AN EV owner has revealed he regrets buying his car, claiming he has lost a lot of money and that nobody will insure it.
Underwriters across the country are reviewing their policies on electric cars, with insurance deals pulled from some major providers.
YouTube – @TheMacMasterEV owner Lee said that the value of his Porsche Taycan has halved while insurance costs have more than doubled[/caption]
Lee, also known as the MacMaster, took to his YouTube channel to share why his Porsche Taycan EV has hit him hard in the wallet.
He said: “I lost an awful lot of money on this electric car.
“Since Rishi Sunak has pushed back the ban on petrol and diesel sales to 2035, he’s actually devalued my car.
“I can’t get insurance on it now. Well, I can but it costs me an absolute fortune.”
Lee explained that his insurance company had “dramatically increased” his premiums over the course of the last year, while another company he called refused point blank to insure an EV.
He claimed that the price of insurance had more than doubled in the past 12 months.
This amounted to an increase from £686.84 to a whopping £3,142 from the same insurer.
Despite the increase in costs, he claimed that the value of his Taycan had fallen from £120,000 to £51,000.
This left him over £20,000 in negative equity and meant he is unable to get rid of the car despite hating it.
During the video, Lee urged people not to buy EVs going forward.
said: “It will be the worst move you’ve ever made.
“It’s like taking £20 notes and putting them in a shredder.”
Social media commenters were stunned by the figures.
One wrote: “I couldn’t agree with you more.”
Another added: “Every thing you are saying is spot on, unless battery technology greatly improves.”
It comes after a finance expert cited insurance costs as one of the reasons that the EV market is grinding to a halt.
Meanwhile, a driver explained why her mum’s EV experience made her not want to buy one herself.