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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 smarter financial decisions by offering you interactive tools and financial calculators as well as publishing quality and impartial content, by enabling you to conduct your own research and compare information 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 products that appear on this website come from companies who pay us. This compensation may impact how and where products appear on this site, including for instance, the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity, and also other home loan products. However, this compensation will have no impact on the information we publish, or the reviews you see on this site. We do not cover the universe of companies or financial offerings that could be accessible 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 with the ways and pitfalls of using loans to buy an automobile.
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 readers gain the confidence to manage their finances through providing concise, well-researched and well-organized information that breaks down complicated subjects into digestible pieces.
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As the Christmas season is approaching The most important thing to think about is the recession that is likely to occur over the next year. However, not all ignorance is bliss. Growing inflation and the likely recession will impact every aspect in the world economy. This includes buying a car and new cars being introduced in October, according to Kelley Blue Book. If you’re one of the people who are concerned about the current recession, patience may save you money. Instead of giving the car with a large bow this season — to your self or someone else- consider where prices stand and how you can best prepare for the next . The statistics on preparedness for the recession aren’t encouraging. the holiday season is famous for its extravagant spending — often times resulting in consumers spending more than they can afford. A recent study revealed that 27 percent of shoppers confess to putting their budgets under pressure in the name of Christmas gifts. If they stay within the trend of spending this year, issues may arise. In March of 2022, even though inflation was up 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 a year from now than it is today. Car loan balances sit at as of November 2022. The average monthly installment for new cars in the second quarter of 2022 was $667. The median monthly payment for cars that were used in the second quarter of 2022 was just $515. New vehicle sales fell from more than 16.9 millions in the year 2005 until the recession. 41 percent of Americans aren’t sure if they’re prepared for a recession , if it occurred at the end of 2023. 38.22 percent of Americans have financed new cars in the second quarter of 2022.
Statistics on holiday shopping Many shoppers get caught in the trap of seeking out the perfect present, which could mean overspending and even straining finances. Certain shoppers this year have a different perspective, with 3 out of 5 planning to save money according to . This is a good choice as the consumer price index stood at 298.1 in November’s mid-point, an increase from 274.1 last year. Whatever the reason behind tightening your wallet this winter, now is the perfect moment to think about the effects of overspending on all facets of your fiscal health. 40% of consumers believe that inflation is likely to change how they spend their money this year. There’s nearly 29 percent more used car deals on average in January. 85 percent of consumers are likely to use money-saving strategies this holiday season. Winter sees an increase in the number of people who purchase luxury vehicles and sports automobiles. 27 percent of holiday shoppers acknowledge feeling budget stretched by the holiday period. 59 percent of shoppers will purchase fewer gifts during the holiday season.
How do you prepare for a recession in 2023 While drivers in 2008 had a similar experience, the predicted recession in 2023 will have many elements that people 13 years ago didn’t have to take into consideration. Primarily, the supply chain problems that continue to raise costs for vehicles. 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 given. However, there are several ways to be prepared for your personal finances and car purchases. Use these suggestions to save money in a recession. 1. Buy only what you can afford The best way to make sure that you do not end up in a financial cliff position when buying a vehicle is to purchase only what you can be able to afford. Consider consider this amount while also factoring in that will build throughout ownership — like trips to the mechanic or fueling up at the pump. 2. Build up your emergency fund Experts advise that your should cover three to six month’s worth of expenditures. But the cost of pennies isn’t always as low and it’s best to start saving as early as possible. Better yet, think about making your emergency fund the form of a — that you pay interest on. 3. If you decide to buy an electric car, despite having a higher upfront cost however, they will cost less for the duration of ownership. A reduced number of trips to the pump can add up to thousands of dollars saved, so think about whether driving an electric car fits into your budget and life style. 4. Be cautious about a long-term loan While it can be appealing, it comes with some risks. If you sign to an additional loan will mean your monthly cost is cheaper however, this doesn’t mean you will spend less overall In fact it’s the reverse. A longer-term loan stretches out the amount that you are required to pay over a longer time which means there’s longer time to accrue interest. accumulate. 5. Request loan preapproval. While not all lenders provide the option of applying for a loan but it is one of the best ways to know the financial impact of your vehicle ownership upfront. Preapproval for loans simply means that you can lock in the anticipated monthly price prior to signing the”dotted line. With this, you’ll determine if the car you’re considering will seamlessly work within your budget. 6. Refinance your car if you find that your loan is stretching the budget of yours, then you may consider refinancing your current vehicle to lower your monthly cost. This is especially true when your credit score has increased since you took out your loan or initially agreed with the dealer.
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Writen 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 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 readers gain confidence to control their finances with clear, well-researched data that boils down complex subjects into digestible pieces.
Auto loans editor
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