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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 data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website come from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will not influence the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial deals that may be open to you.
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3 min read Published November 28, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-studied information that is broken down into complicated subjects into digestible pieces.
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As the season of Christmas approaches The last thing you want to think about is the recession likely to occur over the next few years. However, not all ignorance is bliss. Inflation is rising and the possibility of recession will affect all aspects that affect the economic. This includes buying a car, with new vehicles being purchased in October, according to Kelley Blue Book. If you're one of the people who are worried about this recession, a little patience could help you save money. Instead of gifting an automobile with a huge bow this holiday season -- to your self or someone elsetake a look at where the prices are and what you can do to prepare for the future . Recession preparedness statistics Unfortunately, the season of giving is known for its extravagant spending -- often times, it results in people spending beyond their means. A recent survey found that 27 percent of shoppers admit to straining their budget to pay for gifts for the holidays. If consumers remain within the trend of spending this year thus far it is possible that issues will arise. In March 2022 even with inflation at 8.5 percent, consumers had spent less more than two years earlier, according to an McKinsey study. The majority of Americans believe that inflation will rise more one year from now than it is at present. Car loan balances sit at as November 2022. The average monthly payment for new vehicles for the first quarter of 2022 is $667. The monthly average for used cars during the second quarter of 2022 was $515. The number of new vehicles sold dropped from a high of 16.9 millions in the year 2005, to a low of 1.9 million during the recession. 41 percent of Americans aren't sure if they're prepared for a recession if it was to occur by the end of 2023. 38.22 percent of consumers have financed new cars in the 2nd quarter in 2022.
Holiday shopping statistics A lot of holiday shoppers get caught in the trap of looking for the perfect gift, which could mean overspending or even stressing the budget. Some shoppers this year though are taking a different approach and three out of five choosing to save money according to . This is a smart decision considering that the price of a consumer index sat at 298.1 in November's mid-point, an increase from 274.1 last year. Whatever your reasons for spending more money this winter, now is an ideal time to be aware of the impact of spending too much on every aspect of your financial health. 40 percent of shoppers believe that rising prices is likely to change how they shop this year. There are nearly 29 percent more used vehicle bargains in January. The majority of people will employ money-saving tactics this holiday season. The winter months bring an increase in those who buy luxury cars and sports automobiles. 27 percent of shoppers confess to feeling financially strained over the period. The majority of people will spend less on gifts this season.
How to prepare for a downturn in 2023? While drivers in 2008 faced a similar fate and the expected recession that is predicted for 2023 will have many elements that the drivers of 13 years ago didn't need to think about. Most importantly, there are the supply chain problems which continue to increase costs for vehicles. Due to stock limitations it is likely that you won't be able to benefit from many of the specials that drivers of 2008 were given. However, there are several ways to be prepared when it comes to the personal finance of your vehicle and personal purchases. Take note of these tips to save money during the recession. 1. Buy only what you can afford The primary way to ensure that you do not get into a difficult financial situation when purchasing a car is to buy only the amount you can afford. Make sure you are aware of consider this amount while also factoring in the costs that may accrue throughout ownership , like visits to the mechanic or filling up at the pump. 2. Create an emergency fund Experts recommend that you be able to cover 3 to 6 months of expenses. However, pennies can accumulate, so it is smart to start saving as early as possible. Consider making your emergency fund the form of a -- that you pay interest on. 3. If you decide to buy an electric car, despite having more upfront costs however, they will cost less for the duration of ownership. A reduced number of trips to the pump could result in thousands of dollars saved, so think about a if driving an EV will fit into your budget and life style. 4. Be wary of the long-term loan While it can be appealing, it comes with some risks. Signing to an additional loan will mean the monthly costs are lower, it does not mean that you'll pay more in the end actually contrary. A longer-term loan extends the amount that you are required to spend over a longer period, meaning there's longer time to accrue interest. accumulate. 5. Request loan preapproval. Although not all lenders offer the option to apply for a loan but it is one of the most efficient ways to understand your contribution to the cost of the vehicle's ownership prior to. Preapproval for loans simply means that you are able to 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 current vehicle If your loan exceeds limits on your finances, you might consider refinancing your current vehicle to lower your monthly cost. This is especially true if your credit score has increased since you took out the loan or originally signed off 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 to navigate the ways and pitfalls of taking out loans to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing concise, well-researched, and clear data that boils down complicated topics into bite-sized pieces.
Auto loans editor
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