If you can find the variant which you want and the color which you like. It's a big yes. By buying a 2023 model in 2024 you will be able to secure huge discounts from dealership. It makes more financial sense to do this. I know many folks who book...
With higher floor plan costs, rising lot inventories and incentive spending on the rise, dealers will be motivated to negotiate. Therefore, the longer you can wait to buy a car in 2023, the more likely you'll be able to negotiate thousands off of your deal.
A recent KBB analysis showed that 16 new-car brands registered average price declines at the end of 2023, with the largest coming from Tesla (-20.5%), Buick (-6.4%), Land Rover (-6.0%) and Nissan (-5.7%).
The end of the calendar year — specifically October, November and December — is typically one of the best times for car shoppers to get deals on vehicles.
On the other hand, December scores highly on both frequency and size of discounts — it's the month with the highest average discount and third highest frequency of deals — making it your best bet overall to find a good deal.
Since January is the slowest month for sales, it is much slower for luxury cars to sell. Because of this, it may be more challenging for the most expensive ones to be taken out of your parking lot. To sell out the most expensive ones in your inventory, January is the best time to offer promotional deals to the buyers.
Mondays. Monday can be the best day of the week to buy a new car. Other potential shoppers are often at work, so representatives at car dealerships are focused on anyone who comes in the door.
Used vehicle prices dropped by 6.2% year over year to $27,177 on average, down from $28,960 in Q3 2023.
In the United States, the average selling price for a new light vehicle came to around 47,010 U.S. dollars in 2023. New light vehicles were about 1.6 percent more expensive in 2023 than in 2022.
Used cars are typically more affordable.
According to Experian's State of the Automotive Finance Market Report from Q3 2023, the average monthly loan payment on a new car was $726, compared to $533 on used cars.
The lowest auto loan rate in 2024 was 7.41 percent for a four-year used car loan in late October. Bankrate's expert predicts that by the end of 2025, five-year new car loan rates will reach an average of 7.0 percent and four-year used car loans, 7.75 percent.
Year over year, the state's 2023 new vehicle registrations posted an 11.9 percent increase (1,775,915) compared to 2022 figures. The top three passenger cars sold in California in 2023 were the Tesla Model 3, the Toyota Camry, and the Honda Civic.
Overall, J.P. Morgan Research predicts used car prices will decline by roughly 10% in 2023. Auto sales are being hampered by record new vehicle pricing, declining used vehicle trade-in values and higher interest rates, which are together negatively impacting affordability.
Key Takeaways:
Car prices are expected to decrease in 2024 due to increased production of new vehicles and stabilizing supply chains, making it an advantageous time for both new and used car buyers.
No Test Drive
You found a car you're interested in buying, but the dealership or car dealer refuses to let you take it for a test drive. Cudd said this is a major red flag.
The Best Months: September, October, and December
This is an excellent time to find deals on cars that are still brand new but may not have the latest features. December: December is arguably the best month to buy a car.
“Mondays and Tuesdays tend to be less busy, as many people are occupied with work and other weekday commitments. By visiting the dealership on these days, you're more likely to receive prompt attention from salespeople and have more negotiating power.
As a rule of thumb, car manufacturers usually release new models in the previous year's fall. Also, interest rates are low in December, making it possible for automakers to offer low-interest loans. Lest we forget, you'll likely get good discounts in November and December.
Dealers and their salespeople spend the month of December sprinting toward the finish line of their month-, quarter- and year-end sales goals. That makes the end of the year some of the best days to buy a new car.
Because of the high interest rates and risk of going upside down, most experts agree that a 72-month loan isn't an ideal choice. Experts recommend that borrowers take out a shorter loan. And for an optimal interest rate, a loan term fewer than 60 months is a better way to go.
If you have a high level of control over your timing, "New Year's Eve and New Year's Day" in particular "are the best days of the year to buy a used car, because there are 47.9% more deals than average," said CNBC, citing analysis by iSeeCars, a search engine for used cars. Martin Luther King Jr.
We almost forgot what that feels like, but our data show 2024 could shape up to be a buyer's market provided you're looking to buy new. New-car inventory increased by 36% year over year, with inventory levels close to what they were in February 2021 before pandemic shortages really started to hit.