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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 better financial choices by offering you interactive financial calculators and tools that provide objective and original content. We also allow users to conduct research and analyze information for no cost to help you 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 Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the vast array of companies or financial deals that may be available to you.
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3 min read Published November 28th, 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 in navigating the ins and outs of securely taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down otherwise complicated subjects into digestible pieces.
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As the Christmas season is approaching, the last thing you want to think about is the recession expected to arrive over the next few years. However, ignorance isn’t always bliss. Growing inflation and the likely recession will affect all aspects in the world economy. This includes buying a car as new vehicles are expected to be available coming out in October, as per Kelley Blue Book. If you’re in the same boat as those who are worried about this recession, patience may be the best option to save money. Instead of gifting an automobile with a huge bow this holiday seasonfor yourself or someone else — consider where prices stand and what you can do to prepare for the next . The statistics on preparedness for the recession aren’t encouraging. the season of giving is known for spending too much — many times, it results in people spending beyond their means. A recent survey found that 27 percent of consumers admit to spending more than they can afford in the name of Christmas gifts. If consumers remain within the trend of spending this year so far, issues may arise. In March of 2022, even with inflation at 8.5 percent, people spent more over two years before, according to an McKinsey study. 51 percent of adults believe that inflation will rise more one year from now than it is today. Car loan balances were at a high as November 2022. The average monthly payment for new cars for the first quarter of 2022 is $667. The median monthly payment for cars that were used in the second quarter of 2022 was just $515. New vehicle sales fell from a high of 16.9 millions in the year 2005 until the recession. The survey found that 41 percent Americans do not feel prepared for a recession if it were to happen by the end of 2023. 38.22 percent of Americans purchased new cars during the second quarter of 2022.
Holiday shopping statistics Many holiday shoppers fall into the trap of wanting to get the perfect present. This could mean overspending and even putting pressure on finances. Some shoppers this year though have a different perspective, with 3 out of 5 planning to save money, according to . This is a wise choice as the consumer price index sat at 298.1 in November’s mid-point, an increase from 274.1 one year ago. Whatever the reason behind spending more money this winter, now is a vital moment to consider the impact of spending too much on the entirety of your financial health. 40% of consumers believe that inflation could alter the way they spend their money this year. There’s nearly 29 percent more used car deals on average in January. 84 percent of shoppers are likely to use money-saving strategies during the Christmas season. Winter sees an increase in people buying luxury vehicles and sports cars. 27 percent of shoppers admit to their budget feeling strained over the period. The majority of people will purchase fewer gifts this season.
How can you prepare for a recession in 2023 In 2008, drivers had a similar experience The predicted recession of 2023 has many aspects that those 13 years ago didn’t have to take into consideration. The most important is the supply chain problems that continue to raise vehicle prices. Due to the shortage of stock and the lack of inventory, you are unlikely to take advantage of many of the specials that drivers of 2008 were offered. Fortunately, there are still some ways to prepare when it comes to the personal finance of your vehicle and personal purchases. Use these suggestions to save money in the recession. 1. Make sure you only buy the amount you can afford. The best way to make sure that you do not end up in a financial cliff situation when purchasing a car is to only buy the amount you can be able to afford. Make sure you are aware of consider this amount while also factoring into the things that can build up over the course of ownership , like visits to the mechanic and refilling the tank on the gas pump. 2. Build up your emergency fund Experts recommend that you be able to cover 3 to 6 months of expenses. However, pennies can accumulate and it’s best to start saving as soon as possible. Consider the idea of establishing your emergency fund in the form of a — that you will earn interest on. 3. If you decide to buy an electric car, despite having more upfront costs, they can cost you less for the duration of ownership. Fewer trips to the gas pump could result in thousands saved, so consider whether driving an electric car fits into your budget and your lifestyle. 4. Be wary of the long-term loan While it can be appealing, it comes with some risks. If you sign to an additional loan will mean your monthly expenses are less but it doesn’t mean you will spend less overall In fact, the opposite is true. A longer-term loan stretches out the amount of money you must pay over a longer period, meaning there’s an extended period of time in which interest can accrue. 5. Apply for loan preapproval. Although not all lenders offer the option to apply for a loan , it is one of the best ways to understand your contribution to the cost of car ownership in advance. Loan preapproval is simply a way to ensure that you can lock in the anticipated monthly price prior to signing on the»dotted line. With this, you’ll be sure that the vehicle you’re thinking about buying will easily be within your budget. 6. Refinance your current vehicle If you feel that your loan exceeds your budget, you might want to your current vehicle to lower your monthly cost. This is especially true in the event that your credit score improved since receiving your loan or if you first signed off with a dealer.
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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 to navigate the ways and pitfalls of taking out loans to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-researched and well-structured data that boils down otherwise complex subjects into digestible pieces.
Auto loans editor
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