Car ownership is not something to be taken lightly, and as evidenced by recent figures from the US, it is becoming a growing financial burden for many with car loans. Consumers who have taken out loans to purchase an EV are being hit particularly hard.
An analysis from Edmunds has revealed that nearly a quarter, or 23.9%, of consumers who recently financed a new vehicle and traded in their previous one were upside down on their old car loan. In automotive lingo, this means owing more on the loan than the car’s value, and rates are at their highest since Q1 2021, when they peaked at an eye-watering 31.9%.
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