SANTA MONICA, CA — May 14, 2024 — Edmunds' latest report shows a surge of buyers reentering both the new and used car markets in Q1 2024. With new vehicle supplies rebounding and used car prices cooling, even those who delayed purchases due to recent market conditions are now shopping again. Trade-ins play a crucial role, with many buyers leveraging their older vehicles to offset costs on newer used models.

While more shoppers are returning to the market, the majority of new vehicles for sale are far less likely to appeal to these buyers — they've waited for years to make a move, and are likely a bit more price-sensitive than the consumers who were willing to pay above MSRP at the height of the shortages.

Read Edmunds' full Q1 2024 Used Vehicle Report here.

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