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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow users to conduct studies and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, 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 site come from companies who pay us. This compensation could affect how and where products appear on the site, such as, for example, the order in which they be displayed within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be accessible 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 has a specialization in helping readers to navigate the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers to control their finances through providing concise, well-studied data that can break otherwise complex subjects into digestible pieces.
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If you've been browsing through the channels recently, you've likely been met with ads advertising Memorial Day sales at car dealerships. While Memorial Day weekend is known for the hefty discounts on cars however this year's sales will take some extra consideration. The average price for used vehicles is about $28,000, while the typical price for a brand-new car is even higher at around $47,000 . However, this price, due in part to this, doesn't mean the deal isn't within the realm of possibility. Just be prepared to make some preparations ahead of time. The Memorial Day sales will be very limited. Historically, Memorial Day has been one of the most ideal times to get a good automobile deal. But this year will likely cause drivers to have less luck when it comes to making a purchase. Limited vehicle stock The industry isn't able to catch up with the consumer demand. Dealers are selling cars in a lightning-fast pace due to the low number of available vehicles. A 1.5 million drop in the supply of vehicles for March in comparison to 2021. As factories halted production, the shortage of semiconductor chips led to the loss of vehicles at the dealer. 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 fewer vehicles. Less incentives With fewer cars available, dealers are likely not under pressure to sell their vehicles like they did in the ago. With the number of drivers in desperate need of automobiles, they're less driven to offer incentives such as incentives or money back. In previous years, this holiday weekend was full of different incentive options, but dealers won't need incentives to sell cars in 2022. J.D. Power reports that the incentives per unit are anticipated to reach $1,044 -which is down from $3,334 one year ago. A lower supply of vehicles also means more drivers vying for the same car. This will result in obtaining the dream car more difficult. A lot of buyers are willing to spend over the asking price to buy the car they want before another driver will. This significantly alters the playing field and gives dealers the advantage in the pricing. The typical price of a used vehicle is selling for around 28 percent higher than this time last year. In addition, with the finding that 42 % of consumers are willing to pay over the price of the vehicle, you're likely to encounter a fair amount of competition. How can you get the best bargain despite the limitations want to leave with a brand new vehicle following the coming Memorial Day weekend, there are a few tips you can follow to get the best deal -- even if there are fewer cars on the lot. Test drive before the weekend The best way to reduce time and ensure you're at the dealership before the deadline is to test drive before the scheduled the scheduled time. You can then walk in ready to buy rather than feeling under pressure to buy for a car that you're not fully convinced about. For a test drive, research vehicles online and then call your dealer to arrange an appointment prior to. Explore other ZIP codes While the epidemic caused vehicle supply challenges but it also accelerated the shift . Use this latest opportunity to determine whether there are cars available in areas outside of yours. It's a similar process to that of an in-person purchase and you could save extra cash along the way. In addition, some locations offer better prices, it might be worthwhile to travel to a to find your next vehicle. Be flexible with your vehicle selection With fewer cars lining dealership lots, now could be a great time to expand your horizon regarding the car's model, size and design. The majority of drivers are at a certain brand or model, and so flexibility could mean getting an automobile that others do not. Consider checking out for the most reliable cars in your search. Next steps Purchasing a vehicle is a major financial investment. After considering the changes that will be made to this year's holiday weekend, determine if it's worth the money and effort. If you are not actually making money buying something during this Memorial Day weekend, and you can afford to wait, being patient may be a better option. Take a break from the huge holiday shopping rush and instead wait for more vehicle inventory to become accessible. You may be met with shorter lines, more options and potentially lower prices.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing concise, well-studied facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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