Latest Automotive News | CARHP (2024)

FAQs

Is there still a car shortage in 2024? ›

The automotive supply chain will likely never look like it did pre-pandemic, but inventory levels generally recovered in 2023 and are expected to continue doing so in 2024 and 2025. Car prices remain elevated in 2024 due to inflation but are showing initial signs of decreasing as inventory stabilizes.

S&P Global Mobility projects a calendar-year 2024 light vehicle sales volume of 15.9 million units, a 3% increase from the 2023 tally. Continued development of battery-electric vehicle (BEV) sales remains an assumption in the longer-term S&P Global Mobility light vehicle sales forecast.

Inventories are up and price increases are slowing. Here's what to expect for the auto industry in 2024: 1. Sales of new cars should hit 15.7 million, up from 2023. Vehicle availability has steadily improved after years of shortages, so more shoppers should find a ride to suit them.

Experts say that 2024 will be the best year to purchase a new car since 2019. As interest rates slowly drop throughout the remainder of the year, payments will become more manageable. Don't overlook manufacturer rate promotions, as they can save you thousands of dollars.

Lower Auto Loan Rates Could Make 2024 a Good Time To Buy or Refinance. While market predictions are bullish on the funds rate — and by extension, auto loan rates — finally coming back down in 2024, it's still not a guarantee. Powell and others at the Fed remain committed to their target of 2% inflation.

Based on the latest auto industry update, the top auto industry trends for 2023 to 2025 include a growing demand for both electric vehicles and autonomous vehicles. You can also expect cars to be more connected than ever in the near future.

In 2024, lease returns are expected to rise then fall. Experian predicts, “retail leasing returns will rise to 1.1 million in the second quarter of 2024, but then fall to only 640,000 by the end of that year.” So, if you're hoping to buy a pre-owned car in 2024, look around April to early summer for the best selection.

The new Prius has proven itself the best new car on the market for the first time in 20 years.

What is best site for buying new car? ›

Autotrader is one of the best used car sites because it's one of the most recognized car buying and selling online auto marketplaces.

According to the study, stress over pay is the leading factor. Physical and mental demands accounted for a smaller percent, followed by tool costs. Poor management, lack of respect, and benefits also factored.

New vehicle sales in the U.S. rose nearly 5% in 2024 as buyers defied high interest rates, but EV sales growth slowed. New vehicle sales in the U.S. rose nearly 5% from January through March, as buyers stayed in the market despite high interest rates.

Lincoln, Alfa Romeo, Fiat, Jeep, and Ram were all down in 2023. Fiat lost the most in 2023, down 34% to just 605 sales over the entire year.

What Month Do 2024 Cars Come Out? Automakers typically begin rolling out their 2024 model year vehicles in the summer of the previous year – or sometimes earlier. There are a number of 2024 model year vehicles that have already been released prior to the new year while others will debut in just a few months.

While market predictions are bullish on the funds rate — and by extension, auto loan rates — finally coming back down in 2024, it's still not a guarantee. Powell and others at the Fed remain committed to their target of 2% inflation.

Some chip shortages could remain through 2023 and into 2024, though supply of semiconductors and raw materials will generally improve in the auto sector. The auto sector can expect a strong year in 2023, with global car production up 3%. As semiconductor supply returns, global auto pricing should remain stable.