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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 better financial decisions by providing you with interactive financial calculators and tools as well as publishing quality and impartial content. This allows you to conduct your own research and compare data for free and help you make financial decisions with confidence. 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 deals that are displayed on this website are provided by companies who pay us. This compensation can affect the way and when products are featured on the site, such as the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offerings that could be open to you.
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3 minutes read. Published November 28, 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 to navigate the ins and outs of securely using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
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As the season of Christmas approaches The final thing you should consider is the recession that is likely to occur over the next few years. But ignorance is not always bliss. Growing inflation and the likely recession will impact all facets of the economy. This includes car buying and new cars being introduced coming out in October, as per Kelley Blue Book. If you’re in the same boat as those who are worried about this recession, patience may help you save money. Instead of gifting a car with a big bow this season -whether to yourself or someone else — consider where prices stand and how to best prepare for future . Statistics on recession preparedness Unfortunately, the holiday season is famous for spending too much — many times, it results in people overspending. A recent survey found that 27 percent of shoppers confess to putting their budgets under pressure for Christmas gifts. If they stay within the trend of spending this year it is possible that issues will arise. In March 2022 even with inflation up 8.5 percent, consumers had spent less more than two years earlier, according to a McKinsey study. 51 percent of adults think inflation will rise in the next year than it is now. Car loan balances sit at as November 2022. The monthly average payment for new vehicles in the second quarter of 2022 was $667. The median monthly payment for used cars in the second quarter 2022 stood at $515. New vehicle sales fell from more than 16.9 million in 2005 to during the recession. 41 percent of Americans do not feel prepared for a recession , if it was to occur before 2023’s end. 38.22 percent of Americans purchased new cars during the second quarter of 2022.
Holiday shopping statistics A lot of holiday shoppers are caught up in looking for the perfect gift, which can mean spending over budget and even putting pressure on finances. Certain shoppers this year have a different perspective as three out of five planning to cut back on spending, according to . This is a smart decision considering that the price of a consumer index was 298.1 in mid-November, up from 274.1 a year ago. No matter your reason for tightening your wallet this winter, now is an ideal moment to consider how overspending can impact all facets of your fiscal health. 40 percent of holiday shoppers believe that rising prices will change the way they spend their money this year. There’s almost 29 percent more used car bargains in January. 84 percent of shoppers will use strategies to save money this holiday season. The winter months bring an increase in people buying luxury vehicles and sports cars. 27 percent of shoppers confess to feeling financially strained over the time of the year. 59 % of shoppers plan to purchase fewer gifts during the holiday season.
How can you prepare for a downturn in 2023? While drivers in 2008 were dealt a similar hand, the predicted recession in 2023 carries many factors that people 13 years ago did not need to think about. The most important is the supply chain problems that continue to raise vehicle prices. Due to stock limitations and the lack of inventory, you are unlikely to take advantage of many of the deals that drivers in 2008 received. Fortunately, there are still certain ways to plan for personal finance and vehicle purchases. Use these suggestions to help you save money during a recession. 1. Make sure you only buy the amount you can afford. The best way to make sure that you don’t fall into a precarious financial situation when purchasing a car is to purchase only what you can afford. Take the time to this number while also factoring in that will build throughout the duration of ownership, such as trips to the mechanic and filling up on the gas pump. 2. Create an emergency fund Experts suggest that you be able to cover 3 to 6 months of expenses. However, pennies can accumulate, so it is smart to begin saving as soon as you can. Better yet, think about starting your emergency fund in the form of a — that you will earn interest on. 3. If you decide to buy an electric car, despite having a higher upfront cost but they’ll cost you less throughout the duration of ownership. Less trips to the pump can add up to thousands saved, so consider whether driving an electric car is within your budget and life style. 4. Be wary of the long-term loan While a can be appealing, it comes with some risks. While signing up for an extension loan could mean that your monthly cost is cheaper but it doesn’t mean that you’ll pay less altogether — in fact it’s the reverse. A longer-term loan stretches out the amount you have to pay over a longer time and allows more time for interest to accumulate. 5. Request loan preapproval. While there aren’t all lenders that allow applicants to apply for loan but it is one of the most effective methods to assess your financial contribution to vehicle ownership upfront. Loan preapproval simply means you are able to lock in the anticipated monthly price before signing the contract. By doing this you can be sure that the vehicle you’re thinking about buying will easily fit into your budget. 6. Refinance your car if you feel that your loan is stretching the budget of yours, then you might want to your current vehicle to reduce your monthly costs. This is particularly true if your credit score has improved since you received your loan or if you initially signed off with a dealer.
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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 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 precise, well-researched and well-structured information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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