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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows users to conduct research and analyze information for no cost – so that you can make informed financial decisions. Bankrate has partnerships with issuers including, 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 website are provided by companies that pay us. This compensation may impact how and where products are displayed on the site, such as such things as the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews you read on this site. We do not cover the entire universe of businesses or financial offerings that could be available to you.
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3 minutes read. Published April 07, 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to purchase a car.
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 dedicated to helping their readers to control their finances by providing 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 lately you have probably seen ads advertising Memorial Day sales at car dealerships. While Memorial Day weekend is known for the hefty discounts on cars but this year’s deal is going to require some thought. The median used car is approximately $28,000 and the typical price for a brand-new car is even higher at nearly $47,000 . However, the high cost of a car is due to , doesn’t mean that the deal isn’t within the realm of possibility. Just be prepared to make some plans ahead of time. In this year’s Memorial Day sales will be limited Historically, Memorial Day has been one of the most ideal times to find a great automobile deal. However, this year’s Memorial Day sales will leave drivers with less luck when it comes to making a purchase. A limited inventory of vehicles The market isn’t able to catch up with the demands of the consumer. Dealers are selling cars in a lightning-fast pace due to the small quantity of vehicles available. a 1.5 million decline in the supply of vehicles for March in comparison to 2021. When factories stopped production, the lack of semiconductor chips led to fewer cars in the dealership. The shortage resulted in a period that was characterized by increased demand and low supply. If you are shopping this Memorial Day weekend, you will likely be met with less vehicle availability. There are fewer incentives with fewer vehicles being offered, dealers are not feeling as much pressure to sell vehicles as they would in years past. With so many drivers desperate for automobiles, dealers aren’t as driven to offer incentives such as reward points or cashback. In the past this weekend, it was full of different incentive options, but dealers won’t really need for incentives to sell cars by 2022. J.D. Power reports that the their report that incentive expenditure per unit predicted to be $1,044lower than $3,334 one year earlier. More competition Less vehicle supply is also a sign that more drivers are competing for the same car. This increased competition will likely result in obtaining the dream car more difficult. Many buyers are willing to pay more than the asking price to get the vehicle they want earlier than a rival does. This greatly shifts the playing field, and gives dealers an advantage in the pricing. The median price for used vehicles is at around 28 percent higher than it was at this point last year. With a study that found 42 percent of buyers will pay more than the MSRP, you’re bound to be in the middle of a lot of competition. What can you do to find the most affordable bargain despite the limitations are set on driving away with a brand-new set of wheels following the coming Memorial Day weekend, there are some tips you can use to ensure that you get the most value for money even with less vehicles in the lot. Take a test drive prior the weekend. A way to cut down on time and make sure you’re at the dealership prior to your deadline will be there is by testing the car prior to the time. This way you can arrive ready to purchase rather than feel pressured to sign a deal on a car you aren’t entirely convinced of. For the opportunity to test drive, you need to research vehicles online and then call your dealer to arrange an appointment ahead of time. Shop outside your ZIP code Although the pandemic led to difficulties with supply of vehicles, it also hastened the shift . Take advantage of this new chance to check the availability of vehicles outside of your area. Buying a car online is a similar process to that of buying a car in person and you might save some more money in the process. With some places offering better prices, it might be worth your while to travel to a to find your next vehicle. Consider a variety of options when it comes to your vehicle selection With fewer cars lining the dealership’s lot, this could be the perfect time to expand your horizon in terms of the model, size, and style. Most drivers tend to be only focused on one particular brand or model, and which means that you may have to purchase a vehicle while others don’t. Take a look at the most reliable models in your search. The next step to consider is buying a car. is a significant financial investment. When you’ve considered the possible changes for this year’s holiday weekend decide if it is truly worth the price and effort. If you are not actually saving money by shopping during this Memorial Day weekend, and you have the money to sit out for a while, patience may be a better bet. You could consider putting off the rush of holiday shopping and instead wait for more car inventory to be readily available. You may be met with shorter lines with more options, and possibly more affordable prices.
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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.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-studied data that breaks complex topics into manageable bites.
Auto loans editor
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