I sell EVs for a living – electric car drivers are being caught out and why you’d be better off with petrol or diesel
AN EV salesman has explained how electric car drivers are being caught out and why they might be better off with petrol or diesel.
Roy Sharf, who owns Noya Motor Group, revealed that EV owners are “losing thousands” due to stalling demand.
Roy pointed to the collapsing value of electric models on the second-hand market as a key factor in the problem.
He explained that it could leave so-called “early adopters”, people who bought EVs when they were first released, financially stranded.
The motors expert told The Express: “We have seen the electric used vehicle market drop substantially in the last 12 months.
“We have seen losses in the thousands on certain makes of electric cars.”
He cited the increasing popularity of EV leasing as a major reason for this fall.
This combined with the market becoming “saturated”, as more and more manufacturers rushed to jump on the EV bandwagon, sent prices plummeting.
This has left some drivers seemingly better off with petrol and diesel cars, according to Roy.
He added that the resale margins for traditional cars have remained remarkably stable over the last two years in comparison.
The latest industry data backs this up, with prices down 19,.1% year-on-year according to Auto Trader.
In practice, this means a second-hand value of around half the original price.
For example, a Vauxhall e-Corsa would sell for around £34,000 new but used models are available for around £17,000.
It comes after a driver was left stranded at a junction after buying the UK’s cheapest EV.
Meanwhile, a motoring expert has revealed why new EV prices are likely to go up despite the collapsing second-hand values.