Most people are a little preoccupied with wondering who will be the next President of the United States. This brings about the question, Kamala or Trump? While people argue about it, drivers are wondering if they should wait until after the election to buy a car. 

Should you wait until after the election to buy a car? 

The automotive industry is currently facing an overstock of trucks, SUVs, and cars. As a result, it doesn’t want drivers to wait any longer. 

At the moment, drivers are unsure about what to do. Some have election fear and worry that buying a new or used car before November 4, 2024, could be a mistake. 

According to Cox Automotive, roughly 75% of car shoppers think that the outcome of the election will impact the economy. 

About 60% of buyers said that the election will impact their next vehicle purchase. Also, 82% of dealerships think the election will change interest rates. Only 20% of potential buyers think things will get worse. 

Prices could change as well. But 70% of shoppers think vehicle prices will change, with 41% of them thinking that prices will get worse. Only 26% of people think prices will decrease. 

This is creating a high level of uncertainty in the automotive industry as sales come to a halt. People are waiting for the election to see if interest rates or inflation changes. Even those who think things might get worse are sticking by the sidelines to see what actually happens.  

In September 2024, car sales dropped by 13.2% compared to September 2023. Last year 1,129,659 cars were sold in September. That figure dropped to 960,500 this year. 

While prices have been slowly dropping and inventory has been improving, interest rates remain high. Drivers are also shifting to more affordable and fuel-efficient vehicles. 

Waiting until after the election to buy a car could be a smart move. However, it might also be worth it to go after the end-of-year sales.