Used Cars For Sale in Los Angeles, CA (2024)

FAQs

Are used car prices going down in 2024? ›

Used Car Prices Could Drop By As Much As 14%

The good news is that there is consensus among some authoritative sources that used car prices will fall during 2024. The less-inspiring news is they differ on how much that will be.

Since 1926, Kelley Blue Book has been one of the most trusted names in the auto industry. You might say we literally "wrote the book on car values". And today there's no better place to find the value of your current car than KBB.com.

Key takeaways. Buying a new car allows for customization and the latest technology, but it comes at a higher price and depreciates quickly. Used cars are less expensive and slower to depreciate, but may require compromises and can come with higher maintenance costs.

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.

Calendar-year 2024 light vehicle sales volume projected to hit 16.0 million units, a 3% increase from 2023.

According to Consumer Reports, the most liked car brand in 2023 is Porsche, followed by Genesis, Tesla, BMW and Subaru. On the other hand, the least liked brands, in order, are Infiniti, Volkswagen, Mercedes-Benz, Nissan and Cadillac.

“Your cars, trucks, boats, motorcycles, and other vehicles should not have a total value that exceeds half your annual income. Why? You don't want too much of your wealth tied up in things that depreciate. And cars, trucks, and things with motors depreciate big time,” Ramsey posted on X.

What month is it best to buy a car? ›

The best time to buy a car has several answers. Your best bet is to buy between October and January 1st. December is particularly ripe for deals, discounts, rebates and other incentives as well. This is because car salespeople are aggressively working to meet their monthly, quarterly and yearly quotas.

Auto loan rates are expected to stop rising and possibly start descending in 2024, but they'll likely remain elevated in comparison to recent years (alongside the broader interest rates environment).

Car Prices Will Likely Continue To Decrease

“Last month, the average price for a new vehicle was [$47,936] — a [1.4%] dip from last year, according to the latest KBB data. This suggests that new car prices might drop in 2024.” One factor that could lead to price drops is an oversupply of new cars.