Market Prices, Consumer Budgets Inch Closer Together, According to Cars.com's 2024 Affordability Report

Despite Inflation and Interest Rate Concerns, Half of Americans Are Planning Major Purchases in 2024

CHICAGO, April 16, 2024 /PRNewswire/ -- In its second annual Affordability Report released today, car-shopping marketplace Cars.com® (NYSE: CARS) reveals a retail environment that is more accessible to consumers than it has been for months, and in some cases, years. Cars.com's 2024 Affordability Report is a comprehensive, data-driven resource for cost-conscious car shoppers that offers insights into consumer buying attitudes, an analysis of the current financing and trade-in landscape, and side-by-side vehicle comparisons by model, price, trim package, fuel efficiency and more.

The report found that new-vehicle supply is rebounding. Vehicles under $30,000 grew the fastest, with inventory up 77% year-over-year, but are still below 2019 levels.¹

"Cars.com's Affordability Report helps educate shoppers on the vehicles that best fit their lifestyle and budget while ensuring consumer expectations are in line with market realities. While prices are down, they're still nowhere near pre-pandemic levels," said Stef Schrader, news editor at Cars.com. "The good news is there is inventory available and an increasing number of affordable options — and consumers with a high-quality trade-in to offer are in an even better position to buy within their budget."

Cars.com considered 85 new vehicles in this year's Affordability Report, and the models below were best-in-class for 2024 — half fall under the $30,000 mark. These finalists offer a suite of popular options consumers want, with a particular focus on safety technology and  items that keep running costs low. Median list prices and annual fuel costs were also considered.

Mastering Trade-in Timing 

For those with a low-mileage, later-model vehicle, the trade-in pump is primed for maximum return. A shortage of late-model used inventory means that the 49% of shoppers who plan to trade in their current vehicle can get a premium right now.² Consumers can optimize their purchase and trade-in timing with Your Garage, a new tool on Cars.com that provides insights into a vehicle's current estimated market value and helps users decide when the time is right to sell or trade. It can even connect consumers with a competitive, market-driven Instant Offer from a local retailer.

Opportunity for the EV-Curious: Increased Range at a Decreased Price

Charging and range concerns continue to be the primary concern for would-be electric-vehicle buyers. However, compared to 2023, this year's Affordability Report EV class has a higher average range and lower average price — and some dealers and manufacturers are responding to a demand slump and changing tax credits with new incentives and deals to move inventory. It may be the right time for EV-curious shoppers to take advantage of a deal.

For more information on the 2024 Cars.com Affordability Report, including a deeper dive into the data and methodology, visit Cars.com.

¹ Cars.com internal data
² Cars.com consumer survey; March 8-18, 2024; 1,091 responses

ABOUT CARS.COM^®
Cars.com is the No. 1 most recognized automotive marketplace visited by nearly 30 million in-market consumers each month. Launched in 1998 and headquartered in Chicago, Cars.com empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. Cars.com is the flagship offering from Cars.com Inc. d/b/a Cars Commerce, an audience-driven technology company empowering automotive that simplifies everything about buying and selling cars. Learn more at www.carscommerce.inc.

SOURCE Cars.com Inc.