Consumers shift to smaller, cheaper vehicles in 2024 as affordability reshapes auto market

Automotive and Transportation Automotive and Transportation

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Consumers shift to smaller, cheaper vehicles in 2024 as affordability reshapes auto market

_{//automotive-transportation.news-articles.net/co .. -2024-as-affordability-reshapes-auto-market.html}
^{Published in Automotive and Transportation on Tuesday, December 17th 2024 at 19:01 GMT by USA Today}

Consumers have spoken this year, and the message to automakers has been clear: "Those with a strong, affordable portfolio probably had the best (sales) year this year," said Charlie Chesbrough, senior economist at Cox Automotive. In its final forecast for ...

The article from USA Today discusses the trend of decreasing car prices in the U.S., making vehicles more affordable for consumers. It highlights that after a period of high prices due to supply chain issues and increased demand, the automotive market is seeing a significant price drop. Factors contributing to this include improved supply chain logistics, an increase in inventory, and incentives from manufacturers to boost sales. The piece also notes that electric vehicles (EVs) are becoming more price-competitive with traditional internal combustion engine vehicles, thanks to falling battery costs and government incentives. This affordability trend is expected to continue, potentially leading to a buyer's market where consumers have more negotiating power. However, the article cautions that while prices are dropping, other costs like insurance and maintenance might still rise, affecting the overall cost of car ownership.

Read the Full USA Today Article at:
[ https://www.usatoday.com/story/money/cars/2024/12/17/car-vehicles-cheaper-affordable/77028975007/ ]

Publication Contributing Sources

USA Today

N@N

Consumers shift to smaller, cheaper vehicles in 2024 as affordability reshapes auto market