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And while only time will truly tell, experts have their predictions.
Here are four possible changes comingfor car buyers in 2025.
Fed Cuts Could Boost Purchasing Power
According toMint, there are Fed cuts on the horizon.
Current market pricing projects 155 basis points of cuts in 2024 and 2025.
To clarify, a basis point is a standard unit of measurement for interest rates and other finance-based percentages.
These cuts could impact the average buyers purchasing power in a good way.
More supply could mean lower prices, but dont celebrate just yet.
We are moving from a gold rush to survival of the fittest,' said Quigley.
Kelley Blue Book found that the average EV costs $56,371 without this credit.
Comparable cars that dont run on electricity cost $47,401 on average.
When you add that $7,500 credit, the cost of EVs more or less balances out.
Still, prices could go down for EVs even if the tax credit is cut.
This could boost sales and potentially make these vehicles more affordable.
This information comes from aMcKinsey reporton the same topic.
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