Why You Should Wait to Buy A New Car 

You should consider delaying purchase of a new car until 2024, when you may be able to benefit from lower interest rates, more discounts, and electric vehicle rebates.

Here are the three reasons why: 

1. Lower interest rates

While the Federal Reserve has been raising interest rates in an effort to combat inflation, it may start cutting rates again in early 2024 if inflation begins to come down further. Additionally, lower inflation expectations could lead to lower interest rates, even if the Fed does not cut rates. If interest rates fall, auto loan rates will likely fall as well. This could save consumers money on their monthly car payments. 

2. More discounts

New car dealer inventory is piling up, a sign that consumers may be able to get a better deal on a new car in 2024. According to Cox Automotive, the total U.S. supply of available unsold new vehicles climbed to 2.21 million units in November 2023, the highest level since early spring 2021. That is up 60% from the same time a year ago, but 35% lower than pre-pandemic 2019.

3. Electric vehicle rebates

Starting in January 2024, you can get electric vehicle rebates at the point of purchase. This could make EVs more affordable, especially if you can get the rebates at the point of purchase.

Ultimately, the decision of whether or not to delay buying a new car until 2024 is yours. You should carefully consider your individual needs and circumstances before making a decision. However, the three factors discussed in this article – lower interest rates, more discounts, and electric vehicle rebates – may make waiting until 2024 a wise choice for many people.

More Articles for You

China’s Chery Debuts Robot That’s Scarily Real

Robots have come a long way since Honda’s cute Asimo and Toyota’s trumpet playing robots of a decade ago. The …

Zeekr 9X Appears To Borrow Design Hints From Rolls Royce 

Zeekr is so eager to show off its next flagship SUV that it has just posted official images of the …

New Zeekr 009 Grand Collector’s Edition Boasts Gold-Plated Hubcaps

If you thought the Lexus LM was luxurious, wait till you get a load of the latest fully electric Zeekr …

Porsche 911 GT3 Smashes Nurburgring Lap Record

Porsche has just smashed another Nürburgring record, this time winning the title of fastest production car to lap the Green …

New Nissan Leaf Delivers Competitive Range Of Over 300 Miles

When the Leaf debuted in 2010, it took home the North American and World Car of the Year awards. That’s …

New Leapmotor B10 And C10 To Debut In Malaysia

According to local media reports, Stellantis Malaysia intends to debut several Leapmotor models in Malaysia shortly, including the B10 and …