Should You Buy An Electric Or Non Electric Vehicle Compare Lowest Car Loan Interest Rates

Electric vehicles are becoming popular due to various reasons. Lower running costs, lower maintenance costs, zero carbon emission and reduction in air pollution with electric vehicles, conversion of 59 to 62% of energy into vehicle movement, etc. make them a good choice of vehicle to buy compared to non-electric vehicles. But, these are some of the pros. There are cons as well. Read on to find out whether you should buy an electric or non-electric vehicle.

Compare the lowest car loan interest rates if you are planning to buy an electric vehicle. 

Pros and Cons of Electric Cars 

Pros of Electric Cars

• Lower Running Costs: Electric vehicles use electricity to charge batteries. The monthly running costs are a fraction of cost for petrol or diesel. The cost of charging an EV will be just a fraction of spending on petrol for the same mileage. 
• Lower maintenance costs: An electric car is designed in such a way that you will end up spending less on servicing and upkeep. They have fewer moving parts which do not need as many fresh fluids or filters. Singhee said that Tata estimated around Rs. 25,000 in maintenance over a five-year period. On a petrol or diesel variant, you will end up spending Rs. 7,000 to 10,000 a year.  
• Environmentally friendly: Electric vehicles use renewable energy sources, so, you do not have to worry about rising fuel costs. Also, due to this, they are eco-friendly. 
• Easy to Drive: It is easy to drive electric vehicles since they do not have any gears. So, anybody can drive them easily without learning the complicated controls of usual vehicles. 
• Cost Effective: Buying an electric car could cost you taking into consideration the tax and other benefits some states provide for buying these vehicles. 

 Cons of Electric Cars

• Higher purchase cost: The upfront cost for electric cars is very high in spite of running and maintenance costs as well as tax incentives. You can buy a bigger non-electric car for the same price. 
• Lack of infrastructure: Though it is possible to charge the electric car at home,  charging it at a public charging station is cheaper. But, there are very few such stations. Public and private companies have built station networks and are planning for more.   
• Longer Charging Time: It will take at least 6 to 8 years to charge your electric car at home. But, it will take just a few minutes to fill your non-electric petrol or diesel car. Even with fast chargers and bigger batteries, it will take 35 to 60 minutes to gain an 80% charge. 
• Limited Driving Range: A single charge will provide mileage for 200 to 400 Kms to the maximum. So, due to the lack of charging stations, electric cars are not good for long drives.  
• Limited choice: There are only a few luxury cars in the market for the masses as well as in the luxury segment. A few more may come up. Although the government has promised more incentives to electric car manufacturers to increase the numbers, currently the options are low. 
• Cost of Insurance is high: Electric vehicle insurance is costlier compared to non electric cars due to expensive batteries and high-five technology. 

Pros and Cons of Non-Electric Cars

Non-electric cars are affordable and there are lots of varieties. Anybody can buy non-electric cars as they are available in all budget categories from basic to premium. However, the maintenance cost of these vehicles is high. As fuel costs continue to rise, using and maintaining these vehicles over a long period of time will be expensive. These non-electric cars are also not eco-friendly and not maintaining them properly will pollute the environment. 

How Should You Decide To Buy A Car?

Whenever you buy a new car, it is essential to examine its features and then see if they fit in with your requirements. Also, it is important to check how much you can spend and choose a car that fits in your budget. Before you buy a car, compare the total cost and interest rates offered by various banks. Lenders provide attractive interest rates on electric cars, but ultimately the finance for your loans depends on your credit score, employment stability, and existing loans. 

Comparison of interest rates for Electric and Non-Electric Vehicles 

Conclusion

It is indeed difficult for people to choose between electric and non-electric vehicles. So, one must make the choice based on budget, efficiency, comfort, and suitability. 

FAQS Should You Buy An Electric or Non-Electric Vehicle_ Compare Lowest Car Loan Interest Rates

1:What are the disadvantages of electric vehicles? 

The disadvantages include locating charging stations, higher purchasing costs, limited driving range, and expensive batteries. 

2:Are loans available for electric vehicles? 

Banks like SBI, Axis Bank, and Union Bank provide auto loans especially for electric vehicles at comparatively lower interest rates. You can avail these loans for both two-wheelers and 4 wheelers.  

3:Is car insurance more costly for electric cars? 

Yes, electric car insurance is more expensive compared to insurance for conventional vehicles. This is because electric vehicles are costlier to buy, maintain, and repair. So, insurance providers levy a higher coverage on their owners.The savings you make on gas and tax incentives may compensate for your policy’s extra price. 

4:Which demographic is higher for electric cars? 

Generally, there are more car buyers in males than in females with nearly three in 58% being men compared to 42% being women. This difference is even higher for electric vehicles with 68% being males and 32% being females. 

5:How long do electric cars last? 

Most manufacturers give a warranty of five to eight years on their battery. However, according to current projections, they will last for 10 to 20 years  before being replaced.