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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive financial calculators and tools as well as publishing unique and impartial content. We also allow users to conduct studies and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies who pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews that you read on this site. We do not contain the entire universe of businesses or financial deals that could be accessible to you.
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3 min read . Published April 07, 2022
Writen 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 taking out loans to purchase an automobile.
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 committed to helping readers to control their finances by providing precise, well-researched and detailed data that can break otherwise complicated topics into bite-sized pieces.
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If you've flipped 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 will take some extra consideration. The median used car is approximately $28,000 and the average for a new car is even higher at nearly $47,000 . However, the high cost of a car, due in part to , doesn't mean that a deal is out of reach -- just be ready to make some preparations ahead of time. The Memorial Day sales will be restricted in the past, Memorial Day has been one of the best times to get a good bargain on a car. But this year's event will cause drivers to have less luck in making a purchase. A limited inventory of vehicles The market is unable to keep up with consumer demand. Dealers are selling cars in a lightning-fast pace due to the low number of available vehicles. There was a 1.5 million decrease in March's supply of vehicles compared with 2021. When factories stopped production, the lack of semiconductor chips directly led to fewer vehicles at the dealer. This shortage created a time of greater demand and a shortage supply. When you shop this Memorial Day weekend, you will likely still be met by fewer options for vehicles. Less incentives With fewer cars being offered, dealers are not under the same pressure to sell their vehicles as they would have in the ago. With so many people in desperate need of cars, they're not as motivated to offer incentives like incentives or money back. In previous years the holiday weekend was filled with a variety of incentives, but dealers won't really need for incentives to sell cars by 2022. J.D. Power notes in that incentive spending per unit is anticipated to hit $1,044 -which is down from $3,334 one year earlier. A lower supply of vehicles is also a sign that more drivers are competing 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 get the vehicle they desire before a competitor will. This greatly shifts the playing field, giving dealers the upper hand when it comes to pricing. The average price for used vehicles is at around 28 percent higher than the same time last year. With a study that found 42 percent of buyers will pay more than MSRP it's almost guaranteed you'll be in the middle of a lot of competition. How can you get the best bargain, despite your limitations intend to drive away with a brand new set of wheels following the forthcoming Memorial Day weekend, there are a few guidelines you can follow to get the best deal -- even with fewer vehicles available on the lot. Test drive before the weekend A way to cut down on time and ensure that you're at the dealership prior to your competition can be a bit more efficient is to try a test-drive prior to time. So you can go in with a plan to buy instead of feeling you're being pressured to sign on a vehicle you're not fully convinced about. To arrange for a test drive, research the cars on the internet and contact your dealer to schedule an appointment prior to. Shop outside your ZIP code While the pandemic caused difficulties with supply of vehicles, it also hastened the process of shifting . Make the most of this opportunity to determine the availability of vehicles outside your region. It's a similar process to that of an in-person purchase and you could save additional cash in the process. In addition, some locations offer better prices, it might be worth your while visiting a nearby location to locate your next car. Consider a variety of options when it comes to your vehicle choice . With fewer vehicles on the dealership's lot, this could be a great time to expand your horizon regarding vehicle model, size and design. Many drivers are narrowly focused on a particular brand or model, and therefore, being flexible could mean you purchase an automobile that others do not. Look into the most reliable vehicles while shopping. What next steps should you take when buying a car is a large financial decision. After weighing the various changes for this year's holiday weekend consider if the car is worth the price and effort. If you are not actually saving money by buying during this Memorial Day weekend, and you can afford to wait waiting for the right time, then being patient might be a better option. You could consider putting off the rush of holiday shopping and then wait for more vehicles to become accessible. You may be met with shorter lines, more options and potentially better prices.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy a car.
The edit was done by 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 manage their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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