The automotive industry is going through a great transformation globally as governments, companies and people have become environmentally conscious. Together, they are constantly striving to invest in commodities and a lifestyle that is sustainable.
A gradual change has been observed in consumer behaviour with regards to preferences while investing on goods. The Indian Electric Vehicle market also witnessed a similar inclination on the purchase of electric vehicles owing to its environmental and long term economical benefits.
This inclination that holds a great potential in itself for an EV market to prosper, has also come with its own set of challenges to seamlessly adapt to this new market requirement.
There are multiple reasons why the world today has its eyes on EV Vehicles. Let’s understand what has led to the growing need of EV vehicles and why many people have shifted to buying EV vehicles.
Here are top reasons for you to consider switching to an electric bike –
1. Long-term cost benefit
One of the foremost reasons to buy an EV vehicle is its highly cost effective nature of investment in the long run! With the changing time, every household has the vehicles equal to the members staying in the house. The soaring fuel prices not only affects one, but the entire family’s money spending routine to address the need of the vehicle.
An EV bike might cost a couple of thousands extra than a fuel based vehicle, but surely the cost is recovered in no time!
2. Less harmful to the environment
We’ve all known for years the damage that fuel based vehicles do to the environment. Since EV works on batteries, they are comparatively less harmful to the environment. Together with your family, you can reduce your carbon footprint. Take a step forward with EV in saving the environment from the pollutants that can be avoided.
3. Low maintenance cost
Electric vehicles come with low maintenance cost as compared to fuel based vehicles. The engine life no longer suffers the way it does in fuel based vehicles. The speed, battery life and the functioning of an EV vehicle is much more supportive compared to others in the long run. It may not give the thrill of speed, but definitely saves from unnecessary body damages of the vehicle.
4. Government Incentives
The Government of India is taking all the steps needed to ensure a sustainable lifestyle option is made accessible to all of its citizens. The government has launched various schemes, tax benefits and concessions on registration fees as a part of their active interest and promotion of electric vehicles in the country.
5. Comfortable charging options -
Avoid the long queues at fuel stations with EV! The at-home charging options that EV provides are surely a time saver. When we plan our day better, EV definitely helps us save our time and plan hassle-free travel for work or leisure activities. With companies and governments trying their best to launch battery charging stations at various locations in the country, battery life is no longer a challenge when considering electric vehicles.
6. Tax Benefits
Apart from the usage benefits, EV also qualifies for a great tax return on buying one. Since the governments globally are making an effort to increase the usage of EV in the market, one of the celebrated moves deals with tax return benefits for individuals who choose electric vehicles over a fuel based one.
Section 80EEB of ITR, ensures your tax benefit of up to Rupees 1.5 lakh invested on an electric vehicle. You can read more about the laws under the FAME II scheme of the Indian Government.
