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Will 2023 be a Good Time to Switch to an EV?

Are you weighing up buying an electric car in 2023? This is something that many motorists are considering right now and electric cars are becoming a lot more common on the roads. While there are many benefits, the upfront cost of new cars can be a deterrent. This article will look at whether or not 2023 will be the right time to make the switch and join the electric revolution.

Car Prices

Car prices have been skyrocketing in recent times and this is seeing many hold off on making a purchase. Essentially, this boils down to a supply and demand issue with supply chain disruptions from COVID-19 and the subsequent chip shortage bringing new car production to a halt.

While prices have been at record levels, prices are now slowly starting to come down and this will continue in 2023. This is partly due to the fact that demand is cooling, plus production is finally starting to catch up with supply chains easing.

Outlook for 2023

Therefore, the outlook for 2023 is positive but do not expect a sudden crash and dramatic drop in prices. In November, the value of electric cars dropped 3.7%, and it is thought that rising inflation as well as the increasing cost of electricity can be attributed to this. This does mean that demand is falling, which could see prices rise again in the near future, so sooner rather than later could be the best approach. The cost of an electric can be high, but you could use a personal car loan to fund the purchase while costs are falling. While the cost of electricity is a concern right now, an EV should be viewed as a long-term investment and will help you to make long-term savings.

EV Charging Infrastructure

The charging infrastructure has been a concern for many, but this is becoming less of an issue as the charging infrastructure grows. Local councils will be doubling the number of public chargers in 2023, which will mean that range anxiety should be a thing of the past. In addition to this, many will benefit from being able to charge at home (much cheaper) and the battery technology in the most recent models makes range anxiety even less of an issue.

If you are thinking about making the switch to an electric, then 2023 could be the year to do it. While it is hard to predict what is going to happen in terms of the economy, it seems that the cost of new cars is starting to come down and an EV will be a smart long-term financial investment.