Reasons to buy or not to buy an EV in 2024: Enthusiasts speak out

The initial purchase cost of EVs is still high compared to IC engine cars. However, as EVs are becoming more popular, the gap is reducing.

BHPian Omkar recently shared this with other enthusiasts.

EVs have seen wide acceptance in India over the past few years from the people as well as the government. Nirmala Sitharaman, Minister of Finance & Corporate Affairs in her interim budget speech stated that the government will strengthen and expand the EV ecosystem from manufacturing to charging infrastructure (Source). The number of electric vehicles in metro cities is on the rise and we regularly see news from manufacturers hitting new sales records with their EVs.

Things aren’t all rosy though. The global EV market is also changing, and we’ve seen the graph flatten. There have been reports stating that EV sales could decline globally this year. Some automakers have even gone on to say that “EVs aren’t working” (Source). India specifically is still in the growth stage, but there are still some challenges.

High initial purchase cost:

The initial purchase cost of EVs is still high compared to IC engine cars. However, as EVs are becoming more popular, the gap is reducing. Also, most importantly, with battery cell prices having softened in the recent past, manufacturers like MG and Tata have extended the benefits to the customers by reducing the prices of their cars.

Rapid development:

The kind of development we've seen in just 4-5 years is incredible in the EV space. Just see how much the Tata Nexon EV has developed since its launch in 2020. Not only that, we're constantly seeing more development in EV technology internationally. So, it's bound for some people to think that they'd rather wait for the next-gen EVs that would make the current lot of EVs obsolete.

Battery range:

As is the case with technology, we’ve seen improvements in battery technology and packaging. The real-world range for most cars is now ~300 km which is good enough for city use and the occasional highway trip. And while that may be enough for some people, people who love doing very long trips, the ~300 km range might not be enough.

Improvement in the charging infrastructure:

We’ve seen BHPians do 1,500-2,000 km road trips in EVs taking full advantage of the improved charging infrastructure. However, there have been cases where the charging station wasn't working or completely occupied, which left the travellers stranded. The charging infrastructure is still improving and is much better than it was a few years back.

Lack of options:

We have been seeing a lot of EV launches, but the options are still limited. However, this might not be the case for long as manufacturers are planning on introducing a lot more cars in different segments. Maruti Suzuki will be introducing the eVX this year and Tata also has a bunch of EVs lined up. All in all, this year and next we will see a lot of EVs being launched in the Indian market.

Uncertainty regarding battery life and repair costs after 5-7 years

This is a factor that hasn’t changed much. Some manufacturers like MG have buyback options after ownership of 3 years or so. However, doubts over long-term ownership still prevail among car buyers.

Of course, there are more case-specific reasons like the unavailability of parking space for the installation of a home charger, long charging times compared to IC engines, safety concerns, etc. These reasons aside, there are a lot of benefits as well for you to buy an EV. The real question is, has your perception towards EVs changed from what it was a few years back? Would you buy an EV today? If not, why would you not buy an EV?

Here's what GTO had to say on the matter:

I voted for "need more options", "love my petrol & diesel cars" and "other".

Do note that I absolutely love the current breed of EVs. But I'm waiting for more fast EVs to come, like the EV6 & BYD Seal. Am also waiting for big EV SUVs as we're starting to feel the need for a large family SUV (like the stunning Kia EV9).

But even then, it'll be a tough pick between EV & ICE. As an example, I'd be pretty darn confused shopping between a Kia EV9 and a pre-worshipped GLS, X5 / X7 or Cayenne.

Here's what BHPian Samba had to say on the matter:

There are times I cover 1000+ km in a day. I visit remote places where electricity is not stable. There are days local home-stays use generator for electricity. Last time when I was at Kaza in January, there was no electricity for the whole three days I was there. Local petrol bunk dispensed fuel manually.

With my type of usage, at most I can consider a strong Hybrid, but not an EV as my primary car.

Being said the above, I won't mind an EV like the Comet or the Tiago for my local city usage. Small foot print, automatic transmission, fun to drive, low running cost with an on-road price of less than 10L should be good!

Here's what BHPian vattyboy had to say on the matter:

Cars 24 guys in my city told me that they don't buy EVs when I got my Compass evaluated by them recently, they told me that there is very little demand for EVs in the used car market, which means the resale value of EVs is low and on top of that there is the uncertainty of battery life, reliability and repair costs in the long term.

Also, if I buy an EV then I will pay a couple of lakhs more than its ICE counterpart. Okay, additional money spent I will recover in a couple of years but again down the line I will get low resale value and in that, I will lose some money. So overall money spent will equal out with its ICE counterpart.

But yes if the person loves Crazy acceleration and contributes to saving Environmental pollution then EVs are the best bet

Here's what BHPian Axe77 had to say on the matter:

On the topic at hand, I’m simply not convinced about EVs yet. At this point, battery tech continues to evolve far too quickly and I fear that it will be a depreciation disaster whatever EV one buys today.

My sense at this point too is that even if I buy a car 3 - 4 years from now, I will likely veer to a strong hybrid or turbo petrol more than an EV. If I do buy an EV, it will likely have to be at such a price point where I don’t mind owning it for 5 - 8 years and at the end of that period, mentally I should be willing to write off the entire purchase amount (i.e. get whatever I get at the end of it, which could even be zero). I doubt I’d want to buy one unless it has a minimum real world range of 500 kms and comes within a 25L price point (if I’m to be willing to write it off completely).

Simply put and as an example, if I had to plonk cash on a second car today, I think I’d much rather buy a Camry / Hycross strong hybrid as a 10 - 15 year purchase rather than an MG ZS EV / Ioniq EV as a 6 - 8 year purchase. Of course the sophistication and performance of the EVs will continue to play on the mind but the ownership longevity and practicality of the strong hybrid will be the counter pull.

Here's what BHPian Rajeevraj had to say on the matter:

Pretty much checked all options. They are still expensive, choices are limited, range for me is a concern. I even like to avoid filling petrol in the middle of a trip. My Vento with its close to 60 liter tank capacity takes me 500+ km easily before I need to refuel. I would like to see EVs comfortably hit that range while driving at allowed speed limits.

Home charging infra is still a problem especially in apartments with the rules and approach not stabilized yet. While on road charging infra is expanding rapidly, it is still limited and with the charging speeds of EVs, my sense is that it will become a bottleneck as EV adoption scales.

Keeping all that aside. One major niche reason for me. Where are EV Sedans? My first choice is always a sedan. There seems to be one fantastic but expensive option coming which is the BYD Seal which seems to address 2-3 of the key concerns.

I would also prefer a plug in hybrid which would give the best of both worlds. Not sure why there is not enough focus on that.

Finally all this is assuming a single car garage. If it is a 2nd City run about, one can compromise on some of these issues.

Check out BHPian comments for more insights and information.