SANTA MONICA, CA — September 11, 2024 — A new Edmunds survey reveals a major gap between car shopper expectations and the realities of vehicle pricing and financing. Despite some cooling in prices and improved inventory, 73% of consumers have delayed buying a car due to high costs, and over half are considering working more hours or taking additional jobs to afford a purchase. Many shoppers still expect to pay significantly less than current market averages, with new car prices now averaging $47,716 and used cars at $26,936. Interest rate expectations are similarly mismatched, as most buyers seek low APRs under 3%, while average rates exceed 7% for new cars and 11% for used ones. These challenges highlight the sacrifices consumers are making, including deferring other expenses, as affordability concerns persist in the automotive market.

Read more about the clash in consumer expectations of vehicle purchase costs vs. market realities here.

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