Vehicle sales are up as dealership incentives reach pandemic levels and loan rates decrease
Many people are looking for the best new cars to buy. However, their high price tags can sometimes be significant barriers. Still, a new report says that vehicle sales are higher than they were this time last year. Of course, this is good news for automakers like Stellantis, which has dealership showrooms stacked with unsold cars.
People looking for the best new cars to buy may be able to find a deal
Many automakers have been struggling to sell vehicles. This is the case for several reasons, but the main culprit is high prices for many of the best cars to buy. Still, according to Cox Automotive, 2024 is closing out on a bit of a high note. For starters, new and used vehicle sales have shown an 11 percent improvement compared to 2023.
Additionally, the report says that auto loan rates are down. The average used car rate is 13.76 percent, and new car buyers can expect to get something around 9.12 percent.
People looking for the best new cars to buy are also in luck, thanks to automakers’ ample supply of vehicles. Because they’re desperate to get people in new cars, dealership showrooms are offering hefty incentives. According to Kelley Blue Book, the total discounts from October were the highest they’ve been since the pandemic. On average, dealerships have an 85-day supply of new vehicles on their lots, whereas a 60-day supply is typical.
Of course, some automakers aren’t struggling to sell vehicles and may offer fewer incentives. For example, Lincoln has one of the most significant issues getting people into its vehicles, which means finding a deal may be pretty easy. The same is true for Stellantis and its cars.
Conversely, Toyota and Lexus dealerships only have a 35-day inventory of new models, so they do not need to convince people that they offer some of the best new cars to buy. Naturally, purchasing a new or used car is a massive commitment. Because of this, buyers shouldn’t make decisions based only on incentives and deals.
If you’re looking for a new vehicle, check out the MotorBiscuit car-buying tool.
