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New car prices and auto loan rates are projected to fall in 2024 as market conditions improve for buyers.
Cox Automotive, a research and consulting firm, forecasts that the supply of new cars will finally return to normal levels this year. New vehicle inventory is expected to rise to nearly 3 million units, which would be three times the level of just under 1 million in late 2021 at the height of the chip shortage.
The increased supply should put an end to a historically rough period for car buyers. Going forward, car shoppers can expect dealerships to offer more reasonable prices and manufacturers to improve incentives like rebates and financing deals.
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