It might be time to reconsider buying that new car you’ve been thinking about. A recent poll from automotive research site Edmunds found that 62% of car shoppers were holding off on purchasing their next vehicle because of high interest rates.

Now that the Federal Reserve has re-ignited its rate-cutting cycle — the first slash to interest rates in four years — Edmunds Head of Insights Jessica Caldwell says, “It’s a better time to buy.”

Caldwell tells Brad Smith on Wealth! that “some decrease in interest rates is certainly going to be helpful, but it really depends what kind of buyer you are.”

When asked about what a rate cut means for auto loans, Caldwell says “the average interest rate for used vehicles right now is over 11%. That is going to be a significant finance cost to you. So do the math, if you buy something that is new, sure, it's going to be more expensive.”

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This post was written by Kristen Tsoubanos