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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 smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and analyze information for no cost and help you make sound financial decisions. Bankrate has partnerships 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 that compensate us. This compensation could affect how and when products are featured on this site, including for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage and home equity products, as well as other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offerings that could be accessible to you.
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3 min read . Published November 28, 2022
Authored 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 ins and outs of securely 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 from late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
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As the season of Christmas approaches the final thing you should consider is the possibility of recession predicted to hit the next year. However, not all ignorance is bliss. Growing inflation and the likely recession will impact all facets that affect the economic. This includes car purchases and new cars being introduced coming out in October, as per Kelley Blue Book. If you're in the same boat as those who are worried about this recession, a little patience could be the best option to save money. Rather than gifting the car with a large bow this holiday seasonfor yourself or someone else -take a look at where the prices are and how you can best prepare for future . The statistics on preparedness for the recession aren't encouraging. the holiday season is known for overspending -- many times, it results in people spending beyond their means. A recent survey found that 27 percent of consumers confess to putting their budgets under pressure for Christmas gifts. 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 at 8.5 percent, consumers had spent less more than two years earlier according to a McKinsey study. 51 % of people believe that inflation will be higher in the next year than it is at present. Car loan balances sit at as November 2022. The monthly average payment for new vehicles in the second quarter of 2022 was $667. The monthly average for used vehicles during the second quarter of 2022 was just $515. New vehicle sales fell from more than 16.9 million in 2005 until the recession. The survey found that 41 percent Americans do not feel prepared for a recession , if it occurred by 2023's end. 38.22 percent of people financed new vehicles in this second quarter.
Holiday shopping statistics Many holiday shoppers get caught in the trap of wanting to get the perfect present, which could result in spending more than they budgeted for and even putting pressure on finances. Certain shoppers this year are opting for a different route, with 3 out of 5 planning to spend less according to . This is a good decision considering that the price of a consumer index was 298.1 in mid-November, up from 274.1 last year. Whatever the reason behind spending more money this winter, it's an ideal moment to consider the effects of overspending on the entirety of your financial health. 40% of shoppers believe that rising prices will change the way they spend their money this year. There are nearly 29 percent higher used vehicle offers in January. 85 percent of consumers will use strategies to save money during the holiday season. This winter, there is a rise in those who buy luxury cars and sports cars. 27 percent of people who shop for gifts admit to their budget feeling stressed during the holiday period. 59 % of shoppers plan to spend less on gifts this holiday season.
How to prepare for a downturn in 2023? While drivers in 2008 had a similar experience and the expected recession that is predicted for 2023 carries many factors that those 13 years ago didn't need to think about. Primarily, the ongoing supply chain issues 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 received. However, there are some ways to prepare for personal finance and vehicle purchases. Use these suggestions to save money during a recession. 1. Buy only the most affordable car you can afford. The best way to make sure that you don't get into a difficult financial situation when purchasing a car is to only buy what you can be able to afford. Take the time to calculate this figure while taking in the costs that may accrue throughout ownership -- like trips to the mechanic or fueling up at the pump. 2. Create an emergency fund Experts advise that your should cover three to six months of expenses. But the cost of pennies isn't always as low, so it is smart to begin saving as soon as possible. Better yet, think about starting your emergency fund in an account that you make interest in. 3. While buying an electric vehicle can have more upfront costs but they'll cost you less over the entire length of ownership. A reduced number of trips to the pump can add up to thousands saved, so consider the option if an electric vehicle fits into your budget and your lifestyle. 4. Be cautious about an extended loan While it can be attractive, it is also accompanied by some risk. While signing up for an extension loan can mean the monthly costs are lower, it does not mean you will spend less overall -- in fact it's the reverse. A longer-term loan will spread the amount of money that you are required to spend over a longer period and allows more time for interest to accumulate. 5. Apply for loan preapproval. While there aren't all lenders that allow applicants to apply for loan but it is one of the most effective ways to understand the financial impact of your the vehicle's ownership prior to. Loan preapproval is simply a way to ensure that you'll be able to set the anticipated monthly price prior to signing on the contract. With this, you'll determine if the car you're looking at will work within your budget. 6. Refinance your vehicle if your loan is putting you over the budget of yours, then you might prefer to refinance your current car to reduce your monthly costs. This is particularly the case in the event that your credit score improved since receiving the loan as well as if initially signed off with a dealer.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of taking out loans to purchase a car.
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 confidence to control their finances by providing precise, well-researched and well-structured data that boils down complex subjects into digestible pieces.
Auto loans editor
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