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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 choices by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and analyze information for no cost and help you 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 products that are featured on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on this website, for example for instance, the sequence in which they appear within the listing categories, except where prohibited by law for our mortgage and home equity products, as well as other home lending products. However, this compensation will have no impact on the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial deals 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 is a specialist in helping readers with the ways and pitfalls of borrowing money 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 committed to helping readers gain the confidence to manage their finances with precise, well-researched and detailed data that can break otherwise complex topics into manageable bites.
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If you've been browsing through channels in recent times, you've probably seen ads for Memorial Day sales at car dealerships. While Memorial Day weekend is known for steep vehicle discounts however this year's sales requires a bit more thought. The average used vehicle is around $28,000, and the average for a new car is even higher at nearly $47,000 . However, the high cost of a car partly due to the fact that it's a bit expensive, doesn't mean a deal is out of the realm of possibility. Just prepare certain preparations prior to the time. This year's Memorial Day sales will be limited Historically, Memorial Day has been one of the best times to find a great car deal. However, this year's Memorial Day sales will leave drivers with less luck in making a purchase. Limited vehicle stock The industry isn't able to catch up with the demands of the consumer. Dealers are selling cars at lightning-fast speed due to the small quantity of vehicles available. a 1.5 million decline in the supply of vehicles for March as compared to 2021. Since factories stopped production, the lack of semiconductor chips directly led to fewer cars at the dealership. This led to a period of greater demand and a shortage supply. If you are shopping this Memorial Day weekend, you will likely still be met with less vehicle availability. There are fewer incentives with fewer vehicles available, dealers are likely not feeling as much pressure to sell their vehicles like they did in years ago. With the number of drivers desperate for cars, they're not as inclined to offer incentives such as cash back or rewards. In previous years the holiday weekend was filled with different incentives, but dealers will not really require for incentives to sell cars by 2022. J.D. Power reports that incentive spending per unit is expected to reach $1,044 -- down from $3,334 just one year earlier. A lower supply of vehicles also means more drivers vying for the same car. This will result in obtaining the dream car more of a challenge. Many buyers are willing to spend over the asking price in order to purchase the car they want before another driver will. This significantly alters the playing field and gives dealers the advantage when it comes to pricing. The median price for an used car is for around 28 percent higher than this time the year before. And with a finding that 42 % of consumers are willing to pay over the price of the vehicle, you're likely to be in the middle of a lot of competition. How can you get the best bargain despite the limitations are set on driving away with a new set of wheels following the coming Memorial Day weekend, there are a few guidelines to follow to secure the most value for money even with fewer vehicles available in the lot. Try a test drive prior to the weekend. One way to save time and ensure you're getting to and from the car dealership prior to the arrival of the competition will be there is by testing the car ahead of the time. This way you can arrive ready to purchase rather than feel you're being pressured to sign for a car that you're not completely sold on. To schedule a test drive, research the cars on the internet and contact your dealer to arrange an appointment ahead of time. Explore other ZIP codes Although the pandemic led to difficulties with supply of vehicles however, it also increased the change . Use this latest opportunity to determine whether there are cars available outside of your area. It's an identical process of an in-person purchase and you may save additional cash in the process. With some places offering cheaper prices, it may be worth your while to travel to a to look for your next vehicle. Be flexible with your vehicle choice With fewer vehicles lining showrooms, it could be the perfect opportunity to broaden your horizons when it comes to vehicle model, size and style. Many drivers are only focused on one particular type or make, so flexibility could mean getting a vehicle while others don't. Look into the most reliable cars while shopping. What next steps should you take when buying a car is a major financial investment. After weighing the various changes to this year's holiday weekend, consider if the car is worth the money and effort. If you're not making money buying something this Memorial Day weekend, and you can afford to wait, being patient may be a better bet. Take a break from the huge holiday shopping rush and wait for additional car inventory to become available. You could be greeted with shorter lines, more options and potentially lower rates.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances with concise, well-studied facts that break down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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