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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 goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation can affect the way 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. This applies to our mortgage and home equity products, as well as other products for home loans. However, this compensation will affect the information we publish, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that may be open to you.
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3 minutes read. Published November 28th, 2022.
Writen by Rebecca Betterton 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 borrowing money to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing precise, well-studied information that is broken down into complicated topics into bite-sized pieces.
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As the Christmas season is approaching The final thing you should be thinking about is the recession that is likely to occur over the next few years. But ignorance is not always bliss. Inflation is rising and the possibility of recession will impact all facets of the economy. This includes car purchases, with new vehicles being purchased in October, according to Kelley Blue Book. If you’re like the that are worried about this recession, patience may help you save money. Instead of giving an automobile with a huge bow this season -whether to you or someone elsetake a look at where the prices are and what you can do to prepare for the future . The statistics on preparedness for the recession aren’t encouraging. the holiday season is famous 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 to pay for holiday gifting. If they stay in line with their spending habits this year thus far it is possible that issues will arise. In March 2022 even with inflation up 8.5 percent, consumers had spent less over two years before in a McKinsey study. 51 percent of adults think inflation will rise in the next year than it is at present. Car loan balances were at a high as November 2022. The average monthly installment for new vehicles for the first quarter of 2022 is $667. The median monthly payment for used cars in the second quarter of 2022 was just $515. The number of new vehicles sold dropped from over 16.9 million in 2005 to during the recession. The survey found that 41 percent Americans don’t feel ready to face a recession if one occurred before the end of 2023. 38.22 percent of people have financed new cars in this second quarter.
Holiday shopping statistics Many holiday shoppers fall into the trap of looking for the perfect gift, which can mean spending over budget and even putting pressure on finances. Some shoppers this year though are taking a different approach and three out of five planning to cut back on spending, according to . This is a good option considering that the consumer price index was 298.1 in the middle of November, an increase from 274.1 last year. Whatever the reason behind spending more money this winter, now is an ideal moment to think about how overspending can impact every aspect 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 higher used vehicle deals on average in January. The majority of people will employ money-saving tactics during the Christmas season. The winter months bring an increase in people buying luxury vehicles and sports automobiles. 27 percent of holiday shoppers admit to their budget feeling stressed during the holiday period. The majority of people will spend less on gifts this holiday season.
How do you prepare for a downturn in 2023? The drivers of 2008 had a similar experience The predicted recession of 2023 will have many elements that people 13 years ago didn’t have to consider. Primarily, the ongoing supply chain issues that are causing a rise in 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 were offered. However, there are several ways to be prepared for the personal finance of your vehicle and personal purchases. Take note of these tips to save money during a recession. 1. Make sure you only buy the amount you can afford. The primary way to ensure that you don’t end up in a financial cliff situation when purchasing a car is to only buy the amount you can manage to afford. Take the time to consider this amount while also factoring into the things that can build up over the course of ownership , like visits to the mechanic, or fueling up at the pump. 2. Start building your emergency fund. Experts advise that your should have enough money to cover three to six months of expenses. However, pennies can accumulate and it’s best to begin saving as soon as you can. Even better, consider starting your emergency fund in an account that you pay interest on. 3. Buy electric Although can carry 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 the option if an electric vehicle will fit into your budget and life style. 4. Be cautious when it comes to the long-term loan Although it may seem appealing, it comes with some risks. Signing to an additional loan could mean that your monthly expenses are less however, this doesn’t mean that you’ll pay less altogether — in fact contrary. A longer-term loan will spread the amount that you are required to pay over a longer time which means there’s more time for interest to accrue. 5. You can apply for loan preapproval. While some lenders do not allow applicants to apply for a loan , it is one of the most effective ways to know your contribution to the cost of 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»dotted line. With this, you’ll know if the vehicle you’re considering will seamlessly be within your budget. 6. Refinance your current vehicle If your loan exceeds limits on your finances, you may prefer to refinance your current car to reduce your monthly costs. This is particularly true in the event that your credit score improved since you received your loan or if you first agreed with a dealer.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of taking out loans to purchase an automobile.
Editor: 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 the confidence to control their finances by providing precise, well-researched and well-structured data that boils down otherwise complex topics into manageable bites.
Auto loans editor
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