Back in July 2023, I wrote follow up post about buying cars in the early days post pandemic. That was at a time when the supply of both new and used cars was very low and prices were high.
Fast forward to today, MANY things have changed:
- The availability of most cars is up. According to JD Power, June 2024 retail inventory is up 4.5% from May 2024. If you are in the market for a new or used car, congrats! It’s a good time!
- Prices are coming down. The average new car price in June 2024 is $44,857 down $1,372 from June 2023 according to JD Power
- More cars are available and less are being sold. In June 2024 a bit over 1 million cars were sold down 5.4% compared to June 2023 according to JD Power.
- There are many deals. Both for buying or leasing a car. Especially for electric vehicles (EVs).
- Used car prices have dropped 6.3% from a year ago.
If you are looking to buy a car, it’s a good time! Want to pay less? We recommend 2 initial steps. First go to Edmunds.com and see which car brands have incentives. Second, check consumerreports.com to see the makes and models that are recommended.
This will get you started on finding the best deals out there. Want some additional assistance? Set up your free initial financial coaching session with us here. By the way, I took my own advice and just bought a new car.
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