A top goal of Americans is to buy a new car, build emergency savings: study

Approximately 22% of respondents to an Edelman Financial Engines survey mentioned their goal to buy a car in 2024.(iStock)

Americans are itching to buy new cars this year after a particularly difficult few years of record-high prices. About 22% of respondents to an Edelman Financial Engines survey said they were aiming to buy a new car in 2024.

This was just one goal survey respondents talked about most. The most prominent goal respondents wanted to achieve was saving for emergencies. More than half of those surveyed wanted to build or grow their emergency funds over the next year.

Similarly, Americans want to grow their overall wealth and save for their future. Nearly 47% of respondents wanted to grow their wealth while 42% wanted to increase their retirement savings.

Despite these lofty goals, many Americans understand that reaching them is difficult. That’s why 48% of Americans think they need help from a financial professional in order to accomplish their goals, according to the Edelman Financial study.

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MANY DRIVERS ARE SPENDING OVER 30% OF THEIR MONTHLY INCOME ON AUTO LOANS, CAR INSURANCE COSTS ALSO RISING

2024 looks like a buyers' market for new cars

Good news is on the horizon for those considering buying a car this year. New inventory has increased by 36% year-over-year, according to data from Cars.com.

These inventory levels are closer to levels in February 2021 before shortages due to the pandemic started to affect dealerships and buyers. At the same time, search traffic on Cars.com is down for new cars, potentially helping buyers secure a better deal as dealers scramble to sell their inventory.

«2024 is probably the best year since the pandemic to buy a new car,» said Mark Schirmer, director of industry insights at Cox Automotive. «2021 and 2022 were really difficult years. Dealers are talking about discounts again...this was not happening 18 months ago. The shelves are full and there are more selections now.»

Car prices are also down slightly. The average price of newly