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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. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers, including 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 site are from companies that pay us. This compensation could affect how and where products are displayed on this site, including such things as the order in which they may appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial offers that may be accessible 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 in navigating the ins and outs of securely 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 since late 2021. They are dedicated to helping their readers to control their finances through providing clear, well-researched information that breaks down complex subjects into digestible pieces.
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If you’ve been browsing through the channels recently, you’ve likely seen advertisements for Memorial Day sales at car dealerships. While Memorial Day weekend is known for steep vehicle discounts but this year’s deal will take some extra consideration. The average price for used vehicles is about $28,000, while the average for a new car is even higher at around $47,000 . However, the high cost of a car is due to the fact that it’s a bit expensive, doesn’t mean the deal isn’t within the realm of possibility. Just be prepared to make some preparations ahead of time. The Memorial Day sales will be restricted in the past, Memorial Day has been one of the best times to find a great bargain on a car. But this year’s event will leave drivers with less luck in buying a car. Limited vehicle stock The industry is still unable to keep up with demands of the consumer. Dealers are selling vehicles in a lightning-fast pace because of the limited number of available vehicles. A 1.5 million decrease in the supply of vehicles for March compared with 2021. Since factories stopped production, the lack of semiconductor chips led directly to fewer cars at the dealership. The shortage resulted in a period of greater demand and a shortage supply. When you shop on Memorial Day weekend, you are likely to be faced with less vehicle availability. There are fewer incentives with fewer vehicles available, dealers are likely not feeling as much pressure to sell cars like they did in the in the past. With the number of drivers looking for automobiles, dealers aren’t as driven to offer incentives such as reward points or cashback. In prior years this weekend, it was filled with a variety of incentive options, but dealers will not really require incentives to sell cars in 2022. J.D. Power reports that incentives per unit are expected to be $1,044- down from $3,334 just one year ago. Increased competition and lower vehicle inventory will also mean more people competing for the same car. The increased competition could make getting your dream vehicle more of a challenge. Many buyers are willing to pay more than the advertised price in order to purchase the car they want before another driver will. This shifts the game field, and gives dealers an upper hand when it comes to pricing. The average price for a used vehicle is selling at around 28 percent more than this time last year. In addition, with the finding that 42 % of consumers are willing to pay over the price of the vehicle, you’re likely to face a good deal of competition. How to get the best deal despite limitations If you want to leave with a brand-new car for the coming Memorial Day weekend, there are a few 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 ensure you’re at the dealership prior to your competitors will be there is by testing the car prior to time. You can then arrive ready to purchase rather than feeling you’re being pressured to sign on a vehicle you’re not entirely convinced of. For a test drive, research vehicles online and then call your dealer to arrange an appointment prior to. Explore other ZIP codes While the pandemic caused problems with vehicle supply but it also accelerated the process of shifting . Make the most of this chance to check whether there are cars available outside your region. It’s a similar process to that of a physical purchase, and you could save extra cash along the way. In addition, some locations offer lower prices, it could be worth your while visiting a nearby location to look for your next vehicle. Be flexible with your vehicle choice . With fewer vehicles on the dealership’s lot, this could be a great time to expand your horizon in terms of the model, size, and design. Most drivers tend to be only focused on one particular type or make, which means that you may have to purchase the vehicle you want, but not everyone else. Take a look at the most reliable cars in your search. Next steps Purchasing a vehicle is a large financial decision. When you’ve considered the possible changes that will be made to this year’s holiday weekend, determine if it’s worth the cost and effort. If you are not actually saving money by buying the latest gadgets for this Memorial Day weekend, and you have the money to sit out, being patient may be a better bet. Take a break from the rush of holiday shopping and wait for additional car inventory to be readily available. You may get shorter lines, more options and potentially more affordable prices.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of borrowing money to purchase the car they want.
Editor: 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 confidence to take control of their finances through providing concise, well-studied data that breaks otherwise complicated subjects into digestible pieces.
Auto loans editor
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