Posted 1/7/2024, 1:00:12 PM
Cars Remain Hot Items in 2024 as Prices Stay High but Supply Recovers
- New and used car prices expected to remain high in 2024 due to ongoing supply chain issues, though inventories are improving
- Auto sales jumped 11.8% in 2023 over 2022 due to increased supply; return to normalcy in 2024 expected
- Used car prices declining but demand still high amid new car supply constraints
- Continued push towards electric vehicle adoption expected in 2024
- Consumers still need to be wary of predatory sales tactics from some dealers due to low inventories