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Tips for Buying a New Car in Today’s Market

How to navigate the current car buying landscape and get the best deal.

Despite some recent improvements, buying a new car is still a challenge with prices remaining higher than pre-pandemic levels. However, more vehicles are available on dealer lots, and financing deals are making a comeback, especially for electric cars.

If you’re thinking of going electric, now might be the perfect time as dealerships are offering better incentives to move inventory. For traditional buyers, you can still find deals by being flexible, doing your homework, and shopping around for the best price and financing terms.

Here are some key tips for navigating the current car market:

Set Up Financing First: It’s a smart move to secure financing through your bank or credit union before heading to the dealership. This gives you a solid understanding of your budget and can help you compare dealer offers with confidence.

Shop Around: Don’t settle for the first car you see. Compare inventory from multiple dealerships to find the best option. Use online tools to search for cars in your area or even a bit further out to find what you want at the right price.

Consider EVs: If you’ve been thinking about going electric, now might be the time. With dealerships eager to sell EVs, you’ll likely find competitive pricing and financing options.

Stay Flexible: The exact model or trim you’re eyeing might not be available, so prioritize your must-haves. Flexibility with features or even considering different models could land you a great deal.

Trade-in Value Matters: If you’re upgrading, don’t forget the value of your trade-in. It could help offset the higher prices in the market.

In today’s market, staying patient and informed is the key to finding the right car at the right price. Be prepared, shop smart, and you’ll come out on top.

Looking for a streamlined, personalized way to shop for cars? Venn lets you share your preferences and receive tailored offers directly from dealerships, helping you find the best deal quickly and conveniently.

• 09/20/2024
• Venn Auto Solutions
• Newsletter Article

Deciding When to Buy, Sell, or Trade Your Car: What You Need to Know

Understand the market trends and make informed decisions.

The current car market presents a mix of opportunities and challenges, making it tough to decide whether now is the right time to buy, sell, or trade. While new car prices have held steady throughout the summer, used car prices are starting to tick upwards again. And, of course, high interest rates continue to complicate financing for many buyers. Though there’s talk of potential rate cuts in the near future, any real relief for car buyers may take months to materialize.

So, how do you know what’s the right move for you? Let’s break down the market trends and explore your options:

New Car Buyers: Discounts, But Challenges Remain
New car shoppers have reason to be cautiously optimistic. Many dealerships, faced with higher inventories, are offering substantial discounts to attract buyers. These deals are a welcome sight, especially as inflation continues to impact other sectors. However, other costs—such as rising insurance premiums—mean you’ll need to look at the full picture before making a decision.

If you’ve had your eye on a specific model, now might be a good time to jump in, especially if it’s a brand that’s overstocked. On the other hand, if you’re concerned about interest rates, it could be worth holding out for a few months to see if financing terms improve. Just be prepared for the possibility that prices might edge up if demand increases again.

Used Car Market: Prices on the Rise
While new car prices have leveled off, the used car market is moving in the opposite direction. After months of lower-than-usual prices, used cars are seeing a gradual increase, and it’s expected to continue. If you’re shopping for an affordable used vehicle, especially one under $15,000, you may find limited options. Older, higher-mileage cars are becoming scarce as more shoppers turn to used vehicles to avoid higher new car costs.

For those in the market for a reliable used vehicle, acting sooner rather than later could save you from paying more in the future. But, as always, research is key—compare prices across multiple dealerships, check vehicle history reports, and don’t forget to factor in ongoing maintenance costs.

Selling or Trading Your Vehicle: Still a Seller’s Market
If you’re selling or trading in your car, you’re in luck. The used car shortage means demand for pre-owned vehicles remains strong. Even with a slight price rise in used cars, dealerships are still offering competitive trade-in values to maintain their inventory.

Before trading in, it’s important to shop around. Don’t settle for the first offer—contact multiple dealerships and use online tools to get a clear understanding of your car’s worth. This can help you maximize the value of your trade-in, especially if you’re looking to offset the cost of buying a new car.

How to Make the Most of Your Situation

• Assess Your Timing: If you’re in no rush, waiting a few months might give you access to better interest rates or improved deals. However, if you find a good offer now, it could be worth acting before prices or rates change again.
• Consider Insurance Costs: Insurance premiums have spiked recently, which could add significant costs to your purchase. Get quotes in advance to avoid any surprises after buying.
• Expand Your Search: By broadening your search area, you can find better deals, whether you’re buying or selling. Some markets have more inventory than others, which could work to your advantage.
• Negotiate Your Trade-in: Use online tools and contact various dealerships to ensure you get the best trade-in value for your car. This can help reduce the overall cost of your next vehicle purchase.

In this fluctuating market, it helps to have the right tools. Venn Auto Solutions is designed to take the guesswork out of the car buying and selling process. With Venn, you can connect directly with dealerships that meet your needs, receive personalized offers, and simplify the entire transaction. Whether you’re looking for your next car or trading in your old one, Venn makes it faster, easier, and more efficient to get the deal you’re looking for.

• 09/20/2024
• Venn Auto Solutions
• Newsletter Article

MIT Study Finds EV Charging Stations Boost Nearby Business

Insights into how EV chargers are driving revenue for local stores and restaurants.

A recent study from MIT shows that installing electric vehicle (EV) charging stations could be a smart move for businesses looking to attract more customers. The research, which focused on data from California, found that businesses near charging stations saw notable increases in sales as EV owners spent time at nearby stores while waiting for their vehicles to charge.

The study analyzed data from more than 4,000 EV charging stations and 140,000 businesses, giving a detailed look at how the growing demand for electric vehicles is impacting local economies. It turns out that these stations aren’t just fueling cars—they’re fueling consumer spending as well.

Boosting Business with Charging Stations

One of the key findings from the study was that businesses near EV charging stations saw their revenue rise by 1.4% in 2019 and by 0.8% from January 2021 through June 2023. While the percentage may seem modest, it represents a consistent upward trend, even during a time when overall consumer spending was fluctuating due to economic uncertainty.

Interestingly, businesses located even closer to the stations—within 100 meters—saw a sharper increase in sales, with revenue jumping by around 3%. This suggests that proximity plays a significant role in how much benefit a business can gain from having an EV charging station nearby. For businesses that rely on foot traffic, such as cafes, retail shops, and restaurants, this could be a game-changer.

Why Charging Stations Matter More Than Ever

As the number of electric vehicles on U.S. roads continues to rise, the demand for a comprehensive charging infrastructure is more important than ever. Public funding is helping to build part of this network, but private investment will be essential to fill the gap. According to the MIT study, businesses that choose to invest in charging stations may find themselves ahead of the curve, reaping the benefits of increased traffic and higher sales.

Lead researcher Yunhan Zheng, from the Singapore-MIT Alliance for Research and Technology (SMART), highlights how the results echo a familiar concept in business strategy. “Just as gas stations partner with convenience stores to drive fuel sales and bring in shoppers, EV charging stations are starting to have a similar effect. As more people turn to electric vehicles, businesses that offer a place to charge are attracting more customers who have time to spend money while they wait.”

This model is already being tested by big names like Starbucks and Volvo, who teamed up with ChargePoint in 2022 to install charging stations at select stores across the western U.S. These companies are betting that charging stations will not only attract EV drivers but also convert them into paying customers while they recharge.

A New Opportunity for Businesses

For businesses considering whether to install EV chargers, the study provides strong evidence that the move could enhance customer engagement and sales. Though the revenue increases seen so far are moderate, the potential for growth is significant. As more people buy electric cars, and as charging technology improves, these stations could become hubs of activity for businesses looking to capitalize on EV traffic.

The study also suggests that the impact on revenue depends on how conveniently the stations are placed. Locations closer to shopping centers, restaurants, and entertainment spots tend to generate higher spending as EV drivers naturally gravitate toward businesses that are easy to access while they wait for their vehicle to charge. The convenience factor is crucial—shoppers are more likely to pop into a store or grab a bite to eat if it’s right next to where they’re charging their car.

The Long-Term Potential

While the current boost in business is notable, the study hints at a much larger potential for growth in the future. As EV adoption becomes more widespread, the number of charging stations will need to grow exponentially, especially in areas that are key for travel or leisure. Businesses that invest early in this infrastructure may find themselves better positioned to attract a loyal customer base of EV owners who will return regularly for both charging and shopping.

The study also points out that collaboration between multiple businesses could reduce the cost of installing charging stations, while maximizing the shared benefits. By partnering on charging stations, local businesses could create mini-hubs that serve as destinations for EV drivers. This could especially benefit areas with smaller or independent businesses looking to increase their foot traffic and sales.

A Smart Move for the Future

The research from MIT reinforces the idea that EV charging stations aren’t just good for the environment—they’re good for business too. As electric vehicle usage continues to climb, the demand for accessible, convenient charging locations will grow, and businesses that meet that need stand to gain. The benefits may start small, but the long-term potential is enormous, especially as EVs become the new norm.

For businesses looking to stay ahead of the curve and attract a new wave of customers, investing in EV charging stations could be a strategic move that pays off. And as more companies like Starbucks and Volvo get involved, the trend of charging stations boosting business will likely only grow stronger.

As businesses increasingly adapt to the evolving needs of modern consumers, platforms like Venn are helping bridge the gap between businesses and customers, providing data-driven solutions that keep both sides engaged. Venn’s innovative approach enables businesses to meet their customers where they are—whether that’s in-store, online, or even at an EV charging station.

• 09/26/2024
• Venn Auto Solutions
• Newsletter Article