Why 2024 may be the best year to buy a new car or truck

More automakers are offering deep discounts to move inventory.

Many Americans have put off buying a new sport utility vehicle or truck because of steep prices and high interest rates.

Now, however, may be the right time to upgrade that older model, industry watchers say.

"2024 is probably the best year since the pandemic to buy a new car," Mark Schirmer, director of industry insights at Cox Automotive, told ABC News. "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."

The pandemic supply crunch has largely been resolved, Schirmer noted, and deals on new vehicles are getting better -- leading to higher customer satisfaction with the car-buying process.

Interest rates are still historically high -- the average APY was 9.2% in December -- but they've fallen from last fall's peak, Schirmer said. Prior to the pandemic, interest rates for new vehicles ranged from 4% to 5%.