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According toKelley Blue Book, the average price of a new car in May 2024 was $48,389.
While he predicted high sales, Boice believed buyers would have plenty of vehicles to choose from.
So, I expect it to be a great volume year, despite persistently high interest rates.
In comparison, a $50,000 loan for a two-year-old Defender might have an 11.5% APR.
Karnakov also suggested buying Subarus new, because their values dont tend to depreciate much.
With minimal depreciation, you wont save significant money on alightly used Subaru.
A lease-return program is when a dealership sells cars that were previously leased, explained Karnakov.
When buying used, be sure to do a little extra research.
The Tesla Cybertruck is thehottest electric vehicleon the car sharing and car rental market, said Karnakov.
Interest rates have varied greatly, but dont necessarily let those rates scare you off.
Boice explained thatoriginal equipment manufacturersoften offer aggressive incentives in response to climbing interest rates.
Many original equipment manufacturers will offset those high rates to make their vehicles more affordable, he said.
If youre considering buying an electric vehicle, take some time to research potential discounts.
I expect that will continue throughout 2024.
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