Which is a cheaper to own, electric vehicle, petrol or diesel in India

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In this article, we will calculate which is cheaper to own petrol/diesel or an EV. We are doing this in 2024, which may change in the future. We will consider the cost of the vehicle, the price to fill or recharge the vehicle and also the maintenance cost.

In India, people drive around 35/km per day, equating to 245 Km per week, 1050 km per month and 12600 km per year. However, this was a TOI survey from 2018. This may vary depending on the city, how better the public transport is and more. But we will consider this a base.

We will use Tata Nexon because we have EVs and petrol and diesel on the same platform. It will be easy to compare and calculate which is cheaper to own petrol/diesel or an EV.

Tata Nexon

Should I buy tata nexon ev

We will consider the cost of the vehicle to buy, which will be the on-road price. We will consider the car being bought with cash and not the EMI option. If you buy with EMI, you can add your EMI to the cost which we will calculate to know your monthly expense. We will consider the most sold Variant of each vehicle.

Tata Nexon EV MRTata Nexon EV LRTata Nexon PetrolTata Nexon Diesel
VariantEmpoweredEmpowered Plus LRFearless Plus S DTFearless Plus S DT Diesel
Ex-Showroom PriceRs 17.84 LakhRs 19.99 LakhRs 13.60 LakhRs 15 Lakh
Price on-road (Nagpur)Rs 18.19 LakhsRs 20.36 LakhsRs 15.71 LakhRs 17.68 Lakh
Service Cost (per year)Rs 2500Rs 2500Rs 4500Rs 6000
Fuel Efficiency7.3 Km/Kwh7 Km/Kwh12 kmpl17 Kmpl
Fuel Tank/Battery Capacity30 kWh40.5 kWh44 Litres44 Litres
Range219 Km283 Km528 Km748 Km
Cost to Refuel/RechargeHome Charging – Rs 7 * 30 = Rs 210
Charging Station – Rs 15 * 30 = Rs 450
Home Charging – Rs 7 * 40.5 = Rs 284
Charging Station – Rs 15 * 40.5 = Rs 608
Rs 4,400 (Rs 100/Litre)Rs 4,000 (Rs 90/Litre)
Cost per KmRs 0.9/Km & Rs 2/KmRs 1/Km & Rs 2.1/Km Rs 8.3/KmRs 5.3/km
* All the rates are from Nagpur, Maharashtra, also the price may vary on the vehicle to vehicle basis

This shows that running an EV costs 5 times less than a Diesel vehicle and 8 times less than a Petrol vehicle when charged at home.

Let’s calculate 5 Year cost for all the vehicle

Tata Nexon EV MRTata Nexon EV LRTata Nexon PetrolTata Nexon Diesel
Maintenance costRs 12,500Rs 12,500Rs 22,500Rs 30,000
Running Cost (Considering 12600 km per year travel, a total of 63,000 Km for 5 years)63,000 * 0.9 = Rs 56,700
63,000 * 2 = Rs 1,26,000
63,000 * 1 = Rs 63,000
63,000 * 2.1 = Rs 1,32,300
63,000 * 8.3 = Rs 5,22,90063,000 * 5.3 = Rs 3,33,900
Total Cost for 5 yearsRs 69,200
Rs 1,38,500
Rs 75,500
Rs 1,44,800
Rs 5,45,400Rs 3,63,900
Running cost + Vehicle costRs 18,88,200
Rs 19,57,500
Rs 21,11,500
Rs 21,80,800
Rs 21,16,400Rs 21,31,900
* Maintenance cost does not include any major part change, just regular servicing

From this, we can see that the Medium Range EV is the cheapest in the 5th year, followed by Long Range EV if only charged at home, then comes the Petrol Nexon and then the Diesel and at last the Long Range EV if only charged in charging station.

Let’s calculate 8 Year cost for all the vehicle

Tata Nexon EV MRTata Nexon EV LRTata Nexon PetrolTata Nexon Diesel
Maintenance costRs 20,000Rs 20,000Rs 36,000Rs 48,000
Running Cost (Considering 12600 km per year travel, a total of 1,00,800 Km for 8 years)1,00,800 * 0.9 = Rs 90,720
1,00,800 * 2 = Rs 2,01,600
1,00,800 * 1 = Rs 1,00,800
1,00,800 * 2.1 = Rs 2,11,680
1,00,800 * 8.3 = Rs 8,36,6401,00,800 * 5.3 = Rs 5,34,240
Total Cost for 8 yearsRs 1,10,720
Rs 2,21,600
Rs 1,20,800
Rs 2,21,600
Rs 8,72,540Rs 5,82,240
Running cost + Vehicle costRs 19,29,720
Rs 20,40,600
Rs 21,56,800
Rs 22,57,600
Rs 24,43,540Rs 23,50,240
* Maintenance cost does not include any major part change, just regular servicing

We have not counted the insurance cost, which will vary. The insurance of a petrol/diesel car is lower than an Electric vehicle. How much cannot be said, but for Tata Nexon Petrol & Diesel it is around Rs 56,000, though for EV, it is around Rs 71,000 this is the cost at the time of buying a vehicle. See this table for insurance rates according to the policy bazaar.

Capacity of batteryPremium Rate for 1 year (In INR.)Premium Rate for 3 years (In INR.)
More than 65 kilowattRs 6707Rs 20659
More than 30 kilowatt & less than 65KilowattRs 2738Rs 8104
Less than 30 kilowattRs 1761Rs 4492

Conclusion

According to the calculation, it shows that the running cost of an EV is much less, but the initial cost of buying an EV is more. That is because of the new technology of EVs. As we adapt to EVs, the initial cost of buying will come down, but the charging cost may go up due to rising demand. However, the charging cost will only go up for charging outlets and fast charges.

EVs are the best option for daily commutes, as we now have a decent range, and if you can charge at home your running cost will also be low. However, charging at home is not practical for everyone. You can opt for Fast charger installation at home, which would cost you an approx Rs 40000 for 7.4 kWh.

You can also see according to the calculation, the cost of petrol is not very high when you compare it to diesel, this is because you have to put a lot of kilometres in diesel to make sense of it, otherwise opting for diesel is just a waste of money.

So which vehicle is best to own, depends on your driving. If you are doing regular long-distance travel then diesel is the best option as of now, if you want a daily city commuter, EVs are the best. But if you want to do both I would suggest you buy a petrol vehicle. However, as we move towards the future, EVs are going to get better range and charging infrastructure. We also have hydrogen cars & Hybrid cars, that may become mainstream with time. So let us know in the comments which is cheaper to own petrol/diesel or EV, according to you.

So buying an EV is expensive, but when we talk about the overall running cost of an EV it is cheaper to own an EV over a petrol/diesel vehicle.

Welcome to your Cheap to run

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About Post Author

Girish

Hello Guys I am a website developer by profession but is always keen on learning new things. I have been investing in Mutual funds, stock market for the past few years because of which I have gained good knowledge. I started my entrepreneur journey in 2019 which lead me to learn more things as I am moving forward. I always love to share whatever I learn. Always had a craze for cars from my childhood, which inspired me to start this website.
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Girish

Hello Guys I am a website developer by profession but is always keen on learning new things. I have been investing in Mutual funds, stock market for the past few years because of which I have gained good knowledge. I started my entrepreneur journey in 2019 which lead me to learn more things as I am moving forward. I always love to share whatever I learn. Always had a craze for cars from my childhood, which inspired me to start this website.

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