Only the Chevy Bolt EV and EUV made drastic price cuts this year, outliers in a sea of spiking MSRPs as the price of metals like lithium, cobalt and nickel have spiked. Lingering supply chain troubles and material sourcing are keeping new vehicle costs high, especially for EVs. But high prices and policy changes limiting subsidies for EVs could temper excitement. A growing list of new models from established brands-and even new brands like VinFast and Fisker-can make an EV purchase more mainstream and manageable. Long waitlists aren’t going anywhere for new EVs like the Ford F-150 Lightning or popular electric SUVs like the Tesla Model Y and newcomer Rivian R1S. Even then, organic demand is such that those numbers would be higher if not for supply chain issues. In the first eleven months of 2022, they bought 724,000, according to data from Motor Intelligence. In 2019, Americans purchased just under 326,000 electric vehicles. Joel Lerner/Xinhua via Getty Images Despite Challenges, EV Adoption Will Continue To Grow It’ll be the first moderately affordable three-row electric SUV on the market. Many new electric vehicles are due in 2023 and one of the most important will be the Kia EV9. Here are four stories we see on the horizon in 2023. The whole car market is being reshaped, as are how cars are ordered and sold. That, and the possibility of a recession in the first half of the upcoming year, is driving down demand, hence slackening prices.īut even if used car prices continue to ease (albeit slowly) and new car sales climb, 2023 won’t be a year of bargains. On the other hand, rising interest rates mean auto loans and leases are costlier, which may soon mean that buying a new car (where interest rates are lower) would be more cost-effective than a 2- to 3-year-old one.
Falling prices are only just reaching the retail level, but inflation-stretched used car shoppers may find some relief in 2023. New-vehicle markups and used-vehicle wholesale prices have both eased since their peaks this past spring. What will be more normal? Supply chain woes will ease a bit, and rising vehicle supply will mean less pressure on the prices of older used cars. In contrast, 2023 may be a year of relative stability. Thanks to the Covid-19 Pandemic, the past three years have seen more disruption to the car market than any time since the production shutdowns of World War II.
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