Answer: Yes, electric cars are generally cheaper in the long run due to lower running and maintenance costs compared to petrol or diesel cars.
Here’s a detailed breakdown of why this is the case:
1. Lower Running Costs
| Aspect | Electric Cars | Petrol/Diesel Cars |
|---|---|---|
| Fuel Cost per km | ₹1–₹2 | ₹7–₹10 |
| Annual Running Cost (15,000 km) | ₹22,500–₹30,000 | ₹1,05,000–₹1,50,000 |
Why It’s Cheaper: Electricity is significantly cheaper than petrol or diesel, and EVs are more efficient in converting energy into motion.
2. Minimal Maintenance Costs
| Aspect | Electric Cars | Petrol/Diesel Cars |
|---|---|---|
| Components to Maintain | Fewer moving parts (motor, battery) | More complex (engine, transmission, oil) |
| Annual Maintenance Cost | ₹5,000–₹10,000 | ₹15,000–₹30,000 |
Why It’s Cheaper: EVs don’t require oil changes, spark plugs, or exhaust system repairs, reducing regular maintenance expenses.
3. Long-Term Ownership Costs
| Cost Over 5 Years | Electric Car (Tata Nexon EV) | Petrol Car (Tata Nexon Petrol) |
|---|---|---|
| Initial Cost | ₹16.49 lakh | ₹8.00 lakh |
| Running Cost (15,000 km/year) | ₹1,12,500 | ₹5,25,000 |
| Maintenance Cost (5 years) | ₹25,000 | ₹75,000 |
| Total Cost | ₹17.86 lakh | ₹14.00 lakh |
Why It’s Cheaper: While EVs have a higher upfront cost, their lower running and maintenance expenses help recover the difference over time.
4. Government Incentives
| Incentive | Details |
|---|---|
| Subsidies | Up to ₹1.5 lakh under FAME II |
| Tax Benefits | ₹1.5 lakh deduction on EV loan interest under Section 80EEB |
| State Benefits | Reduced road tax and registration fees in many states |
Why It’s Cheaper: Government incentives significantly reduce the effective purchase price of EVs.
5. Depreciation and Resale Value
| Aspect | Electric Cars | Petrol/Diesel Cars |
|---|---|---|
| Depreciation | Higher initially | Slower depreciation initially |
| Resale Value | Increasing demand for EVs improves resale value over time | Moderate resale value |
Why It’s Cheaper: As EV adoption increases, their resale value is expected to improve, narrowing the gap with petrol/diesel cars.
6. Environmental and Social Savings
| Aspect | Electric Cars | Petrol/Diesel Cars |
|---|---|---|
| Emissions | Zero tailpipe emissions | High carbon emissions |
| Noise Pollution | Silent operation | Noisy engines |
Why It’s Cheaper: Although not a direct financial saving, the environmental benefits of EVs contribute to a sustainable future, reducing societal costs of pollution and climate change.
Conclusion
Electric cars are cheaper in the long run because of their lower running, maintenance, and ownership costs. While the initial purchase price is higher, government incentives and long-term savings make EVs a financially sound choice over time, especially for those who drive frequently or over long distances.
If you’re looking to save money while contributing to a cleaner environment, an electric car is a smart investment.
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