4 reasons why you shouldn’t buy an electric car in 2023

Electric car at the charging station stock photo

UJ Alexander / iStock.com

Don’t worry if you’re considering switching from your current gas guzzler to an electric car but aren’t quite sure when to make the leap. At some point the decision will be made by itself.

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“Eventually you’re going to go EV,” said Trevor Curwin, director of partnerships at a technology provider for in-vehicle payments Sheeva.AI. “Most major automakers will phase out internal combustion engines by 2035-40.”

While you may have no choice but to buy an electric vehicle in about 20 years, the decision is still yours in 2023 – so what should you decide??

It is clear that electric cars will phase out the internal combustion engine and pave the way for cleaner, safer and emission-free roads. But the industry still has some work to do, and it might pay off to wait another year or two before converting.

Range anxiety won’t play a role long after 2023

In-home fast chargers have made electric cars the perfect choice for commuters and other drivers who mostly stay close to home. But even some EV diehards think America’s charging infrastructure is still a few years away from being ideal for long-distance travelers.

“Not all places have charging ports,” said Gianluca Boncompagni, owner of an Audi E-Tron and co-founder of off-road tents, which sells vehicle-based camping canopies for electric vehicles and internal combustion engines. “So outside of certain cities, it can be a bit of a headache to charge the vehicle and keep driving.”

It won’t stay that way for long.

According to Curwin, today’s charging process is still measured by the three minutes it takes to fill a gas tank while standing at a pump. But those who are putting off the switch to electric for just a few more years don’t have to rely on finding dedicated and often isolated charging stations – they have ways to recharge their batteries throughout their day-to-day lives.

“EV charging infrastructure will most likely be found at retail locations, restaurants, etc. as we roll them out, rather than at a dedicated ‘energy storage facility’ like a gas station,” Curwin said. “The benefit is that you can do many other things while your EV is being refueled, making everyday errands more efficient.â€

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The upfront cost gap is shrinking fast

The price of the average electric vehicle rose in 2022, but only because several high-end luxury models flooded the market and over-inflated the segment average. In reality, the gap between the higher initial cost of electric vehicles and their comparable gasoline-powered counterparts is narrowing.

“We’re still not on price parity with ICE vehicles,” said Richard Reina, product training manager at CARiD.com. “Although the gap is narrowing, comparing internal combustion engines and EVs of similar size and features shows that EVs are approximately $5,000 to $10,000 more expensive at the time of purchase.”

That means you might still be hasty about buying in 2023

“As the industry moves toward price parity and continues to introduce new, more affordable electric vehicles,” Reina said, “you might find a better deal if you wait a year or two.”

Manufacturers are still catching up with the new credit system

The federal government has long offered a dollar-for-dollar tax credit worth up to $7,500 for the purchase of an electric vehicle. But President Biden’s 2022 Inflation Reduction Act (IRA) changed regulatory requirements, and manufacturers haven’t been able to move fast enough to meet the new production guidelines in time for 2023.

Vehicles now receive half the credit ($3,750) if their battery components are manufactured or assembled in North America. To qualify for the other half, the critical minerals in the car battery must be sourced, processed, or recycled in the United States or a Free Trade Agreement partner country. Finally, final assembly for all eligible cars must take place in the United States.

Biden signed the IRA in August, and manufacturers simply couldn’t adapt their 2023 models to these stringent new requirements in time. As a result, many of these models will not be eligible for the full $7,500 credit — at least not in the coming year.

“The primary beneficiaries of the IRA are EVs and/or EV batteries manufactured in North America,” Reina said. “This means that some electric vehicles that were previously eligible for tax credits will lose those credits in 2023.”

Many automakers are targeting 2024-25. For example, GM’s CEO has said its electric vehicles will not be eligible for full credit for two to three years.

A hybrid can offer an excellent compromise until you’re ready

Lindsey Danis blogging at Outdoor Travel Queer adventurerstransitioned from an ICE car to a Kia Soul EV before finding the happy medium of a plug-in hybrid

“The hybrid offers an approach that offers the best of both worlds for a one-car family,” said Danis. “The range of the battery is sufficient for errands in the city, so most of our trips will be emission-free. The Kia Soul had a modest range, which dropped by about a third during the winter months, requiring it to be charged more often.

“We want to be able to visit our parents two or three hours away by car without being able to stop. With the Kia, we might have made it to my in-laws’ house on a single charge in the summer without traffic—or not. We definitely wouldn’t have been able to travel from the Hudson Valley to Boston, where my mother lives, on a single load.”

These kinds of real-world considerations are forcing many EV-curious drivers to use hybrids as a bridge between the present and their all-electric future.

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Hey, I am Sakib Hossain Sojib, an entrepreneur known as an SEO Specialist, Digital Marketer, Blogger, and Content Creator. I have a team of researchers who guide and review products for our audience to help them by providing valuable information to help our audience makes the best decisions for their needs. I love to take care of my cars. So, I like and enjoy car maintenance and automotive research. The provided content is based on my learning, research, and understanding of the topic and its concept. Our extensive experience in the industry allows us to offer unique insights and perspectives on the latest trends and products. We aim to educate and empower our readers by providing them with the knowledge they need to make informed decisions about their needs.

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