What to expect when buying a car in 2024

What was the biggest challenge for consumers buying a car in 2023?

• Low fuel efficiency

• High insurance rates

• Supply shortages

• High maintenance costs

What is the expected outlook for car shopping in 2024?

• Decrease in incentives offered by automakers

• Low inventory and high interest rates

• Limited options and high prices

• Abundance of both new and used cars

What was the average price of new cars in November 2023?

• $50,000

• $40,000

• $30,000

• $47,000

What should consumers look for when shopping for used cars?

• Low fuel efficiency and high insurance rates

• Vehicle's history report and independent mechanical inspection

• Low APR and cash back

• Subsidized leases and high maintenance costs

Which type of cars are likely to have the best deals?

• Luxury cars

• Sedans and hatchbacks

• Full-sized truck-based SUVs

• Electric cars

What is the advice for consumers considering buying versus leasing?

• Neither option will save in the long-term

• Leasing will save more in the long-term

• Buying will save more in the long-term

• Both options have the same long-term savings

What is the best way for consumers to get the most bang for their buck when looking for incentives?

• Low interest rate and cash back

• High fuel efficiency and low insurance rates

• High APR and low monthly payment

• High down payment and low monthly payment