From Time:

Prices and auto loan rates for new cars are expected to fall in 2024 as the supply of new vehicles returns to normal levels. Cox Automotive predicts an inventory of almost 3 million units, leading to more reasonable prices and improved incentives for car buyers. It’s also anticipated that auto loan rates will decrease due to easing inflation and possible interest rate cuts from the Federal Reserve.

As the supply of new vehicles becomes more stable in 2024, it is expected that new car prices will decline moderately, while auto loan rates are also projected to ease somewhat. Financing conditions have already shown improvement since December, with an increase in low-interest-rate loans with longer terms, making it a more favorable time for car shoppers.

Despite record high average monthly payments and down payments, the market is moving in favor of car buyers, with a projected decline in auto loan rates and easier financing options. Cox Automotive predicts that 2024 will be the best year for car buyers since the pandemic.

Overall, it’s looking increasingly promising for car buyers heading into 2024. With the anticipated drop in auto loan rates and improvement in vehicle supply, the market trends suggest it will be a good time for buying a car.



Read more: Buying a New Car Will Finally Be Easier and Cheaper in 2024