5 Tips for Buying a Car in 2024 in Central Minnesota

This year could be the best year to buy a car since 2019. That's what Cox Automotive chief economist Jonathan Smoke said in a recent interview.

In recent years, car buyers have seen high interest rates, low inventory, and overall higher prices (thanks, pandemic). That's loosening up, though: We just had three months (September, October, and November) in which the average transaction price was lower than the same month in the prior year, according to CNBC.

With that in mind, here are some things to consider if you're thinking about buying a car this year:

1) It could really pay to shore up your credit score. The Fed is expected to lower interest rates, although they'll still be higher than they were a few years ago, Bankrate predicts. You do have some control over the interest rate you pay, though, since you get a better rate if you have a better credit score. According to Bankrate, "prime borrowers in the third quarter secured an average rate of 6.88 percent for new cars compared to subprime borrowers with an average of 11.86 percent." Take the time to review your credit score and do what you can to improve it before you start shopping.

2) Inventory of new vehicles is increasing as supply chain issues dissipate, so be prepared to have more choices when shopping. St. Cloud Toyota lists its inventory right on its homepage — recently, they had 139 new and 193 used vehicles in stock. You can search the inventory right on their website, too, so you know what to expect when you hit the showroom for a test drive.

3) Prices on both new and used cars are going down, but that could affect your trade-in value, too. Make sure you're prepared by getting your CARFAX trade-in value in a few easy steps online with St. Cloud Toyota.

4) Look for technology upgrades. Features like adaptive cruise control and Apple CarPlay are more and more common on lower-priced models, according to Kelley Blue Book, so you could be pleasantly surprised at the features on new vehicles even if it's only been a few years since your last purchase.

5) Think about how long you plan to own this vehicle. Right now, the average car on American roadways is 12.5 years old, but vehicles are built to last longer and longer. Get the features that likely will be important to you not just now but also 5 or more years in the future.

Here in Central Minnesota, the sales staff at St. Cloud Toyota understands that car-buying can be a stressful experience, so they are here to help you weigh the factors most important to you and find the best vehicle for your lifestyle. Learn more at stcloudtoyota.com or visit 418 2nd St S, Waite Park MN 56387.

They're on social media and YouTube, too!