Navigating the 2024 Car Market Forecast

Similar to any other major industry, the automotive market has seen its share of twists and turns in recent years. From pandemic-induced inventory shortages to fluctuations in supply chains, navigating the landscape of the 2024 car market as a car buyer can sometimes feel like a bumpy ride. Here at Portsmouth Ford, we’re here to equip you with the knowledge you need to conquer the 2024 car market with confidence. Buckle up as we delve into the latest trends for both new and used cars, explore the ever-evolving electric vehicle scene, and unpack the outlook for car leasing. Once you’ve gained some knowledge and confidence in the 2024 car market, we invite you to explore your many options at Portsmouth Ford!

2024 New Car Market Trends

The biggest news for new car shoppers this year? A return to normalcy (at least compared to the past few years!). New car inventory is finally on the rise, which means good news for both selection and pricing in the 2024 car market. Analysts predict a slight increase in new car sales for 2024, with many dealerships boasting a wider variety of models to choose from. Instead of a boom, economists at Cox Automotive predict the economy will see slower growth this year. While interest rates might stay elevated and inflation cooled down, it could still dampen how much people are spending. Cox Automotive also predicts new vehicle inventory is expected to reach pre-pandemic levels, with nearly three million vehicles on dealer lots, which is about three times more than what we saw during the chip shortage. This translates to a healthy supply and demand shift, giving you more choices. Plus, analysts anticipate increased incentives and discounts from manufacturers, making new cars even more attainable in the 2024 car market.

2024 Used Car Market Trends

While the new 2024 car market is experiencing a welcome shift, the used car market is expected to remain relatively stable. While some anticipated prices to continue dropping in 2024, the increase in new car sales is actually expected to stabilize used car prices. This is because a healthy flow of newer vehicles entering the used market helps maintain value. Car Edge reported that the average used car is priced at around $25,571, and the 2024 car market is still fluctuating.

2024 Car Leasing Market

Leasing continues to be a popular option for drivers who crave the flexibility of driving a new car every few years. While lease deals may not be quite as plentiful as they were pre-pandemic due to ongoing inventory challenges, there are still attractive options available. Here at Portsmouth Ford, our finance team can help you determine if leasing aligns with your driving habits and budget. You can even utilize our handy AutoFi tool to select the lease term that best aligns with your financial goals. In recent findings within the 2024 car market, electric car leases are becoming more popular again. In early 2023, not many people were leasing electric vehicles, but by October that year, almost a quarter of all-electric cars sold were leases, according to Cox Automotive reports. Which leads us to our next topic: Where do EVs fit into the landscape of the 2024 car market?

Electric Car Market Update

The electric car market continues to be a bright spot in the automotive industry. Not only are sales climbing, but leasing options are also becoming increasingly popular. This trend suggests that electric vehicles are becoming a more viable option for drivers who may not be ready to commit to a full purchase but still want to experience the benefits of electric driving. With enticing lease deals emerging and new electric models constantly hitting the market, the future looks bright for those who want to get behind the wheel of an EV without a long-term commitment. Thinking about making the switch to an EV? Read our comprehensive EV guide here!

Why 2024 is a Buyer’s Market for Cars

Remember those sky-high car prices we’ve seen in recent years? Thankfully, those days seem to be behind us. Thanks to a combination of increasing new car inventory and manufacturer forecasts for lower pricing, 2024 is shaping up to be a prime time to buy a car. The 2024 car market can feel overwhelming, but it doesn’t have to be that way at Portsmouth Ford. Here, you’ll experience complete transparency in pricing, whether you’re looking for a new Ford or a high-quality used vehicle. We have a vast selection to choose from, ensuring you find the perfect car that fits your needs and budget.

Here’s how we make car-buying a breeze:

• Clearly Marked Prices: No hidden fees or surprises – what you see is what you get on every vehicle.
• Hassle-Free Experience: We value your time. Our streamlined process gets you in and out efficiently.
• Unbeatable Selection: Explore a wide range of new and used Fords to find your ideal match.
• No Dealer Fees Guaranteed: We stand by our commitment to fair pricing.
• Top-Notch Sales Staff: Our knowledgeable team is here to answer your questions and guide you through the process.
• Keepin’ It NEW for YOU Advantage Program: Explore extra benefits and peace of mind with our exclusive program.

Resources and Guidance at Your Fingertips

Ready to take the plunge and explore your options after gaining more insight into the 2024 car market? We’ve got the resources to make your car-buying journey a breeze! Utilize our online payment calculator to estimate your monthly payments, apply for financing from the comfort of your home, and even get an instant value estimate for your trade-in. The 2024 car market offers exciting opportunities for drivers of all needs and budgets. With the right information and a trusted dealership by your side, navigating the car-buying process can be a rewarding experience. Visit Portsmouth Ford today and let our friendly team help you find your perfect match on the road!

Shop Portsmouth Ford

So, whether you’re ready to explore the latest fuel-efficient hybrids or have your heart set on a classic Ford truck, Portsmouth Ford is here to steer you in the right direction. No matter if it’s 2024 or 2042, our One True Original Price Dealer will proudly stand by our biggest guarantee: No Dealer Fees! With our knowledgeable team, transparent pricing, and commitment to customer satisfaction, we’re confident you’ll find the perfect vehicle at our dealership. Visit Portsmouth Ford today to get cruising in style!

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