This year, Americans will be looking to take advantage of an improving car buying market and to save for emergencies.
Americans are itching to buy new cars this year after a particularly difficult few years of record-high prices. About 22% of respondents to an Edelman Financial Engines survey said they were aiming to buy a new car in 2024. This was just one goal survey respondents talked about most. The most prominent goal respondents wanted to achieve was saving for emergencies. More than half of those surveyed wanted to build or grow their emergency funds over the next year.
Good news is on the horizon for those considering buying a car this year. New inventory has increased by 36% year-over-year, according to data from Cars.com. These inventory levels are closer to levels in February 2021 before shortages due to the pandemic started to affect dealerships and buyers. At the same time, search traffic on Cars.com is down for new cars, potentially helping buyers secure a better deal as dealers scramble to sell their inventory.
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