Will Car Prices Drop in 2024? (Car Market Update) Kevin Hunter the Homework Guy
What’s going on with the Car Market and Car Prices right now? Alright, without delay.. let's cut through the fluff and get straight to what you need to know about the car market in 2024. Everyone is asking themselves this question: Is NOW a good time to buy a car? Will car prices go down in 2024?
We’ll help you answer that question, for yourself, by covering new car prices, used car prices, including auction prices, and even some news on gasoline prices—yeah, because it seems the politicians are up to playing tired old games with our oil reserves. It’s not about politics, it’s about reality, friends. No sugar-coating, just the raw details and what they mean for you as a car shopper, because we want you to get the best car deal. Let's get rolling.
New vehicle stats are at eye-opening levels right now: an average list price of $47,240 is being hit HARD with an inventory increase of 46% over last year. Dealers right now have cars sitting for an average of 72 days—that's a lot of cars collecting dust, and expensive interest payments are adding up on those floor plan loans. And guess what? This means dealers are hungrier to deal, so you should be pushing hard for discounts, especially if you’re looking for brands like Chrysler, Jeep, and Lincoln.
As far as used car sales goes, The average list price right now is $25,540, down 4% from last year. But don’t let that fool you—prices are still way above what they were pre-pandemic. Inventory’s up, prices are trending down, thanks in part to dealers getting better buys at auctions. It's a buyer’s market out there friends, if you’re savvy, and exercise some courage.
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Cash transactions are a dealerships Achilles' heel. Not to mention, it’s always better for our economy when there’s less borrowing and more saving, and fewer people going into significant debt on a rapidly depreciating tangible asset! Yes, you heard me right. A vehicle is NOT an investment. No matter what any finance officer tells you..
Let's quickly revisit the basics before diving in. You should always avoid announcing your intention to pay with cash upon entering a dealership, or when initiating contact with them via email. You might wonder, "But isn't cash supposed to be king?" While that was true years ago, sadly enough that era has passed us by. In today's automotive market, hefty profits are crowned the King, and these royale profits aren't easily garnered from cash transactions, nor from you smart Homework Guy viewers out there! And especially not from anyone who hires us to negotiate their car deal directly!
What absolutely floors me is how many Dodge Chargers and Dodge Challengers are sitting on dealer lots, 2023s, new ones! With big $10,000 MARKUPS. We have a few members working on finding a better Dodge dealer out there who’ll be honest about these cars’ values, and guess what? They’re still looking, because finding an honest Dodge dealer is like finding a unicorn!
Now, here's the recent scoop on Auction Prices, known as MMR, or Manheim Market Report— the Manheim Used Vehicle Value Index dropped like a rock to 199.2 by mid-April, marking a 13.7% year-over-year decline. And before you think it's just a bad month, let's be clear: it’s not just the month; it’s the new trend.
Just remember, lower prices don’t mean you toss your Homework Guy lessons out the window. Do your due diligence, inspect that car, negotiate that price, and as always, don’t rush into a deal. Be smart, be patient, and your wallet will thank you later.
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