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The most notable trend in 2023 for the automotive industry is the focus on new quality technology and materials.
As you prepare to make a new car purchase this year, be mindful of the costs to keep your investment safe and functioning. Protect My Car reviews from consumers share some of the main things that are covered by warranty services for new cars.
Electric Vehicles will Continue to Grow in Popularity
Between the continuing lithium-ion battery shortage and the increase in the availability of charging stations in less populated areas, the electric vehicle trend has continued to boom.
It certainly helps that new electric vehicles aren’t sacrificing power and capability for their energy efficiency. With hybrid and electric trucks making their way to the market, it’s no surprise that people make more significant upfront investments to benefit their wallets in the long run.
Cars with Autonomous Features will Become More Common
In historical science fiction, self-driving cars were more standard than traditional cars. While autonomous cars are closer than ever, we are primarily making strides in automating certain features of the cars hitting the road.
Parking assist, lane-keeping assist, Vehicle-to-Vehicle (V2V) communication, and Autonomous Emergency Braking systems are already becoming commonplace, and more features will roll out during 2023 in the new models being released.
Ride-Sharing Services will Continue to Surge in Popularity
With higher efficiency vehicles and high costs for purchase, ride-sharing services will continue their upward climb, as new car owners will be looking for ways to pay for their cars in a fun and efficient way.
Additionally, fewer people will find new 2023 vehicles within a reasonable budget, and transportation costs will continue to rise. Sharing the costs with friends or paying for rides on special occasions has increased yearly since Uber’s start.
New Models Becoming More Prevalent
For several years, there has been a significant supply chain issue relating to the manufacture and shipment of computer components, which are the heartbeat of new cars. However, with new models being designed and released, advancements have been made, and changes to the supply chain to bypass the shortage.
Instead of updating previous models of cars, many manufacturers are choosing to release completely new designs and models that use different components not affected by the shortage. It’s a new era of automotive design and engineering.
Costs of New Cars are Pricing Consumers out of the Market
With the emergence of new models, new tech, and higher-quality materials, the costs of new car releases are causing a strain on the consumer budget that will see fewer buyers for new, off-the-lot purchases.
Car dealerships can expect to hold onto their inventory for more prolonged periods than in previous years. These cars will sell; however, the lending industry needs time to catch up with the costs.
