Looking to buy a car this year? Cars.com has just released its 2024 Automotive Trends and Rebecca Lindland, senior director of industry data and insights at Cars.com, joins us to break down the biggest trends that will impact car shopping in the year ahead. For more information visit Cars.com
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00:00 >> To buy a car this year, cars.com has just released its 2024 automotive trends.
00:06 Brad talked with Rebecca Lindland, senior director of industry data and insights at cars.com to break down the biggest trends that will impact car shopping in the year ahead.
00:16 >> Good morning, Rebecca.
00:17 How are you doing today?
00:19 >> I'm great, Brad.
00:20 Good morning.
00:21 >> Okay.
00:22 Let's dig into this because there are, of course, big trends in car shopping this year, right?
00:29 >> Yes, there are.
00:30 There's very exciting trends going on.
00:32 There's actually five key trends that we're watching at cars.com for 2024.
00:39 It always starts with affordability for consumers when you're purchasing a vehicle.
00:44 We're also looking at a used car shortage, which, again, is going to impact what you search for and what you have the potential to buy.
00:53 We're looking at some really fun stats from Gen Z as well.
00:57 It's hard to believe, but, yes, they are in the marketplace for sure.
01:01 We're looking at American-made products in part because of the UAW strike that happened towards the end of 2023.
01:08 And, of course, we're looking at electric vehicles.
01:10 >> Oh, man, so much to look at.
01:12 But the big thing some people are looking at about is, of course, affordability.
01:16 And there's a lot of cost-conscious shoppers out there this year, isn't there?
01:20 >> There is.
01:22 You know, about half of the people that we surveyed said their budget for a new car is $30,000, which is great, except that only about 12% of new cars are priced around $30,000.
01:34 So what we encourage people to do is use a shop-by-payment tool like you can find on sites such as cars.com, and you can get an idea of what you can afford, what your budget is.
01:46 And you can get that information even before you contact the dealer.
01:51 And there are some terrific cars available for under $30,000, like the Honda Civic, the Kia Seltos, the Jeep Compass.
01:58 So the great thing is you can do your research, you can go in and understand what you can afford, don't overspend, and get just the vehicle that you want at the payment and the price that you want.
02:11 >> I like that.
02:12 Very important right now.
02:13 But also what's very important, too, are used cars because they're in such a big demand.
02:18 What advice do you have for people trying to find that right used car?
02:22 >> So it's a combination of things, Brad.
02:25 You know, on the one hand, used cars that are 1 to 5 years old, if you're trading it in, you're going to get upwards of 23% more than you would have gotten in 2020 for that vehicle.
02:37 So if you've got a newer used car you're looking to trade in, definitely negotiate.
02:42 And, again, you can go on a site, you can get the information and understand how much that car is worth.
02:48 You can get things like an instant offer.
02:51 So you have an idea of what you've got in your hands, what the value is of your product.
02:57 When you're going to purchase then, what we encourage people to do is, again, if you've got a specific budget, look at new and used.
03:13 Look at both sides of that because you may be able to afford a newer car than you expected.
03:15 So research, research, research.
03:17 I know I keep saying it, but it's something that really empowers the buyer and the person trading in as well.
03:21 Yeah, you said right there, research.
03:23 I mean, you can sometimes buy that new car you've been wanting compared to the used one you looked at.
03:28 So, again, it's important.
03:30 Exactly.
03:31 Okay, let's talk about EV cars because that's something that is -- I hear on the rise, we hear on the decline.
03:36 What is going on with EV cars?
03:38 So electric vehicles are something that they've been in the market now for more than 12 years.
03:45 But we're still seeing some pretty conservative adoption rates.
03:50 But what we found on Cars.com is for the people that we surveyed, about twice as many are shopping for a plug-in or a plug-in hybrid vehicle.
04:01 I'm sorry, a hybrid or a plug-in hybrid vehicle.
04:04 And what I like about people considering a plug-in hybrid in particular is that you sort of get used to plugging in your car.
04:14 Years ago, we never plugged in our phones.
04:16 We had to kind of get used to plugging in our phones.
04:20 We have an opportunity with a plug-in hybrid vehicle to live with what it's like to plug in my car.
04:27 You can find the chargers that are nearby.
04:29 Perhaps you consider installing a charger in your home or at your apartment complex.
04:34 And so you start to get used to living with a vehicle you plug in without making the full commitment to a battery electric vehicle.
04:43 And so, again, I would encourage people to consider it.
04:45 You're going to get great fuel economy.
04:47 You're going to be able to get some good range that's electric and still have the safety net of a gas engine.
04:53 Wow. So much to, of course, look at when getting a new car, especially in the new year.
04:57 So where can people go and find more information?
05:00 So please come to Cars.com.
05:02 Of course, we've got an amazing staff of people that are constantly testing the newest vehicles, doing a ton of research.
05:09 We're very passionate.
05:11 I've been in the industry for 20-something years now, and I just want to put the right car in the right driveway.
05:16 I like it. Rebecca, thank you very much for joining us this morning.
05:19 Thank you so much.
05:20 [end]