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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and analyze information for no cost and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site come from companies that pay us. This compensation can affect the way and where products are displayed on the site, such as, for example, the order in which they be displayed within the listing categories and other categories, unless prohibited by law for our mortgage and home equity products, as well as other products for home loans. This compensation, however, does not influence the content we publish or the reviews you see on this site. We do not include the vast array of companies or financial offers that may be accessible to you.
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3 minutes read. Published April 7, 2022.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of borrowing money 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 the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing precise, well-researched and detailed data that can break otherwise complicated topics into bite-sized pieces.
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If you’ve been browsing through channels lately you have likely been met with ads for Memorial Day sales at car dealerships. While Memorial Day weekend is known for the hefty discounts on cars but this year’s deal is going to require some thought. The average price for used vehicles is approximately $28,000 and the average for a new car is even higher at nearly $47,000 . However, this price is due to the fact that it’s a bit expensive, doesn’t mean a deal is out of reach . You just need to prepare some preparations ahead of time. The Memorial Day sales will be very limited. Historically, Memorial Day has been one of the best times to get a good automobile deal. But this year will likely cause drivers to have less luck when it comes to making a purchase. Inventory of vehicles is limited The market isn’t able to catch up with the consumer demand. Dealers are selling vehicles at lightning speed due to the small quantity of vehicles available. a 1.5 million drop in the supply of vehicles for March in comparison to 2021. As factories halted production, the shortage of semiconductor chips led directly to the loss of vehicles at the dealership. This shortage created a time of increased need and low supply. And when shopping this Memorial Day weekend, you will likely be met with less vehicle availability. Less incentives With fewer cars being offered, dealers are not under pressure to sell cars like they did in the past. With so many people desperate for automobiles, they’re less inclined to offer incentives such as cash back or rewards. In prior years, this holiday weekend was filled with a variety of incentive options, but dealers won’t really need incentives to sell cars in 2022. J.D. Power reports that the incentive spending per unit is expected to hit $1,044 -which is down from $3,334 one year earlier. Increased competition and lower vehicle inventory is also a sign that more drivers are competing for the same car. The increased competition could make getting your dream vehicle more of a challenge. Many buyers are ready to spend over the asking price to get the vehicle they want earlier than a rival is. This shifts the game field, giving dealers the advantage in pricing. The typical price of an used car is at around 28 percent more than the same time in the past. And with a finding that 42 percent of buyers are willing to pay more than MSRP it’s almost guaranteed you’ll be in the middle of a lot of competition. What can you do to find the most affordable bargain despite the limitations want to leave with a new vehicle following the coming Memorial Day weekend, there are a few guidelines you can follow to get the most affordable price even with less vehicles on the lot. Test drive before the weekend The best way to reduce time and ensure that you’re in and out of the dealership prior to your competition will be there is by testing the car before the scheduled the time. So you can arrive ready to purchase rather than feeling under pressure to buy for a car that you’re not completely sold on. To schedule a test drive, research vehicles online and then call your dealer to schedule an appointment in advance. Explore other ZIP codes While the pandemic caused vehicle supply challenges, it also hastened the process of shifting . Take advantage of this new opportunity to see the availability of vehicles in areas outside of yours. It’s an identical process of an in-person purchase and you could save extra cash along the way. And with some areas offering better prices, it might be worth your while visiting a nearby location to look for your next vehicle. Consider a variety of options when it comes to your vehicle choice With fewer vehicles lining the dealership’s lot, this could be the perfect opportunity to explore your options regarding the model, size, and style. Most drivers tend to be at a certain type or make, therefore, being flexible could mean you purchase an automobile that others do not. Look into the most reliable vehicles in your search. Next steps Purchasing a vehicle is a major financial investment. After considering the changes that will be made to this year’s holiday weekend, decide if it is truly worth the price and effort. If you’re not making money buying something the latest gadgets for this Memorial Day weekend, and you can afford to wait, being patient may be a better option. Consider sitting out the holiday shopping surge and then wait for more vehicle inventory to become accessible. You could be greeted with shorter lines as well as more options and more affordable prices.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-researched and well-documented data that breaks complicated topics into bite-sized pieces.
Auto loans editor
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