Despite low sales due to supply shortages and soaring vehicle prices in 2022, electric vehicle production is set to greatly expand in 2023. The U.S. government is aiming to phase out gas-powered cars and trucks within the next couple of decades, an ambitious, but necessary goal to curb climate change. In order to do that, new laws, including the Inflation Reduction Act, incentivize companies to produce EVs and all their components in the U.S. In 2023, that massive influx of new EVs in development finally arrived. Here are some highlights from the coming year of EVs you can purchase.
2023 is the year of the electric car
The auto industry is committing to switching over to EVs permanently by 2035. The industry has invested an eye-popping $1 trillion into a seismic cultural shift from gas-powered vehicles to electric vehicles. Now that electric motors and battery technology have begun to catch up to the power of internal combustion engine cars, automakers from U.S. to China are embracing the EV revolution as the future of clean transportation. European countries and the forward-thinking state of California have designated 2035 as the deadline for ending sales of new combustion passenger vehicles.
A smorgasbord of EVs to choose from in 2023
From established auto companies to new startups, the field of EVs is wide open in 2023. You can buy an EV in practically any category, from SUV to subcompact car. Here are just some of the choices you have in 2023 for buying an EV:
- Jeep Avenger
- VinFast VF 8
- Chevrolet Bolt EV
- Mercedes-Benz EQB-Class
- Polestar 2
- Volvo XC40 Recharge Pure Electric
- Volkswagen ID.4
- Genesis GV60
- Cadillac LYRIQ
- Chevrolet Bolt EUV
- Hyundai IONIQ 6
- Audi RS e-tron GT
- Ford E-Transit-350 Cargo
- Mercedes-Benz EQS-Class
- Kia EV6
- Toyota bZ4X
- VinFast VF 9
- Lordstown Endurance
And that’s just for starters. Still coming are Rivian’s trucks (if the company can pull out of its stock crash), more niche solar EVs and city commuter cars from smaller companies. Plus, a bevy of larger EV trucks and luxury vehicles with eye-watering prices to match their astonishing technological capabilities.
How to find an affordable EV in 2023
You don’t want a second mortgage payment to buy an EV, you say? Neither do we! The good news is that the explosion of EV offerings in 2023 should allow for some choice, as well as bolstering supply for the oncoming demand. Despite low sales so far, the coming years should see an uptick in EV adoption as long as prices don’t outstrip cost savings over fuel-powered vehicles.
If you want to choose an EV based on the tax credit it qualifies for, this is also a great year to get in on that action. This list of all EVs that qualify for the federal tax credit can help.
And to find the best prices, look either at new brands on the lower end of the market, or to established automakers that have multiple EV offerings including smaller vehicles as entry-level models.
The best car for your buck
The Tesla Model 3 with federal tax credit of $7,500 will start below $40,000. GM’s Bolt EV should start below $30,000, a welcome price point in a recession. GM is increasing production numbers of the Bolt for next year to meet demand.
If you haven’t gotten your name on the wait list for a Ford F-150 Lightning or a Fisker Ocean, do it now. The Ford F-150 and the upcoming Silverado EV work truck will be the cheapest EV trucks on the market in 2023, with the solid backing of years of truck technology under their belt for serious work trucks. The Fisker Ocean is more crossover style daily driver SUV but starts at $69,000 for the pricey launch version, but will add other models in the next year including an entry level “Ocean Sport” starting at $37,499.
Tesla is a bit behind with a sub-$30k car coming out maybe 2024, but the company got such a head start on EV production over other automakers who dragged their feet that there is still plenty of supply of other models to go around, some of which start near that price range.
The Toyota bZ4X was delayed in 2022 and has limited quantities (we couldn’t even find one to test last year), but the car should finally be coming out in 2023 at a price of around $43,000 to start. Not bad.
Nissan also had a delay launching its Ariya CUV EV, but those should also arrive in showrooms in early 2023, with luxury interior and trim available even on the entry level Engage trim for $43,190.
Volkswagen’s ID.4 EV has sold 17,000 since 2021, and should have more available for 2023, also adding the ID.Buzz in 2024 for another option in the automaker’s EV lineup.
How to choose an EV in 2023
It’s astonishing the number of choices for EVs suddenly available in 2023, given all the delays in shifting the auto industry to clean power. But if you’re in the market for a new car and want an EV, there are so many choices available you should be able to find what you’re looking for. Think about functionality, interior space, hauling power or storage and price. Factor in available tax credits, and look at the range you need given EV charging capabilities at home and on the road near you.
And keep in mind that electricity prices may change in response to the surge of new EV owners charging at home, so you might want to look at home solar panels and battery storage or a quick charger to make sure you can charge conveniently at night. Congratulations! You are the first group of people in history to have such a smorgasbord of EVs to choose from. This promises to be a world-changing year for EVs, even if it starts slow due to recession fears. Have fun EV shopping!
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