Electric Vs Non-electric Vehicle: Here Is How To Choose A Budget-friendly Vehicle

Electric vs Non-Electric: Here is how to choose a budget-friendly car - The  Economic Times

Due to the concessions and offers you receive from sellers as they need to get rid of their old stock, the end of the year is one of the greatest times to purchase a vehicle. What kind of car you should select, though, can be unclear to you. For people to choose their preferred vehicle, there are many possibilities accessible today with a variety of features and looks. * ##


You must take into account a few factors if you need help deciding between buying an electric or non-electric vehicle. The budget and interest rates you will be required to pay when taking out a car loan are two of the most crucial factors. It might be a car or a motorcycle, but you must carefully consider your options to prevent making poor choices in the future.


The cost of purchasing an electric vehicle is high. But, you can save a lot of money over the long run because of a variety of advantages like cost-effective maintenance expenses, environmentally friendly features, and a lack of concern over increasing expenditures due to growing fuel prices. Make sure you choose a reasonable EV policy in India. Currently, several state governments are providing tax benefits for environmentally friendly vehicles. You can purchase an electric car and receive a tax credit. * ** ##


Plug-and-play capabilities are common in electric automobiles. Hence, anyone with a rudimentary understanding of driving may operate these cars. Also, since electric automobiles don’t have gears, controlling them is simple. Many established and emerging businesses are introducing electric automobiles to the Indian market. Some are just getting started, while others have already taken off and become well-known. It makes sense to take your purchasing decision seriously if you plan to keep your vehicle for 10-15 years or even longer. You will also need to get adequate electric bike insurance.


Further advantages you might experience when purchasing an electric vehicle, besides comfort and functionality, include more affordable funding alternatives. Compared to non-electric vehicles, several lenders offer reduced credit rates for electric vehicles. Before making a choice, it would be essential to analyse your overall costs, including maintenance, repair, and recharge. ##


Yet, since non-electric vehicles have been extensively tested in Indian markets, there is little possibility that they will encounter problems. Although these cars are less expensive than electric ones, their high maintenance and repair costs result in a higher overall cost. While purchasing these automobiles, you frequently incur substantial taxes that vary based on the type. Also, there is no lender concession when you choose a car loan, and if your credit is bad, you can be charged a higher interest rate. ** ##


It is crucial to keep in mind that before comparing interest rates from several lenders, you must first determine your budget. You can make a call once you know the budget. Then, you can review the vehicles, producers, and features in accordance with your needs. You can then choose what best meets your demands and those of your family while remaining within your budget. ##


You may compare the interest rates for both electric and non-electric vehicles in the table below. You can make a choice based on your qualifications and needs. Getting electric bike insurance is mandatory by law.


In conclusion, choosing between an electric and non-electric vehicle can be a daunting task, but it ultimately boils down to your budget and personal preferences. Ultimately, both types of vehicles have their advantages and drawbacks, and the choice depends on your specific needs and priorities. Additionally, compare various electric vehicle insurance policies to settle for the best that suits your needs.



* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply


Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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