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Tata Capital > Blog > Loan for Vehicle > Charging Ahead: Exploring the Numerous Advantages of Electric Cars

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Charging Ahead: Exploring the Numerous Advantages of Electric Cars

Charging Ahead: Exploring the Numerous Advantages of Electric Cars

Our world has been battling issues like climate change and the depleting ozone layer for years. While looking for the underlying causes, policymakers discovered that the transportation industry is one of the biggest contributors to global pollution. In 2022 alone, vehicles were responsible for causing over 7.9 million metric tons of CO2 emissions.

In the quest to attain a more sustainable and environmentally friendly future, electric vehicles (EVs) emerged as a transformative force in the automotive industry. Boasting their zero-emission design, innovative features, and cheaper maintenance cost, EVs quickly became a fan favourite.

Have EVs managed to pique your interest as well? Join us on this ride to learn more about the numerous advantages of electric cars.

Growth of EVs

The automobile industry is undergoing a revolution, an EV revolution, to be specific. In 2020, a mere 5% of all the new vehicles sold were electric. Just three years in, the numbers have soared to 14% of all car sales.

India, in particular, is looking to drive the EV adoption rate. The government has called for the initiative of 30@30, a plan that aims to have 30% of all car sales be electric by 2030. The government has also launched the FAME subsidy to fuel this initiative and worked on improving India's charging infrastructure.

The government's ambitious targets and increasing consumer awareness and interest have propelled the Indian EV market to promising heights.

Benefits of electric cars

Looking to switch towards EVs? Of course, there are environmental benefits of electric cars, but you can also experience the following advantages of electric cars:

1. Zero Carbon Emissions:

The biggest highlight of EVs is the reduced carbon emission. Imagine a whopping reduction of almost 8 million tonnes of carbon emissions. If all vehicles are switched with this greener alternative, humanity will be able to control greenhouse emissions and save the depleting fossil fuel reserves. 

2. Lower Operation Cost:

Wondering how much do you save with an electric car? The answer is much lower than you initially imagined. According to research, you will spend around Rs 76 for every 100 KM you travel in an EV. For a standard car of a similar build, the cost of fuel skyrockets to Rs. 647 for the same 100 KM range.

Essentially, owning a standard motorcar will be eight times more expensive than the latest electric car models.

3. Lower Maintenance Cost:

Apart from operating the EV, you will save a lot on maintenance costs. The reason for that is simple: electric cars have fewer moving parts.

Unlike the standard ICE motor cars, EVs do not require coolant systems, power steering fluids, or transmission fluids. With fewer parts to complicate its machinery, maintaining an EV becomes much easier and cheaper in the long run.

4. Quiet Operation:

Urban areas are plagued with a noise pollution problem. In the case of India, where the permissible noise limit is just 50 dB, urban areas recorded a noise level of 77.9 dB—a jump of more than 50%. One of the biggest contributors to India's noise pollution issue is none other than its vehicles.

Electric cars have thus surfaced as a viable solution. Known for its quiet operations and silent commute, EVs can slash the noise levels to a large extent. 

5. Cutting-edge Technology:

A noble and greener cause is not enough to attract most customers. Knowing this, the top EV manufacturers worldwide have invested heavily in R&D and advanced technological features.

Forget mere functions like GPS; the current generation of EVs comes with Advanced Driver Assistance System (ADAS), Geo-fencing technology, remote diagnostics, digital infotainment systems, and much more. As a cherry on top, these cars also have capabilities like regenerative braking and battery heat management systems, making them one of the most futuristic automobile solutions in the world.

6. Increased Range:

Gone are the days when electric cars could only go a few miles before running out of battery. The current generation of electric vehicles can now produce a range on par with the standard motor cars on the market.

Tesla's Model S, for example, can deliver a range of 405 miles on a single charge. On the other hand, Tata's Nexon can also reach a distance of 465 KM on a single charge. Knowing that EVs are taking baby steps now, you can expect these numbers to go on a new level in the coming years.

7. Attractive Designs:

Although the environmental benefits of electric vehicles are unmatched, you should also choose an EV to cater to your interests. A big contributor to that factor is its extensive collection of futuristic designs. Big players in the automobile industry, like Tata, Mahindra, and Tesla, are betting big on the performance as well as the aesthetics of their vehicles.

Today, most of the electric cars available in the market will sport a sleek ergonomic design, a dazzling range of colours, and a compact futuristic build. Your latest EV is bound to be a head-turner when taken out on the streets.w

8. Tax Benefits:

The government is pushing the public to switch to electric cars, evident from the subsidies and tax benefits they offer.

According to section 80 EEB of the Income Tax Act, individuals can claim tax deductions up to Rs. 1.5 Lakhs on the interest paid to their EV purchase. With a hefty tax deduction like this, individuals have thronged into electric car showrooms to get their hands on a dazzling new EV.  

The bottom line

Multiple advantages of electric cars are leading to the growth of EVs in India. It is not merely a technological shift; it signifies a collective commitment to a sustainable future. As the EV infrastructure expands, the transition to electric vehicles becomes not just a choice but a responsible step towards a cleaner, greener, and cost-effective future.

Financing your dazzling new electric car with Tata Capital is now easier than ever. Empowered by our digital process and quick approvals, you can now get the funds to finance your EV purchase within just a few days. Take advantage of our competitive interest rates and apply for a used car loan today

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