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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct research and analyze information for no cost to help you make informed financial decisions. 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 Profit The offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products are displayed on this website, for example such things as the sequence in which they be displayed within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity, and also other home lending products. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not cover the entire universe of businesses or financial offerings that could be available to you.
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3 min read . Published April 7, 2022.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers feel confident to manage their finances by providing clear, well-researched data that can break otherwise complex topics into manageable bites.
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If you've been browsing through channels lately you have probably seen ads advertising Memorial Day sales at car dealerships. While Memorial Day weekend is known for steep vehicle discounts but this year's deal requires a bit more thought. The average used vehicle is about $28,000, while the typical price for a brand-new car is even higher at close to $47,000 . But this high vehicle cost, due in part to this, doesn't mean the deal isn't within reach -- just be ready to make certain preparations prior to the time. The Memorial Day sales will be limited Historically, Memorial Day has been one of the best times to find a great automobile deal. However, this year's Memorial Day sales will leave drivers with less luck in making a purchase. A limited inventory of vehicles The market isn't able to keep up with increasing demand from consumers. Dealers are selling cars at lightning speed due to the small quantity of vehicles available. a 1.5 million decline in vehicle supply for March as compared to 2021. Since factories stopped production, the dearth of semiconductor chips led to the loss of vehicles at the dealer. This shortage created a time that was characterized by increased demand and low supply. And when shopping on Memorial Day weekend, you will likely still be met with fewer vehicles. There are fewer incentives with fewer vehicles on the market, dealers are probably not under the same pressure to sell their vehicles like they did in the ago. With so many drivers looking for cars, they're not as driven to offer incentives such as reward points or cashback. In prior years, this holiday weekend was filled with a variety of incentive options, however dealers will not really require incentives to sell cars in 2022. J.D. Power notes in that incentive spending per unit is predicted to be $1,044lower than $3,334 one year earlier. More competition Less vehicle supply also means more drivers vying to get the same vehicle. This will result in obtaining the dream car more difficult. Many buyers are willing to pay more than the advertised price to buy the car they desire before a competitor does. This greatly shifts the playing field, giving dealers the advantage in pricing. The average price for an used car is for around 28 percent higher than this time in the past. With a study that found 42 percent of buyers are willing to pay more than the price of the vehicle, you're likely to encounter a fair amount of competition. How to get the best deal despite limitations If you are set on driving away with a brand new vehicle following the coming Memorial Day weekend, there are a few guidelines you can follow to get the most value for money even with fewer vehicles available in the lot. Try a test drive prior to the weekend. A way to cut down on time and ensure that you're in and out of the dealership before the competitors will be there is by testing the car prior to the scheduled time. This way you can arrive ready to purchase instead of feeling pressured to sign a deal on a vehicle you're not completely sold on. To arrange for a test drive, research cars online then contact the dealer to make an appointment prior to. Explore other ZIP codes While the epidemic caused difficulties with supply of vehicles but it also accelerated the process of shifting . Take advantage of this new opportunity to see the availability of vehicles outside your region. The process of buying a car online is the same as that of an in-person purchase and you may save more money in the process. With some places offering cheaper prices, it may be worthwhile to travel to a to look for your next vehicle. Make sure you are flexible in your car choice . With fewer vehicles on the dealership's lot, this could be the perfect opportunity to broaden your horizons regarding vehicle model, size and style. The majority of drivers are narrowly focused on a particular brand or model, and so flexibility could mean getting an automobile that others do not. Take a look at the most reliable models in your search. What next steps should you take when buying a car is a large financial decision. After weighing the various changes to this year's holiday weekend decide if it is truly worth the price and effort. If you're not saving money by shopping this Memorial Day weekend, and you can afford to wait waiting for the right time, then being patient might be a better bet. Take a break from the rush of holiday shopping and wait for additional car inventory to become readily available. You may get shorter lines with more options, and possibly more affordable prices.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of borrowing money to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances with precise, well-researched and well-documented data that breaks complicated subjects into digestible pieces.
Auto loans editor
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