The primary barrier to Electric Vehicle (EV) Purchase from an Indian customer's point of view is the price of the vehicle. With the recent advancements in battery technologies and power electronics, the prices have come down dramatically and are expected to reduce even further. Many Original Equipment Manufacturers (OEMs) in India, preparing to include EVs in their portfolio will be an added advantage due to scale benefit. Therefore, it is necessary to study the impact of higher Initial purchase price, maintenance, and fuel cost of EVs compared to Internal combustion Engine (ICE) vehicles before product launches. Total Cost of Ownership (TCO) is a critical measurable from the customer's point of view. The aim is to create customer awareness of TCO and encourage EV Purchases using quantifiable parameters. This paper studies and analyses the TCO between EV & ICE models using various cost elements, contribution factors, and alternatives like battery swapping using case studies. © 2023 Elsevier B.V., All rights reserved.