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June 18, 2024 by Adam Malik
Cars.com has released its second annual Affordability Report, highlighting a more accessible retail environment for car buyers.
The 2024 report provides a comprehensive, data-driven analysis of the current market, including consumer buying attitudes, financing trends and detailed vehicle comparisons.
According to the report, new-vehicle supply is on the rise, with vehicles under $30,000 seeing the fastest growth in inventory, up 77% year-over-year, though still below 2019 levels.
“While prices are down, they’re still nowhere near pre-pandemic levels,” said Stef Schrader, news editor at Cars.com. “The good news is there is inventory available and an increasing number of affordable options — and consumers with a high-quality trade-in to offer are in an even better position to buy within their budget.”
The report evaluated 85 new vehicles, with half of the best-in-class models priced under $30,000. These vehicles offer popular options, focusing on safety technology and low running costs, considering median list prices and annual fuel expenses.
For consumers with a low-mileage, later-model vehicle, now is an optimal time for trade-ins, the group noted. A shortage of late-model used inventory means that the 49% of shoppers planning to trade in their current vehicle can get a premium.
The report also notes improvements in the electric vehicle (EV) market. Concerns about charging and range remain, but the 2024 EV class shows higher average ranges and lower average prices compared to 2023. Dealers and manufacturers, responding to a demand slump and changing tax credits, are offering new incentives and deals, making it a favorable time for EV-curious shoppers to consider making a purchase.
Market prices, consumer budgets align closer: Report
Cars.com has released its second annual Affordability Report, highlighting a more accessible retail environment for car buyers.The 2024 report provides a comprehensive, data-driven analysis of the current market, including consumer buying attitudes, financing trends and detailed vehicle comparisons.
According to the report, new-vehicle supply is on the rise, with vehicles under $30,000 seeing the fastest growth in inventory, up 77% year-over-year, though still below 2019 levels.
“While prices are down, they’re still nowhere near pre-pandemic levels,” said Stef Schrader, news editor at Cars.com. “The good news is there is inventory available and an increasing number of affordable options — and consumers with a high-quality trade-in to offer are in an even better position to buy within their budget.”
The report evaluated 85 new vehicles, with half of the best-in-class models priced under $30,000. These vehicles offer popular options, focusing on safety technology and low running costs, considering median list prices and annual fuel expenses.
For consumers with a low-mileage, later-model vehicle, now is an optimal time for trade-ins, the group noted. A shortage of late-model used inventory means that the 49% of shoppers planning to trade in their current vehicle can get a premium.
The report also notes improvements in the electric vehicle (EV) market. Concerns about charging and range remain, but the 2024 EV class shows higher average ranges and lower average prices compared to 2023. Dealers and manufacturers, responding to a demand slump and changing tax credits, are offering new incentives and deals, making it a favorable time for EV-curious shoppers to consider making a purchase.
