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Recession watch: Holiday car shopping statistics and predictions Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive financial calculators and tools as well as publishing quality and impartial content. We also allow you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and when products are listed on this site, including, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage or home equity, and also other home loan products. However, this compensation will have no impact on the information we publish, or the reviews that you read on this site. We do not cover the universe of companies or financial offers that may be available to you.
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3 min read . Published November 28th, 2022.
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
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As the holiday season approaches the final thing you should think about is the recession likely to occur over the next year. However, not all ignorance is bliss. The rising rate of inflation and the upcoming recession will impact every aspect that affect the economic. This includes buying a car and new cars being introduced being purchased in October, according to Kelley Blue Book. If you're like the that are worried about this recession, patience may help you save money. Instead of giving the car with a large bow this season -- to yourself or someone else -- consider where prices stand and what you can do to prepare for the future . Recession preparedness statistics Unfortunately, the holiday season is known for overspending -- many times, it results in people spending beyond their means. A recent study found that nearly 27 percent of shoppers confess to putting their budgets under pressure for holiday gifting. If they stay within the trend of spending this year, issues may arise. In March 2022 even though inflation was up 8.5 percent, consumers had spent less over two years before in an McKinsey study. 51 percent of adults think inflation will rise a year from now than it is today. Car loan balances were at a high as of November 2022. The monthly average payment for new cars in the second quarter of 2022 was $667. The median monthly payment for used cars during the second quarter of 2022 was $515. The number of new vehicles sold dropped from over 16.9 million during 2005, to a low of 1.9 million during the recession. The survey found that 41 percent Americans don't feel ready for a recession , if it was to occur by 2023's end. 38.22 percent of people have financed new cars in this second quarter.
Holiday shopping statistics A lot of holiday shoppers get caught in the trap of wanting to get the perfect present. This could mean overspending and even putting pressure on finances. Some shoppers this year though are taking a different approach and three out of five planning to save money according to . This is a wise decision considering that the price of a consumer index was 298.1 in November's mid-point, an increase from 274.1 last year. No matter your reason for spending more money this winter, now is an ideal time to be aware of the impact of spending too much on all facets of your fiscal health. 40 percent of shoppers say that inflation is likely to change how they spend their money this year. There's almost 29 percent more used vehicle bargains in January. The majority of people will use strategies to save money during the Christmas season. Winter sees an increase in the number of people who purchase luxury vehicles and sports automobiles. 27 percent of holiday shoppers acknowledge feeling budget stretched by the holiday time of the year. 59 percent of shoppers will spend less on gifts this holiday season.
How to prepare for a possible recession in 2023? While drivers in 2008 had a similar experience The predicted recession of 2023 carries many factors that the drivers of 13 years ago did not have to take into consideration. Primarily, the ongoing supply chain issues that are causing a rise in costs for vehicles. Because of the limited stock and the lack of inventory, you are unlikely to benefit from many of the deals that drivers in 2008 were given. Fortunately, there are still some ways to prepare when it comes to your personal finances and car purchases. Consider the following tips to help you save money during the recession. 1. Only buy what you can afford The most effective way to ensure that you don't get into a difficult financial position when buying a vehicle is to buy only the amount you can be able to afford. Take the time to consider this amount while also factoring into the things that can build up over the course of ownership , like visits to the mechanic or fueling up at the pump. 2. Build up your emergency fund Experts advise that your should have enough money to cover three to six months ' worth of costs. But pennies can build and it's best to start saving as early as possible. Consider the idea of establishing your emergency fund in a -- which you pay interest on. 3. While buying an electric vehicle can have a higher upfront cost however, they will cost less for the duration of vehicle ownership. Fewer trips to the gas pump could add up to thousands saved, so consider the option if an electric vehicle fits into your budget and your lifestyle. 4. Be cautious about an extended loan While it can be attractive, it is also accompanied by some risk. If you sign off on an extended loan could mean that your monthly cost is cheaper but it doesn't mean you will spend less overall In fact it's the reverse. A longer-term loan extends the amount you have to spend over a longer period which means there's more time for interest to accrue. 5. Request loan preapproval While not all lenders provide the option of applying for loan preapproval, it's one of the best methods to assess your contribution to the cost of the vehicle's ownership prior to. Loan preapproval is simply a way to ensure that you can lock in the monthly costs you anticipate prior to signing the dotted line. By doing this you can determine if the car you're looking at will be within your budget. 6. Refinance your car if your loan is stretching limits on your finances, you might want to your current vehicle to cut down on your monthly expenses. This is particularly true if your credit score has improved since you received the loan or if you initially agreed with an agent.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely using loans to buy a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances through providing precise, well-researched and well-structured facts that break down otherwise complex subjects into digestible pieces.
Auto loans editor
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