The battery's "limited lifetime" is currently longer than the expected lifespan of the car. The vast majority of EV batteries are still in "first use" and that is including more than a decade of Nissan Leafs (the model with the worst issues of battery "degradation" known to the used market). People are still driving the first and only battery of the car into a car's second decade (and likely will into its third, but it is too soon to tell). Statistically speaking, an EV is more likely to be totaled entirely in an accident than to have its battery replaced.

Engines have limited lifetime too, but I get your concern. Most people's experience with Li-ion batteries is portable electronics that are designed to last 5 years or so. EV batteries are designed (and their charge state managed) to last much longer.

As a rule of thumb, the battery in a long range EV (NMC or NCA chemistry) will have 70% of its original range after 1200 full charge cycles (charging 0-100% 1200 times, or charging 25-75% 2400 times) So a car with 350mi range when new will have 245 mile range after about 400,000 miles.

EVs with lithium-iron batteries (LFP chem) have shorter range (250 miles or so) but they can do about 3000 cycles or 700,000 miles before their range falls to 70%, or 175 miles. Still potentially useful, depending on how far you need to go.

I would imagine most of the EVs on the road today will succumb to rust or collisions before their battery gives out.