Why You Should Start Driving Hybrid or Electric in 2023

Electric cars are charging in station.
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The beginning of the end of the internal combustion engine may be at hand, paving a bright future for electric vehicles (EV) and plug-in hybrid-electric (PHEV), making this an excellent time to go electric with your next mode of transportation.

While Toyota was the first company to really corner the market on electric vehicles with the Prius, Tesla popularized these cars, making them seem sleek and appealing to a wider variety of people. Several big car companies, such as General Motors, have committed to completely phasing out the combustion engine in favor of electric by 2035, and the Biden administration would like to see electric vehicles be as much as half of all car sales by 2030.

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“2023 is the ideal time to invest in a hybrid/electric vehicle because manufacturers are investing in green propulsion technologies like plug-in hybrid-electric and battery electric,” said Richard Schwartz, a partner at Treacy & Company who specializes in accelerating business growth in the commercial vehicle sector. “We have come a long way since the early days of EVs and anticipate innovations to advance rapidly in the next five years. Today, light passenger EVs sold in the U.S. can now travel at least 200 to 300 miles per charge — some further. And there is continuing development in lithium-ion batteries, vehicle power electronics, and controls to increase the average range for most drivers’ usage.”

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With so much progress expected within the next few years, those in the market for a new ride should consider the electric alternative. Keep reading to discover why you should start driving electric or hybrid next year.

Electric Vehicles Can Be Cheaper To Operate

Depending upon where you plug in your EV, operating one is definitely cheaper than an internal combustion engine vehicle. “One of the most significant advantages of electric cars is their low running [costs], which allow buyers to save a considerable amount each year,” said Matas Buzelis, head of communications at carVertical. “In addition, with fuel prices rising, the EV is emerging as a much more cost-effective alternative.”

Electric Vehicles Support the Environment

The effects of fossil fuels on the climate are only worsening. Carbon dioxide levels in the atmosphere reached a record in 2021, at 414.72 parts per million, according to NOAA. Investing in an electric vehicle not only has financial benefits to you, but to the environment.

“Switching to less polluting and more renewable energy-efficient ways is critical,” said Susan Smith, marketing manager at Velden Engineering. “Furthermore, air pollution and exhaust fumes created by typical automobiles are not just hazardous to Mother Nature; it’s venomous to humans as well. Nothing beats an electric vehicle for saving the environment and our health.”

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You Can Use Solar Power To Charge Them

Getting an electric vehicle can be a great incentive to get solar power for your home, reducing both the cost of your home electricity and the cost to charge your vehicle.

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Improvements to Battery Technology, Infrastructure

“Investment into new battery technology will help improve the range of electric vehicles, and investment into infrastructure will widen the availability of charging stations,” said Peter Cowan, director at Gigamine, a startup developing technology to recycle lithium-ion EV batteries. “This — as well as the current reimbursement schemes for buying a new EV — will help facilitate the widespread adoption of cleaner vehicles such as hybrid and all-electric. However, it is hard to raise any pros and cons as the widespread adoption of hybrid and all-electric vehicles will only be a sustainable and viable solution with improvements to how batteries are made, reused and recycled.”

You Can Buy a Used EV

Though electric cars may seem new to you, certain models have been around long enough that used options are available now, said Kyle MacDonald, vice president of marketing and business development at Mojio. “The future of the fleet is electric,” he said.

There Are Incentives for Purchasing

The federal government offers financial incentives and tax breaks for switching to an electric vehicle at this time, and these incentives may go away when more companies switch to an all-electric or plug-in hybrid vehicle that can be worth up to $7,500. In addition, the Inflation Reduction Act, signed into law in August, bolstered the tax breaks for both consumer and business purchases of the autos, making them less expensive to buy.

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You Can Also Invest in an Electric Scooter or Bike

If you only need a vehicle for short distances or a very local commute, you might not even need an entire car. Consider an electric scooter or e-bike. “Electric bikes have been a great way for consumers to try out electric modes of transportation,” said Dr. Terika L. Haynes, CEO and owner of DT Scooters. “Electric transports have been useful to our customers who commute for work or wish to navigate their areas easily while avoiding traffic.”

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Jordan Rosenfeld contributed to the reporting for this article.

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About the Author

Jami Farkas holds a communications degree from California State University, Fullerton, and has worked as a reporter or editor at daily newspapers in all four corners of the United States. She brings to GOBankingRates experience as a sports editor, business editor, religion editor, digital editor — and more. With a passion for real estate, she passed the real estate licensing exam in her state and is still weighing whether to take the plunge into selling homes — or just writing about selling homes.
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