Florida Consumers May See Car Prices Drop In 2024

For consumers looking to buy a vehicle, Cox Automotive has come out with their 2024 forecast (Cox Automotive’s Forecast: 2024 – A Return to Normalcy in the U.S. Auto Market – Cox Automotive Inc.) which suggest prices could decline this year.

Calling it a “A Return to Normalcy in the U.S. Auto Market,” Cox says 2024 is expected to be the best year for car buyers since the pandemic, for new and wholesale cars.

One of the reasons? More inventory.  This would benefit consumers placing a downward pressure on prices with dealers looking to raise incentives and discounting cars to increase. With lower prices for consumers, car dealers may see lower profits and tighter margins, but on the whole may sell more in volume to make up their profits.

Cox didn’t give an exact percentage of a price drop but said prices are expected to decline moderately.