washington, October 29, 2024 /PRNewswire/ — The latest automotive industry insights and industry trends report for the first half of 2024 from U.S. News & World Report finds that consumers are increasingly value-oriented as improving inventories lead to increased incentives and inflation gradually stabilizes. It has become clear that they are prioritizing car brands. Discounts from manufacturers.
To inform this report, U.S. News examined engagement and car shopping data from cars.usnews.com and its U.S. News Best Price Program. January 1, 2024 through June 30, 2024. This report examines consumer preferences for new and used car purchases, segments such as electric vehicles, and how these trends impact car purchases.
The report said, “As inflation steadily increased, consumers began adopting a pragmatic approach to car purchases in early 2024, with many prioritizing needs over wants and We chose affordable and reliable models from brands like . “Kia and Hyundai also showed strong interest in their gasoline, hybrid and electric vehicle lineups. Overall, consumers preferred midsize SUVs and crossovers over traditional sedans and other body styles. I liked it.”
Other key trends discussed in the report include:
New cars were considered to be worth 34% more than used cars. When shopping for a used car, consumers looked for the latest model from the past four years. Interest in hybrid and electric vehicles remains steady, with 25% of all users viewing electric or hybrid vehicles. As established automakers continue to release new products, consumers have more choices than ever before. SUVs were the most popular vehicle class in the first half of 2024. The models that received the most attention were the midsize SUV segment, as automakers continued to de-emphasize sedans and submodels.$20,000 small car
The most popular brands and models for the first half of 2024 are:
To access the complete survey, please visit https://cars.usnews.com/lp/automotive-industry-trends.
For more information, visit #USNAutoInsights on Instagram, X (formerly Twitter), and Facebook.
About USA News Best Cars
Since 2007, US News Best Cars, the automotive channel of US News & World Report, has published rankings and reviews of the majority of new cars sold in America. Each year, U.S. News also presents Best Car Awards, including Best Vehicle Brand, Best for the Money, and Best Cars for Family. US News Best Cars supports car buyers throughout the car buying process, providing industry-leading advice for researching cars, finding cars for sale, and the US News Best Price program.
About U.S. News and World Report
U.S. News & World Report is a global leader in journalism that helps consumers, citizens, business leaders and policy makers make confident decisions in every aspect of their lives and communities. US News, a multifaceted media company, provides unbiased rankings, independent reporting and analysis, and consumer advice to millions of people every month at USNews.com. pillar inside washington For more than 90 years, U.S. News has been the trusted home for in-depth and exclusive insight into education, health, politics, economics, personal finance, travel, autos, real estate, careers, and consumer products and services.
Source US News & World Report, LP
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