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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare data for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage and home equity products, as well as other products for home loans. But this compensation does not influence the information we publish, or the reviews you read on this site. We do not include the universe of companies or financial deals that could be available 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 is a specialist in helping readers with the ways and pitfalls of taking out loans to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-studied data that can break otherwise complex subjects into digestible pieces.
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If you have flipped through the channels recently, you’ve probably seen ads for Memorial Day sales at car dealerships. While Memorial Day weekend is known for its steep discounts on vehicles however this year’s sales is going to require some thought. 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 is due to , doesn’t mean that the deal isn’t within the realm of possibility. Just be prepared to make some preparations ahead of time. In this year’s Memorial Day sales will be restricted in the past, Memorial Day has been one of the best days to find a great automobile deal. But this year will likely make it harder for drivers in buying a car. Inventory of vehicles is limited The market isn’t able to catch up with the demands of the consumer. Dealers are selling cars at lightning-fast speed because of the limited amount of vehicles on the market. There was a 1.5 million decrease in vehicle supply for March in comparison to 2021. Since factories stopped production, the dearth of semiconductor chips directly led to fewer vehicles in the dealership. This shortage created a time of greater demand and a shortage supply. If you are shopping during this Memorial Day weekend, you will likely be met by fewer options for vehicles. Less incentives With fewer cars on the market, dealers are probably not under pressure to sell cars like they did in years past. With so many drivers desperate for cars, they’re not as driven to offer incentives such as incentives or money back. In the past this weekend, it was filled with a variety of incentives, but dealers won’t need for incentives to sell cars by 2022. J.D. Power reports that the incentives per unit are predicted to reach $1,044 -which is down from $3,334 one year ago. A lower supply of vehicles is also a sign that more drivers are competing for the same vehicle. The increased competition could result in obtaining the dream car more of a challenge. Many buyers are willing to spend over the asking price to buy the car they want before another driver will. This shifts the game field and gives dealers the upper hand in pricing. The median price for used vehicles is at around 28 percent higher than this time last year. In addition, with the finding that 42 percent of buyers are willing to pay more than the MSRP, you’re bound to face a good deal of competition. How can you get the best bargain, despite your limitations want to leave with a brand-new vehicle following the coming Memorial Day weekend, there are some tips you can use to ensure that you get the most value for money even if there are fewer cars in the lot. Take a test drive prior the weekend. A way to cut down on time and make sure you’re getting to and from the dealership prior to your competition can be a bit more efficient is to try a test-drive prior to time. You can then walk in ready to buy rather than feel pressured to sign a deal for a car that you’re not completely sold on. To arrange for the opportunity to test drive, you need to research cars online then contact your dealer to schedule an appointment prior to. Shop outside your ZIP code While the epidemic caused vehicle supply challenges but it also accelerated the change . Use this latest chance to check the availability of vehicles in areas outside of yours. The process of buying a car online is the same as that of an in-person purchase and you may save extra cash along the way. And with some areas offering cheaper prices, it may be worth your while visiting a nearby location to look for your next vehicle. Be flexible with your vehicle choice With fewer vehicles lining dealership lots, now could be a great opportunity to explore your options in terms of the car’s model, size and style. Most drivers tend to be narrowly focused on a particular type or make, so flexibility could mean getting the vehicle you want, but not everyone else. Consider checking out for the most reliable cars in your search. What next steps should you take when buying a car is a large financial decision. After considering the changes to this year’s Memorial Day weekend, determine if it’s worth the cost and effort. If you’re not saving money by buying during this Memorial Day weekend, and you have the money to sit out for a while, patience may be a better option. Take a break from the holiday shopping surge and instead wait for more vehicle inventory to become available. You may get shorter lines as well as more options and lower rates.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of taking out loans to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing concise, well-studied data that breaks otherwise complicated subjects into digestible pieces.
Auto loans editor
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