WASHINGTON, Oct. 29, 2024 /PRNewswire/ — The latest automotive insights and industry trends report from U.S. News & World Report on the first half of 2024 reveals that consumers prioritized value-oriented vehicle brands amidst slowly stabilizing inflation, as improvements to inventory led to an increase of incentives and discounts from manufacturers.
To inform the report, U.S. News examined engagement and car shopping data from cars.usnews.com and its U.S. News Best Price Program from January 1, 2024 through June 30, 2024. The report looks at new and used car shopping, consumer preferences towards segments like electric vehicles, and how these trends impact car buying.
“Steady inflation led consumers to adopt a pragmatic approach to car buying in early 2024. Many prioritized needs over wants, opting for affordable, reliable models from brands like Toyota,” the report said. “Kia and Hyundai also saw strong interest in their range of gas, hybrid and electric vehicles. Overall, consumers preferred mid-size SUVs and crossovers over traditional sedans and other body styles.”
Other key trends discussed in the report include:
- New vehicles were considered 34% more than used. When shopping for a used vehicle, consumers sought out recent models from the last four years.
- Interest in hybrid and electric vehicles remains steady, with 25% of all users viewing an electric or hybrid vehicle. Consumers have more choice than ever as well-established automakers continue to release new offerings.
- The SUV was the most popular vehicle class of the first half of 2024. The mid-size SUV segment represented the most-viewed models, as automakers continue to de-emphasize sedans and sub-$20,000 small cars.
Among the most popular brands and models from the first half of 2024:
To access the full findings, visit: https://cars.usnews.com/lp/automotive-industry-trends
For more information, visit #USNAutoInsights on Instagram, X (formerly Twitter) and Facebook.
About U.S. News Best Cars
Since 2007, U.S. News Best Cars, the automotive channel of U.S. News & World Report, has published rankings and reviews of the majority of new vehicles sold in America. Each year, U.S. News also publishes the Best Cars Awards, including Best Vehicle Brands, Best Cars for the Money and Best Cars for Families. U.S. News Best Cars supports car shoppers throughout the entire car buying journey, offering industry leading advice for researching cars and finding cars for sale, as well as its U.S. News Best Price Program.
About U.S. News & World Report
U.S. News & World Report is the global leader for journalism that empowers consumers, citizens, business leaders and policy officials to make confident decisions in all aspects of their lives and communities. A multifaceted media company, U.S. News provides unbiased rankings, independent reporting and analysis, and consumer advice to millions of people on USNews.com each month. A pillar in Washington for more than 90 years, U.S. News is the trusted home for in-depth and exclusive insights on education, health, politics, the economy, personal finance, travel, automobiles, real estate, careers and consumer products and services.
SOURCE U.S. News & World Report, L.P.
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