There’s nothing more exciting than shopping for a new car. But the better informed you are, the better your purchase will be. So, before you begin, let’s look at today’s car market, seven current car trends, and the do’s and don’ts of car shopping.
What to Know About the Car Market
The 2023 autoworkers’ strike threatened to send car prices through the roof. Fortunately, the strike was short-lived.
Today’s car market shows few traces of the strike. New car prices are stable, and used prices have fallen. It’s an excellent time to go car shopping.
However, dealers don’t stock as much inventory as they once did. You may have to request a particular model from a new car dealer. And you may have to wait to find a specific used car.
7 Car Trends in Society Today
The are many notable trends in the car industry. But the following seven are inescapable.
1. Electric Cars Will Become More Popular
The alternative fuel trend will increase as the price of electric cars dips further. It will soon be within the reach of the average family. The incentive for car makers and governments to do all they can to fight air pollution makes electric cars a desirable trend. Other than this, there are also large electric vehicle businesses, such as Edmunds, that supply these wants to society.
2. There Will Be More Self-Driving Cars
Self-driving cars are improving and will continue to get better. The key to their success is the underlying computer-controlled navigation. The ability of computers to make logical decisions at a fraction of the speed of the human brain will make self-driving cars the safest on the road.
3. Shared Rides Will Increase
One of the ways that autonomous vehicles will become a part of daily living is through shared rides. People will order shared rides in self-driving vehicles like they currently request a rideshare with human-driven cars.
Urban dwellers offer a ready consumer base for the service. Maintaining a private vehicle in a large city is expensive plus inconvenient.
4. Cars Will Be Connected
There are better ways to communicate with the car ahead of you than by honking your horn. Advanced computer and internet communication onboard cars will allow them to carry on needed and, perhaps, life-saving conversations.
A free flow of information could prevent accidents caused by unpredictable lane changes and sudden stops. Cars will also be able to communicate with the traffic lights, reducing the likelihood of running through a red light.
5. Cars Will Have Annual Updates
Everyone is used to updating regularly the firmware on their phones. Something similar will be commonplace with cars.
Computer updates downloaded to your car will improve existing features and give you additional features for the current year.
6. More People Will Make Online Car Purchases
The Covid-19 pandemic led people to embrace online shopping more fully. That included automobiles.
Consumers expect to be able to do research online before making a decision. And many consumers are comfortable even finalizing their car purchases online.
7. Luxury Cars Sales Will Increase
After the Federal Reserve raised interest rates, the cost of financing a new car purchase rose. Instead of fighting the trend, car dealers leaned into it.
They began concentrating on making sales of costlier vehicles. After all, the intended market for such cars is less likely to be impacted by rising interest rates.
The tactic worked. Luxury car sales have climbed faster than other car sales post-pandemic.
The Dos and Don’ts When Purchasing a Car
Follow the steps below for a better car shopping experience.
- Do research and compare prices.
- Do be patient if current prices are beyond your budget.
- Do be open-minded about unfamiliar makes and models.
- Don’t expect dealer inventory to include every possible make and model.
- Don’t accept dealer add-ons that you don’t need.
- Don’t enter into payment arrangements that are too demanding.