Market prices and consumer budgets are inching closer together, according to Cars.com's second annual Affordability Report. It indicates that the retail environment is more accessible to consumers than it has been for months, and in some cases, years.
Cars.com says its 2024 Affordability Report finds that despite inflation and concerns over interest rates, half of Americans are planning to make a major purchase this year. It also finds that that new-vehicle supply is rebounding, something you've also heard from Car Pro Show radio host Jerry Reynolds. According to the study, vehicles under $30,000 grew the fastest, with inventory up 77% year-over-year, but are still below 2019 levels.
We also can't forget about trade-ins. Cars.com says 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.
Cars.com says its comprehensive, data-driven report is a 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.
"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."
Best New Car Values By Segment in 2024
So which 2024 model year vehicles are considered best values in their segment?
Cars.com started with a list of 85 new vehicles and says the models listed below were best-in-class for 2024 — half fall under the $30,000 mark. Cars.com says the 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.
|
Cars.com’s Affordability Report — Best Value New Vehicles by Segment |
|||
| Category | Median Category Price | Top Vehicles
Model/Trim |
Median Vehicle Price |
| Compact Car | $26,363 | 2024 Kia Forte LXS with LXS Technology Package | $21,710 |
| Subcompact SUV | $29,470 | 2024 Nissan Kicks S | $22,597 |
| Compact SUV | $35,995 | 2024 Chevrolet Equinox LS with Driver Confidence II Package | $27,995 |
| Compact Pickup Truck | $35,530 | 2024 Ford Maverick XL with Ford Co-Pilot 360 Package | $27,380 |
| Mid-size Pickup Truck | $43,412 | 2024 Nissan Frontier King Cab S 4×2 with Technology Package | $35,005 |
| Full-Size Pickup Truck | $58,015 | 2024 Ford F-150 SuperCab XL 4×2 | $46,293 |
| Electric Vehicle | $49,304 | 2024 Hyundai Ioniq 6 SE RWD | $40,160 |
To see the Top 3 lists of the most affordable vehicles by segment, click here.
