The most disingenuous part of this article is labeling a slowing growth rate (which is still a very healthy double digit percentage growth rate) to “fewer people buying” electric cars.
That’s not how growth works.
It also needs to be pointed out that the auto industry as a whole is slowing down.
The other thing that needs to discussed is interest and financing. This is a terrible time to buy any car. I’m not personally going to get into a 7% auto loan if I don’t have to. I think a lot of people are waiting.
If borrowed $50,000 for a car in 2021 your payment was $834 a month (0% interest).
That same payment with a typical 5% new car loan will knock $6,000 off the sticker price of what you can afford.
Essentially, cars are 15% more expensive than they were two years ago just when talking financing.
That’s not how growth works.
It also needs to be pointed out that the auto industry as a whole is slowing down.
The other thing that needs to discussed is interest and financing. This is a terrible time to buy any car. I’m not personally going to get into a 7% auto loan if I don’t have to. I think a lot of people are waiting.
If borrowed $50,000 for a car in 2021 your payment was $834 a month (0% interest).
That same payment with a typical 5% new car loan will knock $6,000 off the sticker price of what you can afford.
Essentially, cars are 15% more expensive than they were two years ago just when talking financing.