Steve Pfost/Newsday RM via Getty Images Used Car Prices Will Fall in 2023, but Older Cars Will See the Biggest DeclinesĪfter reaching absurd highs in early 2022, used vehicle prices have already fallen.
The bad news? 2019 and newer models are likely to stay expensive. The good news? Used car prices will finally start to come down in 2023. With improved infrastructure, the apprehension to recharge away from home should lessen even within the next 12 months. At the moment, Tesla’s opening Supercharger network is the best and most reliable charging network, but many more fast-charging plugs are coming online from Electrify America, EVGo, ChargePoint and others.
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Speaking of refueling, drivers can also expect improvements in public charging stations. As gas prices spiked last July, an American Automobile Association (AAA) poll revealed that 25% of Americans would likely choose an electric vehicle for their next car purchase. Still, hot new models and the allure of low energy costs amidst record gas prices could spur more first-time EV buyers (or at least more fuel-efficient hybrids and plug-in vehicles), especially if 2023 sees another summer of pain at the pump. As soon as the calendar flips to 2023, as many as 70% of the electric and plug-in hybrid vehicles formerly eligible for the existing tax credit will lose that incentive because of strict rules concerning battery sourcing and vehicle price caps. The former blanket federal subsidy of $7,500 is now based on various factors (buyer income, car or SUV purchase price and North American-based manufacturing and sourcing)-not just sales numbers, which Tesla and General Motors both capped in 2018. President Joe Biden’s Inflation Reduction Act also changed the calculus for potential discounts on all “clean” cars, not just battery-powered options, starting in January. Now $6,000 cheaper, both are some of the first genuinely affordable EVs that don’t depend on tax credits. Of all the electric (and non-electric) vehicles on the market in 2023, only the Chevrolet Bolt and Bolt EUV had drastic price cuts.
Electrics can use 30% more chips than gas-powered vehicles, Maithel added. Automotive industry principal Peter Maithel at cloud computing firm Infor told Forbes Wheels the ongoing chip shortage could affect up to 3 million vehicles next year, a disproportionate number of them EVs. According to a report from Bloomberg New Energy Finance (BNEF), lithium-Ion battery pack costs rose to $151/kWh in 2022, up 7% year over year. 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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