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Falling sales: EVs coming out of financing deals have been found to be worth less than the loans used to pay for them
Electric vehicle (EV) buyers are finding themselves mired in negative equity, in the latest sign that the shift to greener cars is stalling.
Vertu Motors warned that electric vehicles coming out of financing deals have been found to be worth less than the loans used to pay for them.
The Government is facing a backlash over its electric vehicle quotas, which carmakers say is raising supply levels far above demand.
Vertu, one of the country’s largest dealer chains, said weak demand for electric models has “led to significant discounts.” This is leaving buyers with debts greater than the value of their cars.
Robert Forrester, CEO of Vertu, said this “puts a damper on the new and used car market.”
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