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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 goal is to help you make better financial choices by offering you interactive tools and financial calculators as well as publishing quality and impartial content. We also allow you to conduct your own research and analyze information for no cost to help you make sound financial decisions. 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 products that appear on this website are provided by companies who pay us. This compensation could affect how and when products are featured on this website, for example, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that appear on this website. We do not cover the entire universe of businesses or financial offerings that could be available to you.
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3 minutes read. Published November 28th, 2022.
Authored by Rebecca Betterton 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 using loans to buy a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances by providing precise, well-studied information that breaks down complex topics into manageable bites.
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As the holiday season approaches the last thing you want to be thinking about is the recession that is predicted to hit the next few years. However, not all ignorance is bliss. The rising rate of inflation and the upcoming recession will affect all aspects in the world economy. This includes buying a car, with new vehicles in October, according to Kelley Blue Book. If you’re one of the people who are worried about this recession, being patient could save you money. Instead of gifting an automobile with a huge bow this holiday seasonfor your self or someone elsethink about where prices are and how you can best prepare for future . Statistics on recession preparedness Unfortunately, the holiday season is famous for spending too much — many times resulting in consumers spending more than they can afford. A recent study found that 27 percent of shoppers confess to putting their budgets under pressure for gifts for the holidays. If consumers remain in line with their spending habits this year it is possible that issues will arise. In the month of March 2022, even with inflation up 8.5 percent, people spent more more than two years earlier according to a McKinsey study. 51 percent of adults believe that inflation will rise more a year from now than it is today. Car loan balances sit at as of November 2022. The average monthly payment for new vehicles in the second quarter of 2022 was $667. The median monthly payment for used vehicles in the second quarter of 2022 stood at $515. New vehicle sales fell from a high of 16.9 million in 2005 to during the recession. 41 % of Americans do not feel prepared for a recession if it were to happen before 2023’s end. 38.22 percent of Americans purchased new cars during this second quarter.
Holiday shopping statistics Many holiday shoppers get caught in the trap of wanting to get the perfect present. This can mean spending over budget or even stressing the budget. Certain shoppers this year are taking a different approach, with three out of five choosing to cut back on spending according to . This is a smart choice as the consumer price index stood at 298.1 in mid-November, up from 274.1 last year. Whatever the reason behind the need to tighten your purse this winter, it’s an ideal time to be aware of the effects of overspending on every aspect of your financial health. 40% of consumers believe that inflation could alter the way they shop this year. There are nearly 29 percent more used vehicle offers in January. 84 percent of shoppers will employ money-saving tactics during the holiday season. Winter sees an increase in people buying luxury vehicles and sports automobiles. 27 percent of people who shop for gifts acknowledge feeling budget stretched by the holiday period. The majority of people will spend less on gifts during the holiday season.
How do you prepare for a downturn in 2023? While drivers in 2008 had a similar experience and the expected recession that is predicted for 2023 will have many elements that the drivers of 13 years ago didn’t have to consider. The most important is the ongoing supply chain issues that continue to raise vehicle prices. Due to the shortage of stock it is likely that you won’t be able to get the discounts that ’08 drivers were given. However, there are some ways to prepare when it comes to personal finance and vehicle purchases. Consider the following tips to help you save money during a recession. 1. Buy only the most affordable car you can afford. The primary way to ensure that you don’t get into a difficult financial situation when purchasing a car is to only buy the amount you can manage to afford. Make sure you are aware of this number while also factoring in that will build throughout ownership — like trips to the mechanic, or refilling the tank at the pump. 2. Start building your emergency fund. Experts recommend that you cover three to six month’s worth of expenditures. But pennies can build over time, which is why it is important to begin saving as soon as possible. Consider making your emergency fund the form of a — that you pay interest on. 3. If you decide to buy an electric car, despite having more upfront costs but they’ll cost you less throughout the duration of vehicle ownership. Fewer trips to the gas pump could add up to thousands of dollars, so you should consider a if driving an EV will fit into your budget and life style. 4. Be cautious about an extended loan While it can be attractive, it is also accompanied by some risk. Signing up for an extension loan can mean your monthly cost is cheaper, it does not mean you will spend more in the end — in fact contrary. A longer-term loan extends the amount that you are required to pay over a longer period, meaning there’s more time for interest to accumulate. 5. Apply for loan preapproval. Although not all lenders allow applicants to apply for loan , it is one of the best methods to assess your financial contribution to car ownership in advance. Preapproval for loans simply means that you can lock in the expected monthly cost before signing the dotted line. This way, you will know if the vehicle you’re thinking about buying will easily work within your budget. 6. Refinance your current vehicle If you find that your loan is putting you over the budget of yours, then you might want to your current vehicle to reduce your monthly costs. This is particularly the case when your credit score has improved since receiving the loan as well as if first signed off with an agent.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of using loans to buy the car they want.
Editor: 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 take control of their finances through providing concise, well-researched, and clear data that boils down complex subjects into digestible pieces.
Auto loans editor
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