Summer 2024 Car Market Update: New and Used Car Forecast

What vehicle are you interested in?

Last updated May 17, 2024

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

Subaru deals summer 2024

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

best auto loan rates

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. 

four star rating

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

used car market update summer 2024

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. 

two star rating

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!

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