Electric car buyers heading into negative equity amid latest signs of stalling move to greener cars
Sales decline: EVs coming out of financing deals turn out to be worth less than the loans that paid for them
Electric vehicle (EV) buyers are being plunged into negative equity following the latest signal that the switch to greener cars is stalling.
Vertu Motors warned that electric cars resulting from financing deals may turn out to be worth less than the loans used to pay for them.
The government is facing a backlash over its EV quotas, which automakers say are pushing supply far beyond demand.
Vertu, one of the country’s largest dealership chains, said weak demand for electric models “has led to significant discounts.” This leaves buyers with higher debts than the value of their car.
Robert Forrester, CEO of Vertu, said this “puts a damper on the new and used car market.”
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