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

Land Cruiser Returns In 2024: Affordable Adventure with Hybrid Power

The iconic Toyota Land Cruiser is making a triumphant comeback to the North American market for 2024 after a three-year …

Tesla Model 3 Rivalling BYD Seal Previewed In Malaysia

Malaysia will soon get another high-profile electric car—this time the stylish BYD Seal. The Chinese EV, which hasn’t been officially …

Stellantis Bets on Battery Swapping

Legacy automaker Stellantis has partnered with battery swapping startup Ample in an effort to speed up electric vehicle charging times. …

Smart #1 Clears 1,000 Bookings In Malaysia, Exceeding Projections

In just over three months since bookings opened in August, the Smart #1 has surpassed 1,000 bookings in Malaysia. Following …

The Cold Hard Truth: EVs Beat Gas Cars in Winter Driving

Electric vehicles (EVs) have seen rapid adoption in recent years due to both consumer demand for more sustainable transportation options …

Hybrids Get Tailwind As Motorists Tiptoe Towards EVs

Let’s get one thing straight. It’s car buyers, not politicians or carmakers, who will dictate the pace of electric car …