You Should Buy Consumer Reports' Best Cars of 2024 Now: Here's Why

If you're looking for a new car but don't want to pay that markup, consider buying last year's model. You'll still get all the benefits that come with buying a new car, like advanced technology, updated safety features, and that great new car smell, plus cash savings that could amount to tens of thousands of dollars.

When is the best time to buy a car?

According to Edmunds, an automotive website that publishes information and resources to help consumers buy and sell cars, December was historically the month in which Distributors offered the biggest discounts. off the manufacturer's suggested retail price, or MSRP. The reason was that they needed to make room for next year's car models, which typically arrived in batches between August and November.

But that all changed during the COVID-19 pandemic, when supply issues simply upended traditional pricing schemes. Cars were left stranded on container ships thousands of miles from where they were supposed to be, or unfinished in factories that had closed due to lockdowns or, worse, unbuilt due to the global chip shortage.

Demand for vehicles was so strong that dealers didn't offer many discounts: they could demand high prices because they knew they would get them.

Don't miss the move – SIGN UP for TheStreet's FREE daily newsletter

Fortunately for consumers, the supply chain has since smoothed out and dealers are once again offering incentives to get their vehicles out of showrooms. Add to that the fact that interest rates have been dropping so car buyers can receive subsidized loans at more affordable rates, and that basically makes now the ideal time to purchase a new vehicle.

But while all of these things are positive for consumers, perhaps the best way to get the biggest discount on your next car, SUV, or truck purchase is to simply follow one of the oldest tricks in the book: buy last year's model.

Related: Consumer Reports: The 10 Best SUVs of 2024

Why buy last year's car model?

To entice consumers to buy the latest vehicle models, every few years, automakers redesign their cars, trucks, and SUVs by equipping them with the newest technology and most luxurious amenities—basically, the latest gadgets.

But often, models from the previous year, or the “leftover models,” as Greg Fidan of the RealCarTips car blog calls it, are still sitting in parking lots, sporting nearly new technology and zero miles on their odometers.

To free up valuable space and attract buyers to showrooms, Distributors will add tremendous incentives. or cut their prices to the bone. And, Fidan adds, the longer you wait, the bigger your discount can be: Some cash rebates and dealer incentives for models more than one year old can reach up to $10,000 or more, especially if the model year is before a redesign.

Of course, the longer you wait, the fewer options you will also have to choose from, simply because there will be less variety in terms of models and colors. You will also not be able to place a custom factory order.

More automotive content:

Consumer Reports' Best American Cars, Trucks, and SUVs of 2024
Car brands with the highest customer loyalty according to Consumer Reports
The 10 least satisfactory cars of 2024, according to Consumer Reports

Just don't forget about depreciation when making this important purchasing decision. Since a car can lose up to 10% of its value the moment you drive it off the dealership, you'll need to plan for the long term, even when purchasing last year's model.

“Surplus models are treated as 1-year-old vehicles, even if the model year is current.” Fidan said“It's not a good idea to buy one unless you plan to keep it for more than 5 or 6 years. Otherwise, the cost of depreciation will be difficult to absorb.”

What are the 10 best cars of 2024 according to Consumer Reports?

Perhaps we should put it in the past tense, since 2024 is almost over. These cars were reviewed in February by Consumer Reports (CR), the leading authority on automotive testing, which tested and rated all 260 new models released in the calendar year.

Using a combination of quantitative criteria, such as road test performance and safety, and qualitative data, such as predicted reliability and owner satisfaction, CR narrowed the field and selected its top 10. He also noted that each of these vehicles has automatic emergency braking as a standard feature, another important plus, especially for safety-oriented families with children.

Related: The best new cars and SUVs under $30K, according to Consumer Reports

CR even took the time to sort its picks by price and engine type: There are four hybrids, three plug-in electric vehicles, and one EV listed on its 2024 list.

Just try to get one while the deals are good and these cars are still available.

See the original article for embedded media.

A trusted name in consumer advocacy since 1936, Consumer Reports' car reviews are considered the best in the industry. Here are your 10 picks for the best vehicles of 2024:

Subaru's Crosstrek earns top ratings from Consumer Reports in 2024.

subaru