hour, and changed data was accumulated as an additional service to improve the conversion of existing e-commerce to Q-commerce.
The government-guaranteed incentives are designed to persuade delivery service providers, e-commerce logistics, and courier services to switch to electric two-wheelers. The fleet will use electricity in Delhi until March 31, 2023, and 100% will use electricity until March 31, 2025.
Finally, with the launch of FAME II, the focus must be on high-speed vehicles. If the EV sector is to be developed, this is a better choice for ICE customers. At the same time, there is a huge market demand for two-wheeled electric vehicles.
For the current ratio, this is a huge shift, and the ratio for low-speed scooters will gradually change. As Indian buyers are mainly concerned about prices, even if battery prices rise or fall, cheaper low-speed models may become a turning point for the electric vehicle industry in fiscal years 21-22.
Advantages of the scrappage incentive
Generally, for the automotive industry, recycling is one of the things that buyers dream of. In order to make the transition to electric vehicles smoother and faster, the directive also includes incentives for scrapping.
These incentives are in addition to the subsidies provided by the EU government under the FAME II program (faster implementation and production (hybrid) and electric vehicles).
In addition, the New Delhi EV policy mentions a recycling policy that encourages customers to purchase when scrapping old ICE (internal combustion engine) vehicles and purchasing new EVs.
This is a one-time method. Recycling the problems of the entire automotive industry, making purchases more economical and reliable.
This timely decision will accelerate the transition to clean transportation, thereby curbing the growth of air pollution in the city and surrounding areas. In order for the project to succeed, the manufacturer must also concentrate on reducing the cost of the four units.
Only through consumer-oriented incentives can manufacturers quickly overcome obstacles that force consumers to switch to electric vehicles.
All of these are due to the importance of electric cars and the benefits of an electric car in India. If we want to choose electric cars, we can use them!