The country is at the cusp of a revolution, as the government is determined to encourage the sales of electric vehicles (EVs). However, it is difficult to replace vehicles that you are familiar with and have used for years.
EVs are cars that are propelled by one or more electronic motors that utilize stored energy in rechargeable batteries. Currently, the three types of EVs available in the market include solar-powered vehicles, hybrid cars that use batteries and internal combustion, and onboard battery-powered cars.
Over the last few years, there has been an increasing interest among Indians for EVs. Several industry leaders expect these vehicles to have a promising future. The youth is driven by environmental conservation, innovation, and sustainability, which may boost the sale of EVs. The manufacturers are also trying to ensure the indigenous availability of electric cars, which makes them more affordable.
Here are three reasons why your next car should be an EV:
1. Lower maintenance costs
As the number of moving parts in EVs is lesser, they have lower repair expenses. Generally, the batteries are under warranty, and several manufacturers offer long-term coverage. You will only need to repair or replace brake pads and tires, which reduces the overall maintenance costs.
2. Higher resale value
EVs provide smoother transmission and lesser wear-and-tear. Companies are constantly trying to improve the capacities of the batteries. They are also increasing the number of charging stations. These initiatives help in increasing the popularity of EVs. The resale value of EVs is higher than traditional vehicles, and many newer models may retain 60% of their original value even after three years. Some companies also offer buyback, ensuring a better resale price.
3. Government incentives
If you buy an EV either with cash or through a car loan online, you need to pay any registration fees and road. The government provides additional subsidies to encourage people to buy EVs. Some states offer free parking for EVs at malls and government lots. These concessions help reduce the vehicle’s cost, which lowers the amount required for car finance.
Having seen the benefits of EVs, here is how vehicle loans can be advantageous:
- Finance available for different types of cars
- Customized solutions as per your requirements
- Affordable rate of interest
- Minimal documentation and simple car loan eligibility norms
- Flexible repayment tenure of up to five years
Most banks and non-banking financial companies (NBFCs) like Mahindra Finance offer vehicle loans. You can visit the Mahindra Finance website to apply for a car loan and know about its terms and conditions.