Market Prices, Consumer Budgets Inch Closer Together, According to Cars.com's 2024 Affordability Report
Despite Inflation and Interest Rate Concerns, Half of Americans Are Planning Major Purchases in 2024
The report found that new-vehicle supply is rebounding. Vehicles under
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Category |
Median Category Price |
Top Vehicles Model/Trim |
Median Vehicle |
Compact Car |
|
2024 Kia Forte LXS with LXS |
|
Subcompact SUV |
|
2024 Nissan Kicks S |
|
Compact SUV |
|
2024 Chevrolet Equinox LS |
|
Compact Pickup Truck |
|
2024 Ford Maverick XL with |
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Mid-size Pickup Truck |
|
2024 Nissan Frontier King |
|
Full-Size Pickup Truck |
|
2024 Ford F-150 SuperCab XL |
|
Electric Vehicle |
|
2024 Hyundai Ioniq 6 SE RWD |
|
Mastering Trade-in Timing
For those with a low-mileage, later-model vehicle, the trade-in pump is primed for maximum return. A shortage of late-model used inventory means that the 49% of shoppers who plan to trade in their current vehicle can get a premium right now.2 Consumers can optimize their purchase and trade-in timing with
Opportunity for the EV-Curious:
Charging and range concerns continue to be the primary concern for would-be electric-vehicle buyers. However, compared to 2023, this year's Affordability Report EV class has a higher average range and lower average price — and some dealers and manufacturers are responding to a demand slump and changing tax credits with new incentives and deals to move inventory. It may be the right time for EV-curious shoppers to take advantage of a deal.
For more information on the 2024 Cars.com Affordability Report, including a deeper dive into the data and methodology, visit Cars.com.
1
Cars.com internal data
2
Cars.com consumer survey;
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