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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 providing you with interactive financial calculators and tools as well as publishing quality and impartial content. We also allow users to conduct research and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted 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 website, for example, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage and home equity products, as well as other products for home loans. But this compensation does affect the content we publish or the reviews you see on this site. We do not contain the universe of companies or financial offers that may be available to you.
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3 minutes 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 borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances by providing clear, well-researched information that is broken down into complicated subjects into digestible pieces.
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As the holiday season approaches, the last thing you want to think about is the recession that is predicted to hit the next year. But ignorance is not always bliss. The rising rate of inflation and the upcoming recession will affect all aspects of the economy. This includes buying a car and new cars being introduced being purchased in October, according to Kelley Blue Book. If you’re one of the people who are worried about this recession, being patient could help you save money. Instead of gifting an automobile with a huge bow this holiday season- to you or someone else- consider where prices stand and how to best 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, consumers are spending more than they can afford. A recent study revealed that nearly 27 percent of shoppers admit to spending more than they can afford in the name of Christmas gifts. If they stay on trend with spending this year there could be issues to come up. In the month of March 2022, even though inflation was up 8.5 percent, consumers spent more than two years earlier in a McKinsey study. The majority of Americans believe that inflation will be higher in the next year than it is today. Car loan balances are at November 2022. The average monthly payment for new vehicles during the 2nd quarter 2022 period was $667. The monthly average for used vehicles during the second quarter of 2022 stood at $515. New vehicle sales fell from over 16.9 millions in the year 2005 until the recession. The survey found that 41 percent Americans don’t feel ready for a recession , if it was to occur before the end of 2023. 38.22 percent of consumers financed new vehicles in this second quarter.
Holiday shopping statistics Many holiday shoppers fall into the trap of wanting to get the perfect present. This could mean overspending and even straining finances. Certain shoppers this year have a different perspective, with three out of five planning to save money, according to . This is a wise choice as the consumer price index sat at 298.1 in the middle of November, an increase from 274.1 a year ago. No matter your reason for tightening your wallet this winter, it’s the perfect moment to think about the effects of overspending on every aspect of your financial health. 40% of shoppers believe that rising prices could alter the way they spend their money this year. There’s nearly 30 percent better used vehicle bargains in January. 85 percent of consumers are likely to use money-saving strategies during the Christmas season. Winter sees an increase in the number of people who purchase luxury vehicles and sports automobiles. 27 percent of holiday shoppers admit to their budget feeling stretched by the holiday time of the year. The majority of people will spend less on gifts this holiday season.
How can you prepare for a recession in 2023 While drivers in 2008 faced a similar fate and the expected recession that is predicted for 2023 has many aspects that the drivers of 13 years ago did not need to think about. Primarily, the ongoing supply chain issues which continue to increase vehicle prices. Due to the shortage of stock it is likely that you won’t be able to benefit from many of the specials that drivers of 2008 received. Fortunately, there are still certain ways to plan for 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 most effective way to ensure that you don’t get into a difficult financial situation when purchasing a car is to buy only the amount you can manage to afford. Consider calculate this figure while taking into the things that can build up over the course of ownership — like trips to the mechanic and fueling up on the gas pump. 2. Create an emergency fund Experts recommend that you be able to cover 3 to 6 months of expenses. But pennies can build over time, which is why it is important to begin saving as soon as you can. Better yet, think about the idea of establishing your emergency fund in an account that you pay interest on. 3. While buying an electric vehicle can have an upfront price, they can cost you less throughout the duration of vehicle ownership. A reduced number of trips to the pump could add up to thousands of dollars saved, so think about the option if an electric vehicle is within your budget and your lifestyle. 4. Be cautious when it comes to a long-term loan While it can be attractive, it is also accompanied by some risks. Signing up for an extension loan could mean that the monthly costs are lower but it doesn’t mean you will spend more in the end — in fact contrary. A longer-term loan stretches out the amount you have to pay over a longer time, meaning there’s longer time to accrue interest. accumulate. 5. Apply for loan preapproval While there aren’t all lenders that offer the option to apply for loan , it is one of the most effective methods to assess your contribution to the cost of the vehicle’s ownership prior to. Loan preapproval is simply a way to ensure that you are able to lock in the expected monthly cost prior to signing the contract. By doing this you can 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 might prefer to refinance your current car to cut down on your monthly expenses. This is especially true when your credit score has increased since you took out your loan as well as if originally signed off with the dealer.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely taking out loans to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched, and clear data that boils down complicated topics into bite-sized pieces.
Auto loans editor
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