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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 decisions by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct research and analyze information for no cost to help you make informed 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 Make Money The deals that are displayed on this website come from companies that compensate us. This compensation may impact how and where products appear on this website, for example for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. But this compensation does not influence the information we publish, or the reviews that appear on this website. We do not include the universe of companies or financial offerings that could be available to you.



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3 min read Published November 28th, 2022.
Authored by Rebecca Betterton Written 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 taking out loans to purchase the car they want.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing 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 well-organized information that breaks down otherwise complicated topics into bite-sized pieces.









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As the season of Christmas approaches, the last thing you want to be thinking about is the recession predicted to hit the next year. However, not all ignorance is bliss. Growing inflation and the likely recession will affect all aspects of the economy. This includes car purchases, with new vehicles coming out in October, as per Kelley Blue Book. If you're one of the people who are concerned about the current recession, patience may help you save money. Instead of giving an automobile with a huge bow this holiday seasonfor yourself or someone else -- consider where prices stand and how you can best prepare for the next . Recession preparedness statistics Unfortunately, the holiday season is known for overspending -- many times, it results in people overspending. A recent study revealed that 27 percent of consumers admit to spending more than they can afford in the name of holiday gifting. If they stay on trend with spending this year so far it is possible that issues will arise. In the month of March 2022, even though inflation was up 8.5 percent, people spent more than two years prior, according to a McKinsey study. The majority of Americans think inflation will rise a year from now than it is today. Car loan balances were at a high as November 2022. The average monthly installment for new cars for the first quarter of 2022 is $667. The average monthly payment for used vehicles in the second quarter of 2022 was $515. New vehicle sales dropped from more than 16.9 millions in the year 2005 to during the recession. The survey found that 41 percent Americans aren't sure if they're prepared to face a recession if one occurred at the end of 2023. 38.22 percent of Americans purchased new cars during the second quarter of 2022.


Statistics on holiday shopping Many shoppers are caught up in looking for the perfect gift, which could mean overspending or even stressing the budget. Certain shoppers this year are opting for a different route and three out of five choosing to save money according to . This is a wise option considering that the consumer price index stood at 298.1 in November's mid-point, an increase from 274.1 last year. Whatever your reasons for spending more money this winter, it's an ideal moment to consider the impact of spending too much on all facets of your fiscal health. 40% of shoppers say that inflation will change the way they shop this year. There's nearly 29 percent higher used car bargains in January. The majority of people are likely to use money-saving strategies this holiday season. This winter, there is a rise in the number of people who purchase luxury vehicles and sports cars. 27 percent of holiday shoppers admit to their budget feeling stretched by the holiday time of the year. The majority of people will buy fewer items this season.


How do you prepare for a recession in 2023 The drivers of 2008 had a similar experience The predicted recession of 2023 has many aspects that those 13 years ago did not have to consider. Primarily, the ongoing supply chain issues that continue to raise the cost of vehicles. Due to the shortage of stock and the lack of inventory, you are unlikely to benefit from many of the deals that drivers in 2008 were offered. However, there are certain ways to plan when it comes to the personal finance of your vehicle and personal purchases. Use these suggestions to save money during the recession. 1. Make sure you only buy the amount you can afford. The most effective way to ensure that you do not get into a difficult financial situation when purchasing a car is to purchase only what you are able to be able to afford. Consider consider this amount while also factoring into the things that can build up over the course of ownership , like visits to the mechanic or filling up with gas. 2. Build up your emergency fund Experts advise that your should have enough money to cover three to six months of expenses. However, pennies can accumulate, so it is smart to start saving as soon as you can. Even better, 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 an upfront price but they'll cost you less throughout the duration of ownership. Fewer trips to the gas pump could add up to thousands saved, so consider the option if an electric vehicle will fit into your budget and your lifestyle. 4. Be cautious when it comes to an extended loan Although it may seem attractive, it is also accompanied by certain risks. While signing off on an extended loan will mean your monthly expenses are less however, this doesn't mean that you'll pay less altogether actually it's the reverse. A longer-term loan extends the amount of money you must pay over a longer time, meaning there's an extended period of time in which interest can accrue. 5. You can apply for loan preapproval While there aren't all lenders that provide the option of applying for a loan , it is one of the best ways to understand your contribution to the cost of the vehicle's ownership prior to. Loan preapproval is simply a way to ensure that you can lock in the monthly costs you anticipate before signing the"dotted line. By doing this you can determine if the car you're thinking about buying will easily fit into your budget. 6. Refinance your vehicle if you find that your loan is stretching your budget, you might consider refinancing your current vehicle to lower your monthly cost. This is particularly true if your credit score has improved since receiving your loan as well as if initially agreed with an agent.


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy an automobile.



Edited by 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 manage their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.






Auto loans editor




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