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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 mission is to help you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow users to conduct research and compare data for free - so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products appear on this site, including the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity, and also other home loan products. But this compensation does affect the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.
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3 minutes read. Published November 28th, 2022.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-researched and well-organized information that breaks down complicated subjects into digestible pieces.
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As the holiday season approaches, the final thing you should be thinking about is the possibility of recession expected to arrive over the next few years. 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 in October, according to Kelley Blue Book. If you're in the same boat as those who are concerned about the current recession, patience may save you money. Instead of giving the car with a large bow this holiday season -for you or someone elsethink about where prices are and what you can do to prepare for the future . Recession preparedness statistics Unfortunately, the holiday season is known for its extravagant spending -- often times resulting in consumers overspending. A recent study found that nearly 27 percent of shoppers confess to putting their budgets under pressure to pay for gifts for the holidays. If they stay within the trend of spending this year thus far there could be issues to come up. In the month of March 2022, even though inflation was up 8.5 percent, consumers had spent less than two years prior, according to a McKinsey study. 51 % of people believe that inflation will be higher in the next year than it is now. Car loan balances were at a high as November 2022. The monthly average payment for new cars during the 2nd quarter 2022 period was $667. The median monthly payment for used vehicles in the second quarter 2022 stood at $515. The number of new vehicles sold dropped from more than 16.9 million during 2005 to during the recession. 41 % of Americans do not feel prepared for a recession if it was to occur by the end of 2023. 38.22 percent of people have financed new cars in the 2nd quarter in 2022.
Statistics on holiday shopping Many shoppers get caught in the trap of looking for the perfect present, which could mean overspending or even stressing the budget. Some shoppers this year though are opting for a different route as three out of five choosing to save money according to . This is a wise option considering that the consumer price index sat at 298.1 in November's mid-point, an increase from 274.1 one year ago. Whatever the reason behind spending more money this winter, it's an ideal moment to think about the effects of overspending on all facets of your fiscal health. 40% of consumers believe that inflation is likely to change how they shop this year. There are nearly 29 percent higher used car bargains in January. 85 percent of consumers will use strategies to save money this holiday season. Winter sees an increase in people buying luxury vehicles and sports automobiles. 27 percent of people who shop for gifts admit to their budget feeling stretched by the holiday season. The majority of people will buy fewer items during the holiday season.
How can you prepare for a downturn in 2023? While drivers in 2008 faced a similar fate and the expected recession that is predicted for 2023 carries many factors that those 13 years ago did not have to consider. Most importantly, there are the supply chain problems which continue to increase vehicle prices. Because of the limited stock and the lack of inventory, you are unlikely to take advantage of many of the discounts that '08 drivers were offered. Fortunately, there are still several ways to be prepared when it comes to the personal finance of your vehicle and personal purchases. Consider the following tips to save money in an economic downturn. 1. Buy only what you can afford The best way to make sure that you do not end up in a financial cliff spot when buying a car is to purchase only what you are able to be able to afford. Take the time to this number while also factoring into the things that can build up over the course of ownership , like visits to the mechanic and filling up at the pump. 2. Start building your emergency fund. Experts advise that your should be able to cover 3 to 6 month's worth of expenditures. However, pennies can accumulate, so it is smart to start saving as early as you can. Even better, consider the idea of establishing your emergency fund in the form of a -- that you pay interest on. 3. Buy electric Although can carry more upfront costs, they can cost you less over the entire length of vehicle ownership. Less trips to the pump can add up to thousands of dollars saved, so think about a if driving an EV fits into your budget and lifestyle. 4. Be cautious when it comes to the long-term loan While a can be attractive, it is also accompanied by some risk. If you sign off on an extended loan can mean your monthly expenses are less however, this doesn't mean you'll spend less overall actually contrary. A longer-term loan stretches out the amount you have to pay over a longer period, meaning there's longer time to accrue interest. accumulate. 5. You can apply for loan preapproval. Although there aren't all lenders that provide the option of applying for a loan but it is one of the most efficient methods to assess your contribution to the cost of vehicle ownership upfront. Preapproval for loans simply means that you are able to lock in the expected monthly cost prior to signing on the dotted line. This way, you will determine if the car you're thinking about buying will easily fit into your budget. 6. Refinance your vehicle if you find that your loan is putting you over limits on your finances, you may prefer to refinance your current car to cut down on your monthly expenses. This is particularly true in the event that your credit score improved since you received your loan as well as if initially signed off with the dealer.
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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 ways and pitfalls of taking out loans to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances with concise, well-researched, and clear information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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