The cost of living has risen for most American households in the last few years. This means everyone has to be much more savvy about how and when they spend their money.
Buying a car is always a tricky process because you are investing a large chunk of your wealth. This year, with inflation, economic uncertainty and volatile world markets buying a new car has got a whole lot harder.
But there’s actually some good news in 2024: do your homework, strike a clever deal and there actually some great car bargains out there at the moment.
The 2024 car market for buying a new car
Surprisingly, lower used car prices, discounts and deals on new cars and declining interest rates could make 2024 a very good year to buy a car.
Recent industry figures suggest used car prices have fallen on average around 13% in the last two years. And prices are still falling. New car prices have risen because of manufacturing shortages in recent years. But in 2024 the rise seems to have levelled off and in some cases is falling.
Experts say that if you shop around, particularly among long-standing models and those soon to be replaced there are enormous dealer discounts available. At the same time interest rates that were soaring a year ago have started to level off and decline too. This is good news for anyone considering a loan or credit deal to finance a car purchase.
Finding the right deal on a new car is important. Know what you want before you go into a dealership and make sure they know you know what you’re talking about. It’s the same process when buying a new car, even tires. If you want good quality tires, it is easy to find what you need and get them within your budget. Much like a car.
How to get the best car deal?
Trade experts know that not all days are equal when it comes to buying a new car. Some days are a lot better! Here are sometimes to look out for:
• Car dealerships set monthly targets for sales staff. Wait until the last days of the month and ask for a deal. You may get lucky with a salesperson desperate to top up their quota.
• Car dealerships and motor manufacturers can often offer financing deals on holidays. These include Presidents Day, July Fourth, Memorial Day, Labor Day, Black Friday, and New Year.
• Just before a dealership gets the latest version of any car model, it does its best to clear out the previous model year to make room.
This often brings a great variety of discounts that can save you big time. Do the research to find when new models are due.
• Weekends are a busy time for car showrooms. That is when most working people are looking for a car.
Instead, it can pay to visit during a weekday when less competition may give you an edge in any deal.
• Car dealers often run end-of-year sales events. These can offer big savings.
According to Edmunds buying guide experts, the best discounts on a car’s retail price are offered in December.
Of course, Edmunds experts may not be aware that you may have a car that’s constantly breaking down. If you desperately need reliable transport to work or school, the best time to buy a car is always right now!
Buying a used car – and upgrading it
If you can grab a great used car deal in 2024 it’s worth considering how to take maximum advantage. One expert tip is to haggle for the dealer to fit higher quality tires – increasing the value and attractiveness of the vehicle instantly.
Or you could cleverly keep the savings you make on the discounted price – and invest them in a premium set of tires yourself. Nothing boosts the performance, safety, and value of a car like a premium set of tires.
Use 2024 to YOUR advantage
There’s plenty of economic doom and gloom around this year but that can work in your favour. Use the depressed car market to get a great deal on a new or used car this year. Make sure to consider a vehicle protection plan to protect your car and your budget!
And if you make big savings – why not invest them in a premium tire upgrade?
