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Summer 2024 Car Market Update: New and Used Car Forecast
As the summer car buying season heats up, some are finding it to be a great time to buy, others not so much. Here, CarEdge Co-Founders Ray Shefska and Zach Shefska provide their summer 2024 car market update, offering the latest insights for the new and used car markets. Is it a good time to buy a car? We’ll answer that question for each kind of buyer. Let’s dive into the latest data and trends to help you make informed decisions, no matter what your preferred set of wheels may be.
New Car Market Summer Update
Have you seen the deals lately? The summer of 2024 is becoming packed full of low-APR deals for new car buyers. With inventory remaining high for some (but not all) car brands, incentives are here to stay this summer. That’s great news for buyers. Check out the fastest and slowest-selling cars today.
We expect new car supply to continue rising slowly and steadily from where it stands today, with an industry average of 72 days of supply. That’s already slightly above normal, meaning that it’s officially a buyer’s market for most, but not all, new car brands.
Unfortunately, inventory is below average for more affordable vehicles, those under $40,000. Who’s to blame for that sad statistic? Unsurprisingly, the automakers. As CarEdge co-founder Ray Shefska notes, “the manufacturers continue to commit more of their production to higher margin vehicles, and those are the expensive models. This naturally creates a lasting shortage of affordable new cars.”
On the flip side, new car buyers interested in luxury models have better leverage due to very high lot inventory as we head into summer 2024. It’s not uncommon for our CarEdge Concierge to negotiate 10% off a luxury car on behalf of a customer.
Here are the brands with the most inventory and most negotiable prices for summer 2024::
- Alfa Romeo
- Audi
- Buick
- Chrysler
- Dodge
- Ford
- Infiniti
- Jeep
- Lincoln
- Ram
- Volvo
Conversely, the brands with the least inventory and toughest prices to negotiate are:
- Honda
- Kia
- Lexus
- Subaru
- Toyota
New Car Brands That Represent Value
The new car brands that we think offer fair value in 2024 are Subaru, Mazda, Kia, Nissan, and Chevrolet. These brands have attainable prices and well-built cars that represent, in our view, good value for the price point.
Subaru is known for straightforward pricing, which can be tough to find these days. Although Kia prices have risen over 40% over the past five years, the quality of their vehicles has increased greatly, and therefore we feel that Kia still represents a good value in 2024. This is especially true if you’re interested in a great deal on one of the fastest-charging EVs out there. Chevrolet’s popular Trax is one of the best budget SUVs out there today. That model alone earns the brand a spot on this short list.
Incentives On the Rise
The good news is that incentives are increasing. Month after month, we’re seeing OEMs offering more and better financing incentives near or at zero percent APR, and generous cash incentives. Lease offers are the best we’ve seen in three years. If you find yourself in need (not just want) of a new car, it’s a good time to buy.
👉 See this month’s best new car offers, selected by the CarEdge Team
New Car Market Rating for Summer 2024: It’s a good time to buy a new car.
You have greater buying power with your money today than you did just six months ago. Say NO to market adjustments. No one should be paying over MSRP for a new car today. The new car shortages are long behind us, no matter what the salesperson might say.
Used Car Market Summer Update
The used car market tells a different story. Used car prices are down about 5% in 2024 but remain high. The average used car listing price is $25,540, which is still $4,000 higher than just five years ago.
Used car inventory remains tighter than the new car market. There’s stagnation in the used market, and that’s not good with prices remaining this high. Prices have fallen fastest for used EVs and luxury cars.
One important factor single handedly makes it a poor time to buy for many drivers: interest rates. The average used car loan rate remains north of 13% APR. This means that even for a $30,000 used car financed for 60 months, you’ll be paying over $10,000 in interest over the life of your loan. Of course, you could try to pay off your loan early to avoid some of that. It’s smart to see how much your loan rate will cost you before you sign any papers. This free calculator is a great tool for that.
Used Car Market Rating for Summer 2024: It’s a difficult time to buy a used car.
The caveat is that if you’re in the used EV market, prices have fallen rapidly in 2024, and you can now get a surprisingly good deal on a 1-3 year old electric car, including Teslas.
👉 Stay on top of the used car market with our weekly updates, powered by Black Book
Empowered Buyers Get the Best Deals!
This summer 2024 car market update offers both good and bad news for shoppers. For new car buyers, the time is ripe to leverage high inventory levels and low APR financing deals. On the flip side, used car shoppers will need to navigate a more complex market with caution. Interest rates remain very high, and that’s keeping many would-be buyers away from used car lots.
As always, being informed and prepared is key to making the best decision for your situation. We want you to have the best tools for the job, so check out what we have for you below (100% free)…
Don’t step foot in the dealership without these FREE car buying cheat sheets! Know EXACTLY what to say, and what NOT to say.
Ready for a pro to do it all for you? Learn more about CarEdge Concierge, the most-trusted car buying service out there!
Tesla, Hyundai, and Kia Have Shocking Memorial Day EV Deals
As we approach Memorial Day weekend, prepare for some of the best EV deals of the year. Historically a prime time for savings, 2024 Memorial Day EV sales are looking especially good. With the average new car loan rate near 10% APR, it’s crucial to take advantage of low APR offers featured in these deals. Elevated levels of new EV inventory is creating the perfect storm for big discounts. If you’re in the market for an electric vehicle, now could be your best chance at a bargain.
Here are the top Memorial Day EV deals available today.
2024 Tesla Model Y
Memorial Day Offer: Finance with 0.99% APR until May 31, 2024. Lease from $399/month with $2,999 due at signing.
Base Price: $44,990 – $51,490
Range: 279 – 320 miles
The Tesla Model Y is a standout in the EV market, offering a compelling combination of price, range, and technology. It’s the best-selling EV in America, and is now cheaper than ever before. Amazing financing offer aside, we’ve never seen a Model Y lease deal this attractive.
One of the key benefits of owning a Tesla is access to the expansive and reliable Tesla Supercharger network, which ensures convenient long-distance travel and faster charging times. This Memorial Day, Tesla’s offer of a 0.99% APR financing rate makes the Model Y an even smarter buy.
Build your Model Y at Tesla.com
2024 Hyundai IONIQ 5
Memorial Day Offer: Finance with 0% APR (all trims) for 60 months + $7,500 customer cash until June 3, 2024. Lease the IONIQ 5 SE for $299/month for 24 months with $3,499 due.
Base Price: $41,400 – $53,500
Range: 220 – 303 miles
The Hyundai IONIQ 5 is one of the fastest-charging electric vehicles on the market today, capable of charging from 10% to 80% in just 18 minutes. The Memorial Day offer of 0% APR for 60 months translates to significant savings compared to the average new car loan rate of 9.95% APR.
Consider this: financing a $50,000 car at 0% APR versus 9.95% APR over five years can save you nearly $14,000 in interest.
Despite not qualifying for the federal tax credit for EVs, Hyundai’s $7,500 cash offer makes up for that, making the IONIQ 5 a smart and economical choice. Learn more about offer details.
Browse Hyundai IONIQ 5 listings with the power of local market data
2024 Kia EV9
Memorial Day Offer: 0% APR for 48 months + $9,000 cash. Lease for $419/month for 24 months with $4,999 due.
Base Price: $54,990 – $69,900
Range: 270 – 304 miles
The Kia EV9 has earned multiple awards for its innovative design and performance. With ultra-fast charging, a long range of up to 304 miles, and three rows of seats, it’s easy to see why.
This Memorial Day, Kia’s offer of 0% APR for 48 months plus a $9,000 cash incentive makes the EV9 an irresistible deal. The lack of a federal tax credit is more than offset by the substantial cash incentive. Deals like this don’t come around often. Learn more about this offer.
Browse Kia EV9 listings with the power of local market data
The Best Deal: 2024 Kia EV6
Memorial Day Offer: 0% APR for 60 months + $9,000 cash. Lease the EV6 RWD Wind for $249/month for 24 months with $3,999 due.
Base Price: $42,600 – $61,600
Range: 252 – 310 miles
The Kia EV6 stands out as the best new EV offer for Memorial Day 2024. With a combination of 0% interest for five years and a significant $9,000 cash incentive, it’s a deal that’s hard to beat.
Additionally, the EV6 can charge from 10% to 80% in as little as 18 minutes, making it a practical choice for those who value convenience and efficiency. If you’re looking to go electric without breaking the bank, and refuse to sacrifice charging speed and long range, this is the EV offer you’ve been waiting for. Learn more about this offer.
Browse Kia EV6 listings with the power of local market data
It’s a Great Time to Buy – But More Deals Ahead
With low APR offers and massive cash discounts, Memorial Day is a fantastic time to buy a new EV. Charging infrastructure is growing, and even becoming more reliable. Whether you’re drawn to Tesla’s expansive and reliable Supercharger network or the unique offerings from Kia and Hyundai, there’s something for everyone this month.
Not ready to commit? Don’t fret. The best time of the year to buy a car isn’t Memorial Day, it’s year-end sales. Come December, expect great deals on 2024 models everywhere you look as 2025s arrive. Will financing offers be this great? It depends on what the Federal Reserve decides to do with interest rates between now and then. Time will tell!
Free Car Buying Help Is Here
Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
10 Cars and Trucks With the Biggest Price Increases in 2024
Despite an abundance of inventory and high interest rates, new car prices keep rising. Many automakers are increasing the starting prices of their vehicles at a pace that far exceeds inflation. Time and time again, we’ve seen automakers drop affordable base models, despite consumer appetite for cheaper options. Here are 10 models with the biggest MSRP increases in 2024, and how you can still negotiate a better deal.
Cadillac CT5 – Up 23%
2025 Starting MSRP: $48,990 (+$9,200)
2024 Starting MSRP: $39,790
The Cadillac CT5’s price hike is one of the most significant this year. With nearly a $10,000 increase, luxury buyers might need to reconsider their budgets.
The good news for buyers is that Cadillac inventory remains above average, and that lends to negotiation leverage. There’s an 87-day supply of new CT5s on Cadillac dealer lots. There’s no shortage of this luxury sedan and smart buyers should use this to their advantage.
See CT5 listings with local market price data
Hyundai Santa Fe – Up 17%
2024 Starting MSRP: $35,345 (+$5,260)
2023 Starting MSRP: $30,085
You’ve likely seen the completely redesigned 2024 Hyundai Santa Fe on the road by now. Some say it looks stellar, while others call it a wannabe Land Rover. No matter what you think about this popular SUV, it’s a lot more expensive than it used to be. For the redesign, Hyundai added over $5,000 to the base MSRP of the Santa Fe.
See Santa Fe listings with local market price data
Ford F-150 Lightning – Up 14%
2024 Starting MSRP: $65,090 (+$8,100)
2023 Starting MSRP: $56,990
Ford’s popular F-150 Lightning XLT became a lot more expensive for the 2024 model year. We may be well into 2024, but Ford dealers are still clearing out 2023 inventory. It’s not exactly in high demand, with a current market-day supply of 114 days.
See F-150 Lightning listings with local market price data
Nissan Titan – Up 13%
2024 Starting MSRP: $47,665 (+$5,420)
2023 Starting MSRP: $42,245
Nissan has been trying to make headway into the American truck market for years now, to very limited success. The automaker sold just 19,189 copies of the Titan in the United States last year. Compare that to the Ford F-Series’ 750,000 units sold, and it becomes laughable that prices jumped 13% year-over-year.
And get this: There’s nearly a year of Nissan Titan supply on dealership lots today. We STRONGLY encourage negotiating Nissan Titan prices. It’s a buyer’s market!
See Titan listings with local market price data
Volvo XC40 – Up 12%
2024 Starting MSRP: $41,795 (+$4,350)
2023 Starting MSRP: $37,445
Volvo’s compact SUV, the XC40, sees a noticeable price increase this year. The XC40 is already a slow-seller, with nearly triple the average new car supply today. Volvo’s US market share has been flat for the past several years. Will higher prices change that? We doubt it.
See XC40 listings with local market price data
Mercedes-Benz GLA – Up 11%
2024 Starting MSRP: $43,000 (+$4,350)
2023 Starting MSRP: $38,650
The entry-level luxury SUV, the Mercedes-Benz GLA, starts at a higher price in 2024. GLA sales have fallen slightly over the past year, so perhaps MB is rethinking the 11% price bump.
See GLA listings with local market price data
Nissan Armada – Up 9%
2024 Starting MSRP: $57,345 (+$4,750)
2023 Starting MSRP: $52,595
The Nissan Armada’s higher price in 2024 is not translating to more sales. There is a 222-day supply of the new Nissan Armada in May, meaning that inventory is nearly triple the industry average. Buyers just might be pushing back against higher prices, and perhaps giving the competition a closer look.
See Armada listings with local market price data
Volvo XC60 – Up 8%
2024 Starting MSRP: $48,195 (+$3,650)
2023 Starting MSRP: $44,545
Volvo’s midsize SUV, the XC60, has also seen a price increase. Known for its comfort and advanced safety features, the XC60 continues to appeal to those looking for a premium SUV, despite the higher price tag. Today, the XC60 sells in higher numbers that the XC40, and that wasn’t always the case.
See XC60 listings with local market price data
Ford F-150 – Up 8%*
2024 Starting MSRP: $38,765 (+$2,935)
2023 Starting MSRP: $35,830
It’s the best-selling truck in America, but it’s not the most affordable. The base Ford F-150 sees a modest price increase for 2024. However, the more popular Lariat has received a nearly $8,000 price hike for 2024, now starting at $67,190. Ford has finally cleared out most remaining 2023 inventory, so expect to see more 2024s on dealer lots. At least low-APR financing offers make the price hikes more manageable.
See F-150 listings with local market price data
Mercedes-Benz GLE – Up 8%
2024 Starting MSRP: $63,800 (+$4,950)
2023 Starting MSRP: $58,850
The luxury SUV segment sees the Mercedes-Benz GLE with nearly a $5,000 price increase. Its blend of luxury, technology, and performance makes it a top choice among luxury buyers. However, GLE sales fell 8% in the US last year, so it’s a wonder that prices were hiked so much.
See GLE listings with local market price data
Car Price Inflation Is Real
The trend of rising car prices shows no sign of slowing down in 2024. While these increases might seem daunting, empowered buyers can still find ways to negotiate better deals. Staying updated on price trends and being prepared to negotiate are key strategies in this evolving market. Luckily, CarEdge has 100% free resources to get you there!
Download Your FREE Car Buying Cheat Sheets
Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Looking for detailed, local car market data to give you the upperhand in negotiating? Learn more about CarEdge Pro. It’s expert data, unleashed!
The 5 Best Memorial Day Truck Sales (May 2024)
Historically a prime time for deals, 2024 Memorial Day truck sales are shaping up to be particularly great. This year, elevated levels of new truck inventory and the hefty floorplanning costs faced by dealers are creating the perfect storm for big discounts. If you’re in the market for a new ride, and can’t afford to wait for year-end truck deals, now could be your best chance at a bargain. These are the best Memorial Day truck sales for May 2024, available today.
2024 GMC Sierra 1500
Starting MSRP: $38,345 (Average selling price: $60,309)
Current Market Day Supply: 103 days (holding steady)
Negotiability Score: High
2024 Sierra 1500: 1.9% APR + $3,250 cash allowance + NO payments for 90 days.
For remaining 2023 Sierra 1500s, get up to $8,000 in cash incentives.
GMC is offering one of the best truck deals for Memorial Day. With 1.9% APR, a generous cash offer, and no payments for three months, buyers can save several thousand dollars. If you can find a remaining 2023 model, you’re likely to rake in even bigger savings. This offer expires on 6/3/2024. Learn more at GMC.com.
See GMC Sierra 1500 listings with local market data
2024 Chevrolet Silverado 1500
Starting MSRP: $37,445 (Average selling price: $55,537)
Current Market Day Supply: 109 days (holding steady)
Negotiability Score: High
2024 Silverado 1500: 1.9% APR + $5,750 cash offer w/ trade-in
Remaining 2023 Silverado 1500s: $7,250 customer cash
With 109 days of market supply, there’s an abundance of 2024 Silverado 1500s on Chevy dealer lots. At a time when the average new car loan rate is near 10%, this 1.9% APR offer is a great deal that will save you big time over the long run. This offer expires on 6/3/2024. Learn more at Chevrolet.com.
See Chevrolet Silverado 1500 listings with local market data
2024 Toyota Tundra
Starting MSRP: $48,645+ (Average selling price: $63,796)
Current Market Day Supply: 61 days (trending down)
Negotiability Score: Low
Toyota Tundra (2024s and remaining 2023 models): 3.99% APR for 60 months, or just 1.99% APR for 48 months.
With just 61 days of market supply, the Toyota Tundra is the least negotiable truck on sale today. However, Toyota being Toyota, they’re still offering a compelling financing deal for Memorial Day. While the Tundra’s 3.99% APR is not quite as great as the offers from GMC and Chevrolet, it’s still a great interest rate if you prefer this truck. This offer expires on 6/3/2024. Learn more at Toyota.com.
See Toyota Tundra listings with local market data
2024 Ford F-150
Includes the gas, hybrid, and electric F-150 variants.
Starting MSRP: $38,765 (Average selling price: $58,473)
Current Market Day Supply: 111 days (holding steady)
Negotiability Score: High (2023 models), Average (2024 models)
Remaining 2023 F-150 models: 1.9% APR for 72 months
New 2024 F-150 models: 3.9% APR for 60 months
The best-selling truck in America is building up on dealer lots as the cost of financing discourages many buyers. In fact, thousands of brand-new 2023 models remain unsold, so Ford’s Memorial Day sales are out to change that. These offers expire on 6/2/2024. Learn more at Ford.com.
See Ford F-150 listings with local market data
2024 Nissan Titan
Starting MSRP: $40,350 (Average selling price: $56,474)
Current Market Day Supply: 305 days (rising)
Negotiability Score: Very High
5.9% APR financing for 84 months + up to $3,590 in cash savings
Nissan is aggressively pursuing a larger share of the U.S. truck market, though with mixed results. Their previous zero percent financing campaign has ended, but they’re now offering a variety of cash incentives that could save buyers up to $3,590.
For truck buyers who need a longer loan term, Nissan’s 84-month loan offer at 5.9% could save buyers a few thousand dollars in interest versus financing through a bank. However, we advise shorter loan terms when possible to save on interest. This offer ends on May 30, 2024. Learn more at NissanUSA.com.
See Nissan Titan listings with local market data
Let Us Do the Work For You
Tired of negotiating, dishonest pricing, and all of the back-and-forth that comes with buying a new truck? Let us do it for you! Learn more about CarEdge Concierge. It’s your ticket to saving more, and stressing less! Home delivery is available.
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Is Now a Good Time to Buy a Used Car? Do Your Homework First!
As summer 2024 approaches, more drivers are wondering if now is a good time to buy a used car. When it comes to the used car market, the details matter. With the average listing price hovering around $25,540, nearly unchanged from the start of the year, it might seem tough to get a deal. But the price is only half the battle, as you’re about to see.
Let’s dive into the details.
Three Crucial Considerations for Used Car Buyers: Credit Score, Budget, and Timeline
1. The Importance of Credit Scores in 2024
Does Credit Score Matter in 2024? YES. Knowing your current credit score will help you plan for the cost of financing. Planning to pay cash? GREAT! But if not, lenders will use your credit score and debt-to-income ratio to determine if you qualify for a car loan.
In fact, your credit score can help you determine if now is a god tiod time to buy a used car, or possibly even the worst time. Used car loan rates now average north of 13% APR. But that’s just the average. Shoppers with lower credit scores (under 650) will only qualify for higher rates, perhaps approaching 20% APR for the lowest scores, if you can get qualified at all.
Check out the 2023 data from Experian via MarketWatch to see the average auto loan rates by credit score. This is very similar to what shoppers should expect today, as rates have remained high over the past year.
How much does interest rate matter with a used car loan? Let’s look at a realistic example. With a $30,000 car loan over 72 months, the difference in interest paid between a loan at 5% APR and one at 15% APR is substantial. It’s always best to opt for a shorter loan term, but we’ll use this example since more drivers are stretching out their payments as prices rise.
What’s the difference in interest paid? With a 5% APR, you would pay approximately $4,776 in interest over the 72 months of the loan. However, at a 15% APR, the interest spikes to $13,632, resulting in an additional $8,856 in interest costs. This highlights the significant financial impact that APR can have on the total cost of a loan.
No matter when you get serious about buying, DO NOT overlook the power of having a good credit score. It’s the difference between paying a little interest, and eye-gouging amounts owed month after month.
👉 Finance Your Car Like a Pro With This Cheat Sheet (100% FREE)
For more about what credit score car dealers and banks use, check this out.
2. Know Your Budget
The reality of 2024 is stark: cars are more expensive, and finding a reliable, low-mileage vehicle under $10,000 is virtually impossible. According to research from iSeeCars, while 49.3% of all used cars were priced under $20,000 in 2019, today that number stands at just 12.4%.
Before you fall in love with a make or model, use tools like CarEdge’s Car Search to set realistic expectations and shop within your means.
👉 Bookmark This FREE Out-the-Door Price Calculator
3. Consider Your Timeline
If you’re not in urgent need of transportation, waiting might be wise. We anticipate used car prices could drop an additional 2-5% later in the summer and potentially even more towards the end of the year. Delaying your purchase could save you thousands, especially if interest rates begin to decrease as predicted. Although with inflation staying stubbornly high, the general consensus is that interest rates will remain at current levels for at least a few more months, if not longer.
Considering New Cars Too? See This Month’s BEST Deals.
So Is Now a Good Time to Buy a Car? CarEdge’s Advice for 2024
Deciding whether to buy a used car now or later in 2024 boils down to your personal circumstances—your budget, your credit score, and how urgently you need a vehicle. If your situation allows, waiting a few months could be financially beneficial, both in terms of lower prices and potentially reduced interest rates. This is especially true if you could use more time to improve your credit score. Qualifying for the best rate possible will save you thousands in interest payments with most used car loans today.
However, if you need a car soon, finding a well-priced deal now is possible IF you’re prepared to negotiate. Check out the free tools below! And remember to use CarEdge Pro to equip yourself with local car market data. You’ll negotiate like a pro in no time!
So overall, is now a good time to buy a used car? The answer is that it’s an okay time, and better times are ahead once prices drop further, and these insanely high interest rates come down. But the future is notoriously hard to predict. If you need a ride quickly, you CAN score a deal with negotiation know-how.
Free Car Buying Help Is Here
Navigating the used car market can be complex, but with CarEdge, you’re never alone. Ready to outsmart the dealerships? Download your 100% free car buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Stay tuned to CarEdge for more insights and tips on car buying in 2024!
