The glorious leaders of our new Socialist Nirvana are economically illiterate so probably unaware of the pending shit show in motor retail sector.Second-hand electric car prices falling at faster and faster rate
MSN
www.msn.com
Electric vehicles (EVs) are losing value at an “unsustainable” rate as a slowdown in consumer demand sends used car prices tumbling, leasing companies have warned.
Used ICE cars will creep up in value as new ones are withdrawn from sale so as to avoid the fines from the sliding scale of electric/ice cars currently required. The falling numbers of new car sales will create " a black hole" (copyright Rachel Reeves) in the VAT take on new cars. Workers will be laid off and factories closed resulting in reduced N.I payments, taxes on profits and rates etc from the factory, reduced income tax from the workers, higher unemployment figures so increased benefits payments.
China will most likely fill the vehicle gap with their very much cheaper electric cars. Still as along as all that nasty greenhouse gas is produced over there or by the ships bringing the imports over then we can march onwards to Net Zero Nirvana here so all is just fine and dandy .
Approximately 1.9 million new cars sold in 2023 with say the average VAT on each @ £5k which brought in £9.5 billion to the exchequer last year. Any substantial drop in sales is going to hurt .