With airfares climbing and airlines becoming increasingly unreliable due to cancellations, many people are opting to take more road trips this coming spring and summer. According to Elliott.org, fuel prices are expected to drop about 5%, according to the U.S. Energy Information Administration.
This means that car trips will be less expensive than we experienced last year and even the year before. But this may not be great news if you have an older car and want to purchase a new vehicle to ensure it will take you on your vacation adventures.
What Should We Expect in 2024?
The last several years have been an anomaly in the auto industry. Due to the chip shortage, auto prices rose and even pre-used vehicles were at an all-time high. We are now seeing car prices leveling out and becoming more realistic prices. Which is just in time for summer travel, especially for those looking to upgrade to a new or newer vehicle.
According to Forbes.com, here are some car trends that we may be seeing shortly:
- Many SUVs still have an average price of around $50,000. This is bad for those looking for larger vehicles but have small budgets.
- A recent survey by Cars Commerce showed that many people have a $30,000 budget for a new car, yet a mere 12% of new cars meet this price.
- Those looking to purchase a new vehicle need to be firm and communicate what they want their payment to be; the size of the vehicle they need and don’t budge. If one dealer can’t make you a deal you are comfortable with, try another dealer.
- Many people are looking for cars that are five years old or newer. The good news is those cars are worth about 23% more than they were in 2020.
What to Consider When Buying a New Vehicle in 2024?
Car and Driver states that in August 2019 the price of a new vehicle was $37,401; today it’s more like $50,000. Because this is such a major investment, there are several steps you should follow when you enter a car dealership and even before you step inside.
- Set a budget and don’t go over it.
- Apply for a pre-approved loan. This will significantly make the buying process easier. Being pre-approved shows what you can afford, so dealers are less likely to up-sell you into a car you can’t afford.
- Decide on a loan term that meets your criteria. Also, make sure you have a downpayment of 10% or 20% of the car cost to reduce borrowing.
- Research your automobile options. How much do you drive? How many people will you be driving? What safety features does the vehicle have? What is the gas mileage? All these things should be determined before you decide to purchase a vehicle.
What is the Best Car for You?
When deciding what car is best for you, the options may seem limitless. Don’t let that prevent you from finding the right vehicle. Many automobile dealerships feature certified cars. The best choice is to choose certified used Hondas, Toyotas, and other manufacturers that can track a vehicle’s history. This way you’ll know if the car has been in a serious accident, which may reduce its longevity.
Many reputable Honda dealerships in Georgia and other areas will show the history and CarFax of the car before you buy it, giving you peace of mind during the buying process.
Buying a new car can be exciting and may be what you need to plan a summer vacation on the road. Just be careful, know what you can spend, and happy hunting!
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