Automotive News: Used Electric Car (EVs) Values in Free Fall

Electric vehicles (EVs) are losing value at an “unsustainable” rate as a slowdown in consumer demand causes used car prices to halve in two years, leasing companies have warned. The British Telegraph has the story.

As consumers get wise to the Green New Scam and their electric cars, they have begun to reject them. Just wait when gullible woke EV buyers learn of the environmental disaster the Green New Scam sentenced mother earth to when hundreds of millions of large EV battery packs end up in landfills ten years from now.

As a result of consumers beginning to reject the Green New Scam EVs………

The British Vehicle Rental & Leasing Association (BVRLA) warned that so-called fleet operators, such as car leasing firms and rental companies, are having to swallow large losses when reselling Green New Scam EVs because of “accelerated, exceptional depreciation”.

In most cases, these companies buy new cars and own them for three years before selling them.

Consumers who lease cars during these three-year periods effectively cover the value of losses through monthly payments, which are calculated based on estimates of how much a vehicle is expected to depreciate.

But in the past two years, the typical amount of “residual value” left over at the end of a car’s lease has plunged from 60% to 35%, the BVRLA said.

This means a car worth £50,000 when new will now drop to £17,500 in value over three years, instead of £30,000.

This leaves leasing companies facing unexpected losses.

Gerry Keaney, Chief Executive of the BVRLA, has warned the trend is “not sustainable”.

Speaking at an event in Parliament on Tuesday, he said: “The reality is that EV residual values in the last two years have dropped by 50%.

“That is the evidence of the accelerated depreciation write-off that we’ve seen. And again, when we look forward two years, the rate of used EVs coming back to the market is about to double.”