Are EVs the wallet-friendly choice in the long run? Let's compare!
Cost comparison of 2 & 4 Wheeler EVs with Traditional Vehicles.
Cost: EV v/s TRadtional Vehicles
Using the Nexon as an example, the price difference ranges from -INR 50K to +INR 56K (or even +2.6L in certain EV models).
On-Road Cost: EV v/s Traditional 4W
EV 2-wheelers can range between INR 1.22L to 1.76L. For ICE 2-wheelers, the price is INR 1L to 1.84L.
On-Road Cost: EV v/s Traditional 2W
Banks like SBI, Axis, and HDFC offer 8.65-9.35% rates on 4-wheeler EV loans, compared to 8.9-13.1% on motor vehicle financing.
Cost Of Financing
Insurance Costs from an independent provider for EVs tend to be 25-60% higher than ICE.
Insurance Cost:
According to our estimates, EVs cost only about one-tenth of ICE vehicles, around INR 12 per km.
Operating Costs
