New Cars

More Cars, Better Deals: Dealers started 2024 with too many cars on their lots. New car inventory in March (6%) and April (4%) continued to grow. This trend has forced some dealers to slash prices to clear inventory and offer some of the best discounts in two years.  However, popular brands like Toyota, Lexus, Honda, Land Rover, and Kia are running a bit low on stock, so if you’re eyeing their overflowing lots, you might not find as many deals.

Affordable Cars, Higher Interest Rates and Insurance Costs: Borrowing money to buy one is challenging with higher interest rates. Plus, it’s costing more to insure these cheaper rides. Despite hurdles like pricey insurance and high interest rates, buying a car in 2024 is becoming easier for the average person. Compared to 2022, it’s taking less time to pay off a new car in 2024.

Takeaway: Shop around for the best rates to save some cash. Don’t hesitate when negotiating; you could snag an even better deal. Keep an eye out for incentives and rebates, and make sure to review warranty and maintenance plans to avoid any surprises down the road. Remember to research thoroughly and compare prices before making any decisions. Consider your financing options too; – test driving is key to finding the perfect fit for you. And don’t forget to take those cars out for a spin. Good deals might be scarce for top brands, but no harm in checking them out as well.

Used Cars

Fewer Choices: Due to pandemic-related disruptions, fewer cars are hitting the used car market. Used car inventory in March and April decreased by 7 and 1.24 percent compared to the previous months, respectively. So far, prices of preowned cars have decreased slightly in March by 0.5 to 0.9 percent and increased by 2 to 3 percent in April. This means you might still find a great deal if you are looking for a used car; they haven’t increased despite the limited selection.

Affordable Cars Are Hard to Come By: If you’re looking for a bargain, you might have a tough time. Dealers are running low on cheaper options, with only a small selection of cars priced below $15,000 available. So, while prices are dropping overall, finding a budget-friendly ride might require some extra searching.

Takeaway: Use car prices dipped in March but are starting to climb again so now’s the time to act if you prefer a used car. While finding something cheaper might take some patience, it’s worth the search. Negotiate for the best deal, knowing your budget and financing options in advance and not skipping test drives and inspections by a mechanic. And don’t forget to review warranty terms and know your rights as a buyer.  Remember to check the vehicle history!