New vs. Used Car Financing
Navigating New vs. Used Car Financing: Top Options for Smart Buyers
When considering a new vehicle, financing often plays a crucial role in the decision-making process. Understanding the differences between new and used car financing can help you make the best choice for your budget and lifestyle. In this blog by Moon Township Ford, we’ll explore how car loans work, the nuances of car loan interest rates, and the advantages and disadvantages of used and new car financing options. We’ll also look at various lender choices and strategies for smart car buying.
How Do Car Loans Work?
Car loans are installment loans requiring monthly payments over a fixed period, typically with added interest. The loan amount, or principal, is the total cost of the car minus any down payment you make. Lenders, such as traditional banks and online providers, may require a down payment, often recommended to be around 20% of the car’s price to secure more favorable interest rates. With each payment, you pay down a portion of the principal and some of the interes
New vs. Used Car Interest Rates
Interest rates on car loans vary based on your credit score and vehicle characteristics. Excellent credit can secure lower interest rates, while poor credit results in higher rates. When it comes to new vs. used car financing, typically, new car financing gets lower interest rates compared to used car financing. Although used cars come with smaller loan principals and shorter loan terms, they often carry higher interest rates. This discrepancy is due to the increased risk lenders perceive when financing older vehicles.
New vs. Used Car Financing Options
Advantages of Buying a New Car
Reliability and Warranties: New cars are generally more reliable and come with comprehensive warranties, offering peace of mind.
Consumer Choice and Customization: New cars provide a variety of choices and customization options to suit your preferences.
Investment Value: Despite the higher initial cost, new cars can be a worthwhile investment due to their long-term reliability and lower maintenance costs.
Advantages of Buying a Used Car
Lower Cost and Insurance: Used cars are less expensive to buy and insure, making them a budget-friendly option.
Lower Depreciation: Used cars have already undergone significant depreciation, so their value remains more stable over time.
Higher Interest Rates: Though used cars may have higher interest rates, their overall cost might still be lower due to the reduced principal amount.
Car Loan Lender Options
Direct Lending for New and Used Cars
Direct lending involves applying for a loan directly with a financial institution, such as a bank or credit union. This can provide more control over the terms of your loan and flexibility regarding lenders.
Dealership Financing for New Cars
Dealership financing involves working with a dealership to secure a loan. Dealerships may offer discounts or promotions, but be sure to read the fine print and consider the interest rate and loan term.
Alternative Financing Options for Used Cars
Online lenders provide you with a wide range of loan options, such as personal loans and car loans. It is paramount to shop around and compare rates and terms before committing to a loan.
Determining Your Car Loan Budget
Calculate your monthly budget and figure out how much you can afford to spend on a car payment. The 20-4-10 rule is a good guideline: 20% down payment, 4-year loan term, and 10% of gross income for vehicle expenses.
Comparing Car Loans from Different Lenders
Shop around for financing options such as 0% new car financing, including direct lenders, dealership financing, and online lenders. Get pre-approved for a loan to have a reference point when negotiating with dealerships. Be wary of predatory lenders and shop around for the best deal when weighing new vs. used car financing.
Smart Car-Buying Strategies
Check your credit score and report before applying for a car loan. You can get a free credit score from several online sites, and each credit bureau must provide one free credit report per year.
Applying for Car Loan Pre-Approval
Apply for pre-approval to lock in a rate and have a better understanding of your budget. Shop around for multiple loan offers to compare rates and terms. Consider working with a nonprofit credit counselor to improve your financial situation and manage your debt.
Shop Smart
Here at Moon Township Ford, our talented finance department team is ready to assist you every step of the way with all of your Ford new car financing needs. Contact us today to get started!
Ford’s New Vehicle Warranties: Why You Should Buy New for Extra Benefits, & More
When purchasing a brand-new vehicle, you want to be sure that your car, truck, SUV, or crossover is protected for miles to come. That’s why Ford offers a comprehensive new car warranty on all of their vehicles, providing you with peace of mind that you and your passengers are safe and sound in whatever new Ford vehicle you drive. In this blog by Moon Township Ford, we’re taking a closer look at Ford’s new car warranty and what it has to offer. To learn more, keep reading!
What Does the Ford New Car Warranty Cover?
Once you purchase your new Ford vehicle, the Ford new car warranty covers three years or 36,000 miles, bumper-to-bumper. In addition to bumper-to-bumper, this warranty also includes:
Powertrain: Provides you with protection of the most important aspects of your vehicle like the engine, transmission, and more for five years or 60,000 miles, whichever comes first.
Diesel Engine Coverage: If your Ford vehicle is powered by diesel, this Ford new car warranty will protect direct injection diesel engines as well as the gaskets, water pump, and other components for five years or 100,000 miles, whichever comes first.
Corrosion: The Corrosion Coverage protects both the metal body sheet panels and the aluminum body panels from rust or corrosion that may occur over time. This protection is good for five years.
Emissions: For eight years or 80,000 miles, your car or light-duty truck’s emission control units will be protected.
Hybrid & EV Coverage: For those who own a hybrid or all-electric Ford vehicle, this warranty will protect the battery and electric drivetrain of your truck or SUV for eight years or 100,000 miles.
When researching vehicle warranties, understanding your rights and responsibilities is crucial to maximizing your benefits. After purchasing your new Ford, you will be provided with a Warranty Guide, outlining those responsibilities as well as what is covered.
24/7 Support for Ford Owners
Although Ford’s Roadside Assistance Program is technically separate from the new vehicle warranty, it kicks off on the same date and is standard for all new Ford vehicles for five years or 60,000 miles, whichever comes first. The program offers towing to the nearest Ford Motor Company dealership or your chosen dealership if it’s within 35 miles of the pickup. The program also covers a flat tire change, up to two fuel deliveries per year, jumpstarts for a 12V battery, lock-out assistance, and winch out within 100 feet of a paved or county road.
Ford Protect Extended Warranty
If you feel you need additional coverage, Ford has you covered with four tiers of extended warranties that will match your needs. These include PremiumCARE, ExtraCARE, BaseCARE, and PowertrainCARE.
- PremiumCARE: This is the most popular plan due to the level of coverage it provides. With over 1,000 components covered, such as A/C and heating, audio, steering, and even normal wear and tear, you’re covered for 10 years or 175,000 miles.
- ExtraCARE: The Ford ExtraCARE extended warranty extends coverage for your vehicle beyond the original factory Ford new car warranty, and covers 113 components, ensuring that you can enjoy your vehicle with less worry about potential repair costs.
- BaseCARE: The Ford BaseCARE plan provides essential coverage for 84 of your vehicle’s critical components, offering a balanced option between comprehensive coverage and affordability.
- PowertrainCARE: The Ford PowertrainCARE extended warranty is designed to provide focused coverage on 29 essential components that keep your vehicle running. This plan is ideal for those looking to protect only the most critical parts of their vehicle.
What Is Not Included In Your Warranty
Though the Ford new car warranty is extensive, do be aware that not everything is covered. Ford won’t cover damage caused by theft or vandalism, environmental damage, general wear-and-tear, routine maintenance, or aftermarket modifications. To learn more about what is not covered in your warranty, speak with a knowledgeable staff member at Moon Township Ford.
How Long is a Ford New Car Warranty?
All 2023 Ford vehicles are covered by a three year, 36,000-mile bumper-to-bumper warranty and a five-year, 60,000-mile powertrain warranty. For hybrid or electric vehicles, federal law mandates that electrical drive components and high-voltage batteries used in hybrids and fully electric vehicles are covered for eight years or 100,000 miles.
The Importance of Regular Maintenance
Be sure to keep in mind it is your responsibility to perform scheduled maintenance as specified in the Owner’s Manual. Failure to perform scheduled maintenance will invalidate warranty coverage on affected parts. Keep receipts for completed maintenance work and enter confirmation of maintenance work in your Owner’s Manual. Taking these precautions will ensure that you reap all of the benefits of a new car warranty.
Get Covered Now
At Moon Township Ford, we look forward to the opportunity to help you find your new Ford vehicle, as well as a Ford new car warranty that is perfect for you. To get started, contact us today.
Is It Better To Buy A New Or Used Car In 2024?
Navigating The 2024 Auto Market: Is It Better To Buy A New Or Used Car In 2024?
The automotive industry entered uncharted territory in early 2020 when the global pandemic caused nationwide factory closures. Although the automotive industry is among the largest manufacturers in the United States, the long-term closures of factories led to production issues, a decline in sales, and international trade. The lingering effects of the pandemic have left many questioning whether it is better to buy a new or used car in 2024. Moon Township Ford is here to help you make the best decision for your lifestyle and budget as we cover the pros and cons of buying a new car vs. used in 2024. Follow along to learn more.
Pros of Buying a New Car
Lower Financing: New Car vs. Used Car Interest Rates in 2024
Though the initial cost, or MSRP, of a new vehicle is higher, banks are more willing to offer lower financing rates for new cars because the car’s inherent value is higher, and it has yet to be subjected to vehicle depreciation. The financing rate will apply to the overall cost, which may still be higher than a used vehicle, but the cheaper car is not always the better choice.
Custom Order
When considering whether it is better to buy a new or used car in 2024, consider the features and specifications that are important to you and your driving experiences. Purchasing a new car allows you to build and price your new Ford to your exact specifications. With a custom order, you can select essential vehicle features like trim level, powertrain, exterior colors, and more.
Safety, Latest Features, & Technology
New cars have all the latest trimmings and technology, a huge selling point for drivers seeking the most advanced entertainment and safety amenities available. Technology is constantly improving, meaning if you opt to purchase a used car, you won’t have access to features and configurations available in newer models. Automakers are also kept to strict safety standards that change how cars are made over time. When debating whether buying a new or used car in 2024 is better, consider the extra peace of mind you will have, knowing everything is up to code with mandatory safety features, like tire pressure monitoring and stability control.
New Car Warranty
New cars come with warranties straight from the manufacturers that remain untouched. You can purchase a warranty for a used vehicle or purchase a certified pre-owned car; however, the best warranty you will get is the one that comes with the new car.
Maintenance
New cars often feature free or discounted maintenance for a certain period after purchase. This should be considered when determining whether it is better to buy a new or used car in 2024.
Pros of Buying a Used Car
Lower Price
The price of a used vehicle will be lower than a newer model. This factor also allows buyers to purchase cars and trim levels that may have otherwise been out of their price range.
Depreciation Value
Cars lose value over time, beginning as soon as they leave the dealership’s lot. When you buy a used car, the value of the car does not immediately depreciate.
Auto Insurance Rates
Auto insurance is typically lower for used vehicles than new ones because the car’s value isn’t as high and will be cheaper to repair or replace.
Cons of Buying a New Car
Down Payment and Purchase Price
The purchase price of a newer vehicle will be higher, meaning more money will be required upfront.
Depreciation Value
Another essential factor to keep in mind when determining whether it is better to buy a new or used car in 2024 is that new cars begin to depreciate in value the second they leave the dealership. Some vehicles will depreciate as much as 40% just by driving off the dealer’s lot.
Cons of Buying a Used Car
Quality and Reliability
Though a used vehicle will be thoroughly inspected before leaving the lot, there is always a chance of underlying issues and unexpected repair or maintenance needs.
No Manufacturer Warranty
Used vehicles do not come with the manufacturer’s original warranty. You can purchase warranties, but they can be expensive and do not cover specific parts and features.
Selection
While you may have more purchasing power when you buy a used vehicle, you will have less say in its features, such as the trim level, exterior color, and interior features.
Find Your Ford
When deciding whether it’s better to buy a new or used car in 2024, it depends on your preferences, lifestyle, and budgetary constraints. For more help determining which option is for you based on the pros and cons of buying a used car, visit Moon Township Ford today!
Is Now A Good Time To Lease A Car?
To Lease Or Not To Lease: Is Now A Good Time To Lease A Car?
The world of car buying is constantly evolving. With recent fluctuations in car prices and economic factors, you might wonder if leasing is still a wise choice. Here at Moon Township Ford, we’re dedicated to helping you navigate the car-buying landscape, even if buying a car is not the right option for you. Follow along as we dive into the current state of car leasing in 2024 and explore its benefits and drawbacks. Whether you’re a seasoned driver or a first-time buyer, this guide will equip you with the knowledge to make an informed decision that aligns with your budget and driving needs. Discover the best option for your lifestyle and budget as we explore leasing a car in 2024 and what to expect if you decide to go that route. If you’re ready to make it official, why wait? Head to Moon Township Ford to explore our vast new inventory of bestselling Ford models to lease in Pittsburgh, PA!
Is It a Bad Time to Lease a Car? Weigh the Pros and Cons
Before we dive into the question: Is now a good time to lease a car? We must first explain how leasing a car from the dealership works. Imagine a car lease as a test drive extended over a few years. You, the driver, get to enjoy a car for a set period, typically two to three years, by making monthly payments. These payments cover the car’s depreciation or the decrease in value over time, along with interest charges. Once your lease term ends, you have two choices: return the car to the dealership and lease a new vehicle or buy it for a predetermined price listed in your lease agreement.
Weighing the Advantages and Disadvantages of Car Leasing
Is now a good time to lease a car? To determine the answer, let’s balance out the pros and cons! To start, leasing offers a compelling alternative to traditional car ownership. Here are some key pros to consider.
Pros of Car Leasing
Lower Monthly Payments: Leasing payments are generally lower than loan payments for the same car because you only pay for the portion of the car’s value that depreciates during the lease term rather than repaying a loan.
Tax Advantages: In some states, you benefit from lower sales tax on your lease payments than a complete car purchase. To find out if this applies to you, speak to one of our sales representatives about the percentage of estimated taxes on your lease.
Cons of Car Leasing
Is now a good time to lease a car? Well, that answer is undoubtedly subjective based on your current financial situation. Here are some cons to consider when leasing.
You Don’t Own the Car: At lease-end, you won’t have an asset to show for your payments. The car remains the dealership’s property unless you plan to purchase it after your lease.
Mileage Restrictions: Leases come with predetermined mileage limits. Exceeding those limits will incur penalties, dictating how far you can drive over a set period of time.
Customization Limitations: Extensive modifications to the car are often discouraged or prohibited under lease agreements, meaning you must leave it in the condition it was in when you received it from the dealership.
Long-Term Value and Car Leasing
Leasing prioritizes short-term affordability. However, you don’t build equity in the car. This may be a dealbreaker for those who prefer ownership and long-term value. If you’re unsure if now is a good time to lease a car, you have options! Here at Moon Township Ford, we believe in offering solutions for every driving need. While leasing caters to a specific set of preferences, it might not be the right fit for everyone. If you have the means and prefer upfront ownership, a cash purchase can save you thousands on interest charges compared to financing.
Get Started
The answer to “Is now a good time to lease a car?” is highly dependent upon your personal preferences and financial status, and leasing offers a compelling alternative for drivers who prioritize affordability, new car experiences, and simplicity. But weighing the pros and cons against your long-term goals and what works best for your lifestyle and budget is essential. Remember, Moon Township Ford is your one-stop shop for all your car needs in Pittsburgh, PA. Our staff and extensive inventory are here to guide you through the journey toward your perfect ride. We invite you to visit us today and explore the possibilities!
Things You Should Know Before Buying A Car In 2024
Top Car Buying Tips In 2024: A Smarter Approach To Buying Your Next Ford
Buying a new car amidst the evolving car market can feel overwhelming, if not impossible. High interest rates and fluctuating car prices increase the likelihood of spending more money to finalize your new purchase. However, Moon Township Ford is here to help you save more and spend less! To streamline your purchasing process, our experts have compiled a list of the top car buying tips in 2024 to ensure you get the most out of your new Ford. Follow along to discover the things you should know before buying a car in 2024 and how to make your shopping experience work best for you.
What’s Changed in the Car Buying Process
The days of driving to the dealership to select your new car are behind us, as convenience becomes one of the most important factors for car buyers. Consumers can now expect more available inventory on the lots than ever as automakers recover from global shortages and more technology is accessible to speed up purchasing. One of our top tips for buying a car in 2024 is to use technology, like online financing options, car payment calculators, and online inventories. Despite steep interest rates, especially for those with poor credit, dealer incentives and low APR financing opportunities make purchasing a new car in 2024 possible and affordable.
Research and Preparation
If you’re wondering how to buy a car in 2024, you’re not alone. One of the top car buying tips in 2024 is one you might expect. However, it can be a real game changer for those who comply: research and preparation. Research and preparation are the most valuable tools to ensure you make an informed and financially sound decision. To do this, decide whether you need a car now or are willing to wait for the right vehicle while researching the current stock and availability of cars based on your needs and preferences. Another helpful tip for buying a car in 2024 is to determine how much you can afford to spend on a new car, including loan payments and other expenses like vehicle insurance, and research models that fall within your price range.
Researching and Test-Driving Vehicles
To find the right Ford for your lifestyle and budget, research and narrow your options based on features, fuel efficiency, and other essential factors like trim level, powertrain, and personal preferences. Consider the total cost of ownership, including fuel, insurance, registration, and maintenance. Make a list of car ownership costs to help you make an informed decision. Check our local inventory and vehicle prices and compare them to your budget to see which model best meets your needs and wants. Researching and understanding the car buying process can give you an advantage when shopping for a car.
Get Approved for Auto Financing
A top tip for buying a car in 2024 is to get pre-approved for a car loan before visiting the dealership. Getting pre-approved for a car loan shows you’ve done your homework and gives you more negotiating power when you know your buying capacity. A pre-approval lets you know your loan rate, payment, and term before visiting a dealership. This can help you find a vehicle that fits your monthly budget and needs.
Making a Smart Purchase Decision: The Best Way to Buy a Car in 2024
To keep from overspending on your new Ford, follow our tips for buying a car in 2024. Avoid common mistakes in the car buying process by evaluating your options and negotiating the price based on availability and your buying power. Don’t rush into a purchase; take your time to research to find the best deal available. Moon Township Ford is here to guide you through purchasing a car in 2024. Whenever you’re ready, we’ll help you find the best fit for your family.
How Has Inflation Affected The Car Market?
Understanding The Impact Of Inflation & Car Prices
Inflation, or the rate at which prices rise over time, has significantly impacted the American people and many other parts of the world. Increasing costs have drastically changed how the average car buyer spends their money, affecting other nationwide industries, such as the car market. However, the good news is that it’s beginning to change! Moon Township Ford acknowledges your concerns about inflation and car prices and how that may change your budgetary constraints. On that note, we’re excited to share that, though the inflation rate remains high, car prices are beginning to decline. Dealerships are once again receiving an influx of vehicles on their lots, and car buyers now have more options than they have in years. Our Ford dealership in Pittsburgh, PA, is here to walk you through car inflation rates as we discuss how inflation has affected the car market and your purchasing power, and how to combat high interest rates for new and used cars. Follow along to discover more about the impact of inflation and what it looks like to buy a car in the current market at Moon Township Ford.
Inflation: Past, Present, and Future
Inflation has always played a role in the economy and the rate of increase or decrease of prices. In 2020, the onset of the pandemic disrupted the automotive industry’s ability to make, complete, and ship cars due to factory closures and semiconductor chip shortages. This led to a crisis for the automotive industry and car buyers alike. Car prices began to rise, and automotive manufacturers produced fewer cars. Amid these challenges, the cost of materials rose, making it more expensive to secure essential vehicle-building components, such as steel and rubber. Today, inflation rates remain high, resulting from higher production costs and the increased higher costs of living, specifically in the housing market. The current inflation rate is 3.5%, an increase from the recent 3.2%. However, the value of cars has remained the same. In the last year, the average price of a new car has gone up a total of 4.2%, fueling the demand for used cars, for which the prices are currently tracking up to 30% of pre-pandemic price levels. Furthermore, loan rates remain high for new and used vehicles. Though we are starting to see a small decline in car prices, the average loan for a new car stands at 7.18%, while a loan for a used car is currently at 11.93%.
These statistics are prime examples of the staggering effects of inflation and car prices as high interest rates are making it less affordable to purchase a vehicle in the current market, despite the slight decline in car prices. While inflation rates fluctuate given supply and demand and other factors like car insurance and gas prices, inflation and car prices are expected to drop up to an estimated 10% for used cars and 2.5% to 5% for new vehicles in the near future. But what does this mean for car buyers searching for the perfect Ford right now?
The Effects of Inflation on Dealerships and Car Prices
Like automakers and potential customers, dealerships have suffered due to inflation and rising car prices. During the pandemic, it became tough to obtain vehicles due to low vehicle production and the shortage of semiconductor chips. Many dealerships would receive new vehicles on their lots without the semiconductor chip to boost inventory and offer shoppers a more comprehensive shopping selection. However, without the semiconductor chip, cars were un-driveable and stayed at the dealership until the arrival of the semiconductor chip, which was often weeks or even months.
To combat vehicle shortages, automotive manufacturers began offering shoppers the opportunity to custom order their vehicles straight from the dealership. By completing a custom order, car buyers could select their vehicle model, trim level, exterior color, and exterior and interior specifications right from the comfort of their homes. This allowed dealerships to continue to make sales despite low or no inventory levels, and car buyers created their new cars to their exact specifications. Once the vehicle arrived at the dealership, the buyer could come pick it up or schedule a time for home delivery, based on their location from the dealership.
Despite rising inflation and lower car prices, custom orders are still a very popular option for car buyers. Create your dream Ford today by contacting one of our sales representatives.
Tips for Buying a Car Amid Inflation and Decreased Purchasing Power
When you need a new car, waiting for vehicle prices to drop is sometimes impossible. That’s why we’ve put together our top tips for buying a car despite rising inflation and car prices and what you can do to ensure you get the best deal possible. High interest rates have dramatically shifted purchasing power, making it crucial to understand how to navigate auto financing in this economic climate.
Take advantage of affordable auto financing in Pennsylvania when you apply for financing with us online. The Federal Reserve’s measures to control inflation and interest rates significantly impact the rates for vehicle financing, affecting both new and used car purchases.
Set Your Budget
Before you buy a new car, understand what you can afford and what your ideal monthly payment looks like. Setting a budget will help you determine which Ford is right for your lifestyle and plan ahead to avoid purchasing a car over your price limit. Use our payment calculator to estimate your monthly payment online today.
Have Options
Once you’ve determined a suitable budget for your new Ford, check out our inventory to select a few options to test-drive at our dealership.
Shop Sales
We often offer specials and sales events to help our valued customers navigate rising inflation and car prices. Consider shopping around when dealerships have large sales, like Memorial Day, Labor Day, or Black Friday. Also, take a moment to check out our New Vehicle Specials to see what deals we have available!
Apply for Financing Considering Interest Rates
Take advantage of affordable auto financing in Pennsylvania when you apply for financing with us online. Many dealers are offering 0% APR financing for select new models. We’re here to help you get the best deal possible!
Consider Leasing
If purchasing a car is outside your budget, leasing is a great way to enjoy a new vehicle without the burden of high car payments.
We’re Here for You
Purchasing a new Ford amidst rising inflation and car prices can be intimidating. Discover the best fit for your budget when you trust Moon Township Ford in Pittsburgh, PA. Come see us today!
2024 Car Market Forecast
The 2024 Car Market Forecast
As we navigate through 2024, the car market continues to evolve, shaped by technological advancements, economic conditions, and changing consumer preferences. According to insights from COX Automotive, several key trends are emerging in the 2024 car market. This blog by Moon Township Ford will delve into the 2024 car market forecast, focusing on the new and used car markets, the electric vehicle sector, and the car leasing landscape.
2024 New Car Market Trends
The 2024 new car market is expected to see a steady recovery from the disruptions caused by the COVID-19 pandemic and the semiconductor shortage. Manufacturers are ramping up production, and inventory levels are improving, although they are not yet back to their pre-pandemic levels. A moderate increase in new car sales is projected, driven by pent-up demand and improving supply chains. Consumer preferences are shifting towards SUVs and trucks, which continue to dominate the market. These vehicles are favored for their versatility and perceived safety. However, the rise in interest rates may temper demand slightly, as higher financing costs could deter some buyers. Despite this, the overall outlook for the new car market in 2024 remains positive, with innovation and new model releases expected to attract consumers.
2024 Used Car Market Trends
The used car market in 2024 is poised for another dynamic year. Following the unprecedented price surges of the past few years, used car prices are expected to stabilize but remain elevated. The demand for used cars remains robust, particularly as new car prices and interest rates rise. Supply in the used car market is improving as more lease returns and trade-ins become available. However, the market still faces challenges from the reduced number of vehicles that were produced during the pandemic. As a result, late-model used cars are particularly scarce and command higher prices. Consumers are also increasingly turning to certified pre-owned vehicles for their added reliability and warranty benefits. This segment is expected to grow, providing a bridge for those looking for near-new quality without the new car price tag.
Electric Car Market Update
The electric vehicle market is set to make significant strides in 2024. COX Automotive reports a surge in EV adoption, driven by increased consumer awareness, government incentives, and the expansion of charging infrastructure. Major automakers are launching new electric models, contributing to a broader selection and more competitive pricing. Range anxiety, which has historically been a barrier to EV adoption, is diminishing as newer models have longer ranges and faster charging times. In addition to this, advancements in battery technology are making EVs more appealing to a broader audience. Tesla continues to lead the market, but traditional automakers like Ford, General Motors, and Volkswagen are rapidly gaining ground with their EV offerings. The competition is fierce, which is beneficial for consumers as it drives innovation and lowers costs. The EV market in 2024 is not just a niche segment but is becoming mainstream, reflecting a significant shift in the automotive industry.
2024 Car Leasing Market
Car leasing remains a popular option in the 2024 car market, especially as consumers look for flexibility and affordability. It is important to note that leasing is particularly attractive for those who prefer to drive new models with the latest technology and lower maintenance costs.
The leasing market is expected to recover from the decline it experienced during the pandemic, supported by an increase in new vehicle production. Manufacturers and dealerships are likely to offer attractive leasing deals to entice customers. Electric vehicles are also making their mark in the leasing market, with more EVs being offered with appealing lease terms. This trend is likely to rise as consumers become more environmentally conscious and take an interest in the benefits of driving electric.
The Big Picture
The 2024 car market forecast paints a picture of a dynamic and evolving landscape. The new car market is set for a moderate recovery, while the used car market stabilizes at high price levels. The electric vehicle sector is poised for significant growth, becoming a mainstream choice for many consumers. Meanwhile, the leasing market continues to offer attractive options for those seeking flexibility and the latest technology. As we move further into 2024, these trends highlight the resilience and adaptability of the automotive industry. For consumers, staying informed about these trends can help make better decisions, whether buying new, used, or leasing a vehicle. The future of the car market is bright, with innovation and consumer demand driving the industry forward.
The Time Is Now
If you are ready to purchase or lease a new car, SUV, crossover, or truck, we are ready to assist you at Moon Township Ford! Schedule a test drive today.
Will Car Prices Drop In 2024?
Will Car Prices Drop in 2024? What You Need to Know Before Buying
The evolving car market leaves many questions unanswered as consumers eye fluctuating car prices and wonder if there is an end in sight. Moon Township Ford is here to guide you through post-pandemic car shopping as we cover influencing factors like car supply and demand, interest rates, dealership incentives, and how each could affect your purchasing decisions. Our premier Ford dealer in Pittsburgh, PA, wishes to ease your concerns about purchasing a new or used car in today’s market with facts straight from automotive experts answering, “Will car prices drop in 2024?” Read along for essential information about new and used car prices. Visit Moon Township Ford to schedule a test drive today.
Average Price of New Cars in the US: Will New Car Prices Drop in 2024?
According to Edmunds, the average price for a new car in the United States was 1.2% less in January of 2024 than in January of 2023. New car prices have soared over 21% on average since 2020 but are starting to trend downward. The average price of new cars would settle around $47,000. Though the drop in car prices isn’t significant, auto experts believe the trend will continue as supply grows and automakers are driven to lower prices.
Factors Influencing Car Prices: Why New Car Prices Are Falling
The new car market’s bubble has burst, with overall new car price trends indicating a correction after years of steady increases. An oversupply of approximately 5 million vehicles may prompt price reductions in 2024, per Nasdaq. Competitive pricing from manufacturers may sway consumers towards larger, less fuel-efficient cars.
The average new car price decreased by about 3.5% since December of 2022, when prices peaked. Kelley Blue Book automotive experts believe electric car prices in 2024 will remain fairly steady, though the upfront cost of an EV is 17% higher than the overall new car market average. However, within the last year, the average price for a new EV has declined by 21%. Auto experts also believe that prices will decrease even further once electric vehicles become more mainstream due to the demand. In the first quarter of 2024, EV sales increased by 2.6% year-over-year, leading many to believe the EV revolution will continue.
Used Car Prices: Will Used Car Prices Drop in 2024?
The used car market witnessed some decreases in 2024 but did not return to its pre-pandemic levels due to high demand. Wholesale used car prices declined by 13.8% in the first 15 days of February, marking a notable shift in market dynamics. The average cost of a used vehicle is down 3% from a year ago and 12% below the peak in April of 2022.
However, auto experts have also noted that used car sales are beginning to weaken, and used inventory is sitting on dealers’ lots amidst 0% APR financing deals for new cars. Per Cox Automotive, the prices of new cars dropping in 2024 will also force the cost of used cars to fall. While used car prices are beginning to decline, it is also important to note that this will affect trade-in values for drivers planning to sell vehicles to dealerships.
Will Car Lease Prices Go Down in 2024?
If you’re looking for the best time to lease a car in 2024, your best bet is to consider timing as one of the most critical factors in scoring a favorable deal. To decide when the best time is to begin a new lease, keep in mind the time of year you plan to lease, and aim to do so around holidays or toward the end of the year from October to December.
When to Buy a Car in 2024
Incentives between April and July are forecast to be the most attractive in the new car market. Car shopping often takes place in the spring and summer. Interest rates are expected to be cut this year, which may give people more breathing room. Manufacturers are ramping up incentives on some new cars, and drivers can get deals on used cars under three years old.
Buy Your Next New or Used Ford
Moon Township Ford is excited to announce car prices will drop in 2024 based on the current trends. If you’re ready to add a new or used Ford to your family lineup, we’re here to help make that happen. Visit our Pittsburgh, PA, Ford dealer to discover the best deal for your lifestyle and budget, and begin your next adventure today.
EV Service & Maintenance: Taking Care Of Your EV
Rev Up Your Eco-Friendly Ride
The electric vehicle revolution is here, and Moon Township Ford is proud to be at the forefront! We understand that transitioning to an EV can raise questions about service and maintenance. After all, these innovative vehicles operate differently than traditional gas-powered cars. Fear not, future-focused drivers! Our informative blog post will be your one-stop guide to Ford EV service and maintenance, ensuring a smooth, worry-free electric journey. Learn more today and get your Ford EV service scheduled at Moon Township Ford!
Ford EV Service: Keeping Your Charge Going Strong
Gone are the days of routine oil changes and spark plug replacements. Electric vehicles boast a simpler powertrain, resulting in significantly reduced service needs. However, that doesn’t mean your EV is maintenance-free. Regularly scheduled service appointments are still crucial for maintaining optimal performance and maximizing your battery life. At Moon Township Ford, our certified EV technicians are specially trained to handle all your electric vehicle’s service needs. During a typical service appointment, we’ll perform a comprehensive inspection, checking key components like the battery thermal management system, high-voltage components, and charging infrastructure. We’ll also ensure your software is up to date, optimizing your driving experience and addressing any potential bugs. But that’s not all! Our service department offers additional services specifically designed for EVs, including:
High-voltage system inspection: Our technicians will meticulously inspect the high-voltage system for any signs of damage or wear, ensuring safe and reliable operation.
Charging system check: We’ll verify the functionality of your onboard charger and home charging station, keeping you powered up wherever you go.
Battery health analysis: Using advanced diagnostic tools, we’ll assess the health of your EV battery, providing valuable insights into its performance and lifespan.
EV Car Maintenance
While EVs require less maintenance than traditional vehicles, certain practices can significantly enhance their performance and longevity. Here are some key tips to keep your EV running smoothly.
Regular tire rotations and alignments: Just like any car, proper tire care is essential for optimal handling, efficiency, and safety.
Cabin air filter replacement: A clean cabin air filter ensures fresh air circulation and a comfortable driving experience.
Software updates: Regularly downloading software updates from your manufacturer helps maintain optimal performance and address any potential issues.
Regenerative braking awareness: EVs utilize regenerative braking to capture energy during deceleration, reducing wear and tear on your traditional brakes. However, occasional traditional braking is essential to maintain optimal brake function, so make sure to keep an eye on brake pads.
Taking Care of Your EV
Sure, professional service is key, but keeping your electric Ford happy at home is just as important. Here are some insider tips to maximize battery health, extend your driving range, and keep your EV running like a dream.
Become a smart charger: Ditch the habit of letting your battery hit rock bottom before plugging in. Aim for a sweet spot between 20% and 80% charge for optimal battery life. Use home charging stations that allow for slower, gentler charging whenever possible.
Climate control with a conscience: Extreme temperatures can throw your battery a curveball. Utilize preconditioning features to adjust cabin temperature before driving, reducing the strain on the battery during scorching summers or frigid winters. This way, your battery can focus on propelling you forward, not fighting off the elements.
Schedule Ford EV Service
At Moon Township Ford, we’re committed to making your EV ownership experience exceptional. Our team of friendly EV specialists are here to answer your questions, address your concerns, and provide expert service and maintenance to keep your electric car running like new. Our dealership offers convenient online scheduling for service appointments, making it easier than ever to maintain your EV. So buckle up, eco-conscious drivers! With Moon Township Ford by your side, you can enjoy the thrill of electric driving with complete peace of mind. Schedule your Ford EV service appointment today!
Charging Your EV: Public & Home Charging Options
Power Up Your Future
Welcome to the electric revolution! Here at Moon Township Ford, we’re thrilled to be a part of your journey toward sustainable and exciting electric vehicle ownership. A few of the most common questions we receive revolve around EV charging options. Our handy guide will equip you with the information to confidently navigate the world of EV charging. Head to Moon Township Ford to explore the lineup and learn more about EV charging options!
Ford EV Charging Options
Gone are the days of the universal gas station dread. When it comes to EV charging options, you have various types to fit your needs, with differences in speed, power, and charging times. Owning a Ford EV unlocks a world of seamless charging possibilities. Say goodbye to range anxiety! The BlueOval™ Charge Network is the biggest public charging network in North America. It spans over a hundred thousand stations, ensuring you’re never far from a power source. Use the network to locate nearby Pittsburgh, PA, EV charging stations. Let’s explore the three main types of EV chargers.
Level 1 Chargers: Perfect for recharging your battery at home or while parked for extended periods, Level 1 charging uses your standard 120-volt AC outlet. While it’s the slowest option, taking 40-50 hours for an 80% charge on a battery EV, it’s a convenient way to keep your car powered overnight. Plug-in hybrids benefit more, reaching 80% in 5-6 hours.
Level 2 Chargers: Offering a significant speed increase, Level 2 chargers are commonly found in homes, workplaces, and public charging stations. Utilizing 208-240-volt AC power, they can charge your EV to 80% in 4-10 hours, making them ideal for daily charging routines. PHEVs see an even faster boost, reaching 80% in just 1-2 hours with a Level 2 charger.
DC Fast Charging: Need a quick EV charging option on the go? Look no further than DC Fast Charging stations. Located along highways and public areas, these stations deliver the fastest charging option for EVs, using 400-1000-volt DC power to provide an 80% charge in a mere 20-60 minutes. While PHEVs typically can’t utilize DCFC stations, battery EVs can take advantage of this rapid refuel method.
Home EV Charging
While public charging stations are fantastic for long journeys, the true convenience of EV ownership lies in charging at home. Here at Moon Township Ford, we offer a variety of home EV charging options to seamlessly integrate charging into your daily routine. Level 2 chargers are significantly faster than the standard Level 1 chargers that typically come with your EV. While a Level 1 charger might take several hours to fully charge your battery, a Level 2 charger can significantly reduce charging times, often achieving a full charge overnight.
Smart Charging Practices: Now that you know where and how to charge your EV, let’s explore some best practices to maximize your battery life and optimize charging efficiency.
Avoid extreme temperatures: Extreme heat or cold can impact battery performance. Whenever possible, park your EV in a temperature-controlled environment when charging.
Don’t overcharge: Most modern EVs come with automatic shut-off features when charging is complete. However, it’s generally not recommended to leave your EV plugged in for extended periods after it’s fully charged, or even to regularly charge to 100%.
Explore Ford EVs
At Moon Township Ford, we’re committed to making your transition to electric vehicles a smooth and rewarding experience. Our sales team is here to answer your questions and guide you through the process of choosing your perfect EV. We can also connect you with our expert technicians to discuss home charging solutions. So, are you ready to experience the thrill of electric driving? Visit Moon Township Ford today, and let us show you the variety of EV charging options available!
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