This past year, drivers faced high costs when acquiring both new and pre-owned vehicles, attributed to restricted inventory and elevated borrowing expenses, which significantly impacted overall affordability. The convergence of a limited supply of new and used cars with higher interest rates created an unaffordability crisis for those looking to purchase a new vehicle in 2023.

So, is 2024 the opportune time to finally get behind the wheel of your dream ride? According to experts, the answer leans towards a resounding yes.

As the supply of new and used cars gradually normalizes, consumers can anticipate an influx of promotions and discounts from car dealers as market competition intensifies. The remainder of the year is poised to bring forth numerous enticing incentives as inventory levels become more abundant.

Those of you who are interested in an EV may have better luck finding a deal as OEM's have moved through most of their early adopters and are now looking at moving that additional inventory.

Considering the nominal decrease in the value of cars, consumers may find it advantageous to explore trading in their vehicles sooner rather than later to maximize the value of their used cars. For those interested in trading or selling their cars while values remain elevated, Wheaton Honda West offers free appraisals, complete with a market report and car history report that you can keep, even if you choose not to accept our offer. If you're interested in booking an appraisal with us, click here.