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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 smarter financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and analyze information for no cost – so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies that compensate us. This compensation can affect the way and when products are featured on the site, such as, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. But this compensation does have no impact on the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial deals that could be accessible to you.
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3 min read . Published April 07, 2022
Writen 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 ways and pitfalls of borrowing money 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 their readers to take control of their finances through providing clear, well-researched facts that break down otherwise complex topics into manageable bites.
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If you’ve been browsing through the channels recently, you’ve likely seen advertisements advertising Memorial Day sales at car dealerships. While Memorial Day weekend is known for its steep discounts on vehicles but this year’s deal will take some extra consideration. The average used vehicle is about $28,000, while the average for a new vehicle is nearly $47,000 . However, the high cost of a car, due in part to the fact that it’s a bit expensive, doesn’t mean you are out of reach — just be prepared to make some plans 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 score a fantastic automobile deal. However, this year’s Memorial Day sales will cause drivers to have less luck in purchasing a vehicle. Limited vehicle stock The industry is still unable to keep up with demands of the consumer. Dealers are selling vehicles at lightning speed because of the limited quantity of vehicles available. a 1.5 million decline in vehicle supply for March as compared to 2021. When factories stopped production, the lack of semiconductor chips led directly to fewer cars at the dealer. This led to a period of greater demand and a shortage supply. If you are shopping on 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 feeling as much pressure to sell their vehicles as they would in the past. With so many drivers looking for cars, they’re not as motivated to offer incentives like incentives or money back. In the past the holiday weekend was full of different incentive options, however dealers won’t need incentives to sell cars in 2022. J.D. Power reports that incentive spending per unit is predicted to hit $1,044 — down from $3,334 just one year ago. A lower supply of vehicles also means more drivers vying for the same car. The increased competition could make obtaining your dream car more difficult. Many buyers are willing to spend over the asking price in order to purchase the car they desire before a competitor will. This shifts the game field, and gives dealers an advantage in the pricing. The average price for used vehicles is at around 28 percent more than it was at this point last year. And with a finding that 42 % of consumers are willing to pay over MSRP it’s almost guaranteed you’ll be in the middle of a lot of competition. How can you get the best bargain, despite your limitations want to leave with a brand new vehicle following the upcoming Memorial Day weekend, there are a few tips to follow to secure the best deal — even with less vehicles on the lot. Take a test drive prior the weekend. One way to save time and ensure that you’re in and out of the car dealership prior to the arrival of the deadline can be a bit more efficient is to try a test-drive prior to the time. You can then arrive ready to purchase rather than feeling under pressure to buy on a car you aren’t fully convinced about. To schedule a test drive, research vehicles online and then call your dealer to arrange an appointment prior to. Find a car outside of your ZIP code While the epidemic caused problems with vehicle supply but it also accelerated the process of shifting . Take advantage of this new opportunity to determine whether there are cars available outside your region. Buying a car online is a similar process to that of an in-person purchase and you may save more money in the process. In addition, some locations offer lower prices, it could be worth your while to travel to a to look for your next vehicle. Be flexible with your vehicle choice . With fewer vehicles on dealership lots, now is a good time to expand your horizon regarding vehicle model, size and design. Many drivers are narrowly focused on a particular make or model, so flexibility could mean getting a vehicle while others don’t. Look into the most reliable models in your search. The next step to consider is buying a car. is a large financial decision. After weighing the various changes for this year’s holiday weekend, determine if it’s worth the cost and effort. If you’re not saving money by buying the latest gadgets for this Memorial Day weekend, and you are able to afford it, being patient may be a better bet. Take a break from the holiday shopping surge and wait for additional vehicle inventory to be available. You may be met with shorter lines, more options and potentially lower prices.
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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 to navigate the details of using loans to buy 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 dedicated to helping readers gain the confidence to manage their finances through providing clear, well-researched data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
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