When does Apple plan to phase out MacBook Air M1? Should I buy it in November 2023?

If you look at the differences between the M1 and M2 MacBook Airs, you'll find that the M2 models

• Have somewhat faster processors.
• Are available with 24 GB of RAM (the maximum you can get on the M1 model is 16 GB).
• Have Liquid Retina displays.
• Have better sound systems.
• Have a MagSafe 3 charging port (and can charge either over it, or over one of the two USB-C ports).
• Are available in 13" and 15" sizes (instead of just the 13" size).

If you compare the list prices of the 'base' 13" M1 and M2 MacBook Airs – which both have 8 GB of RAM and a 256 GB SSD – the M1 model lists for $999 (breaking the magic $1000 price point), while the M2 model goes for $1099. (I could be wrong, but I think in the past, the difference might have been $200 in favor of the M1 machine.)

If I was paying list price, the improvements to the M2 MacBook Air would be well worth the extra money, to me.

Note that you cannot upgrade the amount of RAM, or the amount of internal SSD space, on a M1 or M2 MacBook Air after you buy it. So be sure to order the amount that you need.

I would like my laptop to remain usable for next 5-7 years.

That's completely reasonable. Although Apple does not publicly announce when they plan to discontinue any particular product, historically they have continued to support them for at least that period of time.

Read Obtaining service for your Apple product after an expired warranty - Apple Support and judge for yourself. In Apple terminology "vintage" refers to products that remain supported, but obtaining parts or service starts to become difficult. "Obsolete" means you're definitely out of luck. After that, authorized Apple repair shops have to resort to less attractive options like sourcing parts from aftermarket sources, or pulled from discarded Macs.

In short: five years old is ok, six years old is probably still ok, seven or more, probably not.

Right now, there is a $100 difference between a basic M1 or M2 13-in MacBook Air. For future releases of macOS and applications, which will be larger, not smaller, and associated RAM and storage growth, I highly recommend at least 16 GB RAM and an absolute minimum 512 GB storage option.

You can trim some cost by purchasing through the Apple Refurbished Store. These Macs will arrive with like new appearance in new boxes with full 12-month Apple warranty and you can purchase AppleCare+ for them.