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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 aim is to assist you make better financial choices by offering you interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and analyze information for no cost 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 Earn Money The deals that are displayed on this website come from companies who pay us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage and home equity products, as well as other products for home loans. This compensation, however, does affect the information we provide, or the reviews appear on this website. We do not include the universe of companies or financial offerings that could be accessible to you.
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3 min read . Published November 28, 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 with the details of using loans to buy an automobile.
Edited 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 confidence to take control of their finances with precise, well-studied information that breaks down complicated topics into bite-sized pieces.
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As the Christmas season is approaching The last thing you want to think about is the recession likely to occur over the next few years. However, ignorance isn’t always bliss. Growing inflation and the likely recession will impact every aspect in the world economy. This includes car purchases and new cars being introduced coming out in October, as per Kelley Blue Book. If you’re one of the people who are worried about this recession, a little patience could save you money. Instead of giving an automobile with a huge bow this holiday season — to your self or someone elsethink about where prices are and what you can do to prepare for future . The statistics on preparedness for the recession aren’t encouraging. the holiday season is famous for spending too much — many times, consumers are spending more than they can afford. A recent study revealed that 27 percent of consumers admit to spending more than they can afford for Christmas gifts. If they stay in line with their spending habits this year it is possible that issues will arise. In March 2022 even though inflation was up 8.5 percent, consumers had spent less over two years before according to an McKinsey study. 51 % of people think inflation will be higher in the next year than it is at present. Car loan balances were at a high as November 2022. The monthly average payment for new cars for the first quarter of 2022 is $667. The monthly average for used cars during the second quarter of 2022 was just $515. New vehicle sales dropped from more than 16.9 million during 2005 until the recession. 41 percent of Americans aren’t sure if they’re prepared for a recession , if it occurred before 2023’s end. 38.22 percent of people have financed new cars in this second quarter.
Statistics on holiday shopping Many shoppers get caught in the trap of seeking out the perfect present, which could mean overspending or even stressing the budget. However, some shoppers this year are taking a different approach as 3 out of 5 planning to cut back on spending, according to . This is a good choice as the consumer price index sat at 298.1 in November’s mid-point, an increase from 274.1 a year ago. Whatever the reason behind spending more money this winter, it’s an ideal moment to think about the effects of overspending on the entirety of your financial health. 40% of shoppers believe that rising prices will change the way they spend their money this year. There are nearly 29 percent more used car deals on average in January. 84 percent of shoppers will use strategies to save money during the Christmas season. Winter sees an increase in people buying luxury vehicles and sports cars. 27 percent of holiday shoppers admit to their budget feeling strained over the season. 59 percent of shoppers will buy fewer items during the holiday season.
How do you prepare for a recession in 2023 While drivers in 2008 faced a similar fate The predicted recession of 2023 has many aspects that people 13 years ago didn’t have to take into consideration. Most importantly, there are the ongoing supply chain issues that continue to raise costs for vehicles. Because of the limited stock and the lack of inventory, you are unlikely to get the specials that drivers of 2008 were offered. Fortunately, there are still some ways to prepare for personal finance and vehicle purchases. Consider the following tips to help you save money during a recession. 1. Buy only what you can afford The most effective way to ensure that you do not get into a difficult financial position when buying a vehicle is to purchase only the amount you can manage to afford. Consider consider this amount while also factoring into the things that can build up over the course of the duration of ownership, such as trips to the mechanic or filling up with gas. 2. Create an emergency fund Experts recommend that you have enough money to cover three to six months of expenses. But the cost of pennies isn’t always as low and it’s best to begin saving as soon as you can. Better yet, think about starting your emergency fund in an account that you pay interest on. 3. If you decide to buy an electric car, despite having a higher upfront cost however, they will cost less over the entire length of ownership. Fewer trips to the gas pump could add up to thousands of dollars saved, so think about a if driving an EV is within your budget and lifestyle. 4. Be cautious when it comes to a long-term loan While it can be appealing, it comes with some risk. If you sign to an additional loan will mean the monthly costs are lower but it doesn’t mean you’ll spend more in the end — in fact it’s the reverse. A longer-term loan will spread the amount you have to pay over a longer time, meaning there’s longer time to accrue interest. accrue. 5. Request loan preapproval. Although there aren’t all lenders that offer the option to apply for a loan but it is one of the most effective methods to assess your financial contribution to vehicle ownership upfront. Preapproval for loans simply means that you’ll be able to set the monthly costs you anticipate before signing the contract. With this, you’ll be sure that the vehicle you’re thinking about buying will easily fit into your budget. 6. Refinance your vehicle if you find that your loan is putting you over your budget, you might want to your current vehicle to lower your monthly cost. This is particularly the case if your credit score has increased since you took out the loan or first agreed with a dealer.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization 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 editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched data that boils down otherwise complex topics into manageable bites.
Auto loans editor
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