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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 tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage and home equity products, as well as other home loan products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offers that may be open to you.
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3 min read . Published November 28th, 2022.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
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As the holiday season approaches The last thing you want to be thinking about is the recession likely to occur over the next few years. However, ignorance isn't always bliss. Inflation is rising and the possibility of recession will impact all facets of the economy. This includes car buying, with new vehicles coming out in October, as per Kelley Blue Book. If you're one of the people who are concerned about the current recession, patience may save you money. Instead of gifting an automobile with a huge bow this season -whether to your self or someone else- consider where prices stand and what you can do to prepare for the future . Statistics on recession preparedness Unfortunately, the holiday season is known for spending too much -- many times, consumers are spending more than they can afford. A recent survey found that 27 percent of consumers admit to straining their budget to pay for holiday gifting. If consumers remain within the trend of spending this year so far it is possible that issues will arise. In March 2022 even with inflation up 8.5 percent, people spent more over two years before, according to an McKinsey study. 51 percent of adults believe that inflation will rise one year from now than it is today. Car loan balances are at of November 2022. The monthly average payment for new vehicles for the first quarter of 2022 is $667. The median monthly payment for used vehicles in the second quarter of 2022 was $515. The number of new vehicles sold dropped from a high of 16.9 million during 2005 until the recession. 41 % of Americans don't feel ready for a recession , if it was to occur before 2023's end. 38.22 percent of Americans have financed new cars in the 2nd quarter in 2022.
Statistics on holiday shopping Many shoppers get caught in the trap of seeking out the perfect gift, which can mean spending over budget and even straining finances. However, some shoppers this year are opting for a different route and 3 out of 5 planning to cut back on spending, according to . This is a good choice as the consumer price index was 298.1 in the middle of November, an increase from 274.1 a year ago. Whatever your reasons for tightening your wallet this winter, it's the perfect moment to think about the impact of spending too much on every aspect of your financial health. 40 percent of shoppers say that inflation is likely to change how they spend their money this year. There's nearly 29 percent higher used car offers in January. The majority of people will employ money-saving tactics during the Christmas season. The winter months bring an increase in people buying luxury vehicles and sports automobiles. 27 percent of people who shop for gifts confess to feeling financially stretched by the holiday season. 59 % of shoppers plan to buy fewer items this holiday season.
(image: https://i.ytimg.com/vi/FgPnC_-hIlA/hqdefault.jpg)How to prepare for a recession in 2023 In 2008, drivers were dealt a similar hand, the predicted recession in 2023 has many aspects that the drivers of 13 years ago did not have to take into consideration. Primarily, the supply chain problems that are causing a rise in vehicle prices. Due to the shortage of stock it is likely that you won't be able to take advantage of many of the discounts that '08 drivers were offered. Fortunately, there are still certain ways to plan for your personal finances and car purchases. Take note of these tips to save money in the recession. 1. Make sure you only buy what you can afford The most effective way to ensure that you do not fall into a precarious financial spot when buying a car is to purchase only what you are able to be able to afford. Consider consider this amount while also factoring in the costs that may accrue throughout ownership -- like trips to the mechanic or filling up with gas. 2. Create an emergency fund Experts recommend that you be able to cover 3 to 6 months of expenses. But pennies can build and it's best to start saving as early as you can. Consider starting your emergency fund in the form of a -- that you pay interest on. 3. While buying an electric vehicle can have an upfront price but they'll cost you less throughout the duration of vehicle ownership. Less trips to the pump can add up to thousands of dollars saved, so think about whether driving an electric car fits into your budget and your lifestyle. 4. Be cautious about an extended loan While a can be appealing, it comes with certain risks. While signing off on an extended loan will mean your monthly expenses are less however, this doesn't mean you'll spend less altogether -- in fact, the opposite is true. A longer-term loan extends the amount that you are required to spend over a longer period and allows more time for interest to accumulate. 5. Request loan preapproval. While there aren't all lenders that provide the option of applying for loan preapproval, it's one of the most effective methods to assess 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 expected monthly cost prior to signing the dotted line. By doing this you can know if the vehicle you're thinking about buying will easily be within your budget. 6. Refinance your current vehicle If you find that your loan is stretching limits on your finances, you might prefer to refinance your current car to cut down on your monthly expenses. This is particularly the case in the event that your credit score improved since receiving your loan as well as if initially approved the loan with an agent.
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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 ways and pitfalls of taking out loans to purchase an automobile.
Edited 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 confidence to take control of their finances by providing precise, well-researched and well-structured facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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