Should I Wait to Buy a New Car Until 2024?
Estimated reading time: 7 minutes
Buying a car, whether new or used, is a big investment. It, therefore, makes sense to look for the best deal. In recent years, the price of a car has steadily increased for a variety of reasons, which means you might be wondering whether you should wait to buy a car. Will 2024 be a better time? Do you have the flexibility to wait?
It can be quite challenging, knowing the right time to buy a car, but don’t worry because we’re here to help you.
In this post, we’ll try to answer those questions and help you decide whether to buy a new car now or wait.
Should I wait to buy a car? The advantages of waiting until 2024
For some people, waiting until 2024 does come with some advantages. For example:
- You could save money because of a drop in prices
- New technology and safety features should cost less
- Interest rates might be lower
- Newer models with new features will be available
- There might be a better trade-in deal
- This year’s models will be thoroughly reviewed
As you can see, there are several advantages to waiting until next year to buy your new car. Buying now may seem a very attractive option, but if you’re unsure of many things and time to weigh up your options is key, it’s better to wait to buy a vehicle.
What are the drawbacks of waiting until 2024 to buy your car?
Waiting to buy a new car is not something that will suit everyone. There are many reasons why you might need to buy your car right now.
- You need a new car urgently and it’s impossible to wait
- The cost of living could increase next year
- Current incentives are too good to miss
- You’ve already found a really great deal
- You’ve saved the money
- You’ve got a pre-approved loan
- You found your dream car
- Limited choice
For some people, waiting 6 months or even longer is simply not feasible. While waiting until 2024 comes with several advantages, if you really can’t wait, go ahead, and buy your car now.
If you’re buying a car anytime in the future and you’re buying it out of state, don’t forget we can help you get your new car home with our affordable auto transport services. For your instant car shipping quote, use our online calculator. Alternatively, speak directly with our shipping advisors on (864) 546-5038 or via Live Chat.
An improved supply chain may mean cheaper prices in 2024
If you wait to buy a new car until 2024, supply chain issues that have caused problems in recent years are likely to improve.
Problems that caused supply chain issues during the COVID pandemic led to auto parts shortages. This in turn led to increased prices which put tremendous strain on auto manufacturers worldwide and on customers.
The pandemic is winding down and supply chains are returning to normal, which means prices are likely to come down again.
Another problem that led to increased prices was a global microchip shortage. Reports are now suggesting that chipmakers are on track to catch up with outstanding automobile orders, which means new car inventory should return to normal soon.
What’s the outlook for inflation in 2024?
In the US, inflation rates have been increasing consistently for several months now. For many people, the answer to the question, “Should I buy a new car now or wait?” depends in a big part on the rate of inflation. So, what’s in store for 2024?
Predicting what is going to happen to inflation is almost impossible as there are so many factors that can affect it. But it can be helpful to have a general idea of what is going to happen.
When inflation is high it means your savings have less buying power. In addition, it typically means higher loan rates if you need to finance your car purchase.
Inflation is high now, which means it might be wise to wait until 2024 when it’s likely inflation will be lower.
A step-by-step guide to buying a car
When you buy a car it’s a major investment, so it makes sense to take your time, understand the process, and gather all the information you need to make the best decision.
To help make the process easier, here’s our helpful step-by-step checklist for buying a car:
- Do your research: Give yourself the time to investigate various car models before you do anything else. Look for a model that fits your budget and lifestyle. Visit dealerships in person and online, compare features, and read lots of reviews.
- Get the best financing: Once you’ve found your ideal car, work out your finances. Examine different loan options and decide how much you need to borrow.
- Don’t forget to test drive: Never buy a car without taking it for a test drive first. While it might be challenging if you’re buying the car out of state, it’s not impossible. Nowadays, there’s such a thing as a virtual test drive. You need to check that the car lives up to your expectations and it’s going to be a comfortable drive.
- Don’t be afraid to negotiate: Never be nervous or embarrassed about negotiating a deal that suits you. It’s part of the car buying process and sellers expect it. A better bargain could be waiting if you’re willing to negotiate.
- Maintenance: Your responsibilities don’t stop once you’ve bought your new car. If you want to keep your car in as good condition as possible, it requires regular maintenance checks. In addition, you should keep up with recommended service intervals.
When are the best times to buy a car?
Whether you decide to buy this year or next year, there are times of the year when you’re more likely to get a better deal. Let’s take a quick look at some of those options:
- End of the month: Salespeople may have more motivation to make a deal with a buyer when the month is coming to an end and the dealer might be a few cars short of a sales quota.
- End of the calendar year: Edmunds data indicates that December’s year-end sales events provide some excellent savings. Look for a vehicle from the outgoing model that has generous incentives.
- Best month to buy a car: December is the best time of the year to buy, but there are also some other viable months. For example, the most discounted months include October and November. May, June, July, August, and September are also better discounted months.
- Best day to buy a car: When it comes to days of the week, the earlier in the week the better. Show up on a Monday or Tuesday and there is less foot traffic. This means you can ask more questions and the transaction should take less time.
- End of the model year: End of summer is a good time to shop for leftovers as new model-year cars tend to debut in the fall.
- End of the car’s design cycle: If a car manufacturer is about to redesign a certain car model, you may see some serious savings on the outgoing design.
- End of the car’s life cycle: Car manufacturers have been known to stop making a car altogether. There’s potential in this situation for some big savings.
- Three-day weekends: These can mean some savings but be prepared for a busier-than-normal showroom. If you want to take advantage of a three-day weekend sale, try to do your research and test-drive before the holiday and then close the deal on the weekend.
- Black Friday: In recent years, automakers and dealers have been offering more Black Friday incentives, discounts, and “doorbusters” to cash in on the retail excitement.
- Best time to buy a used car: October through to December is a suitable time to buy a used car. These are peak new car buying months at the dealership, which means more trade-ins are entering the used car inventory. This translates to a better selection of used cars and better prices.
Whether or not you buy a new car now or wait until 2024 is a personal decision. It’s down to you to weigh up your needs, remember the benefits and drawbacks, and consider your current situation.
If you decide that you want to buy a car right now, remember that buying a car out of state is an option. We can provide a car shipping service that will get your new car home. Speak with our shipping advisors on (864) 546-5038 or use our Live Chat option.
FAQs
Will vehicle prices go down in 2024?
Wherever you look you’ll find a different answer to this question. Some experts say prices are dropping but nowhere near quickly enough. Others are saying there’s little chance of a reprieve. According to Kelley Blue Book, the average transaction price for a new car in July was $48,334, a slight dip from June and only a 0.4% year-over-year increase.
What is the cheapest month to buy a new car?
According to various sources, the best time to buy a car is between September and December. This is when dealers are clearing their lots of unsold cars to make room for next year’s models. You might also find good discounts on luxury cars in December. That being said, the best deals will vary depending on the brand, the location, and the demand for the type of car you want.
