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3 minutes read. Published November 28th, 2022.
Written 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 ways and pitfalls of taking out loans to purchase a car.







Editor: 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 take control of their finances with clear, well-researched information that breaks down complicated subjects into digestible pieces.









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As the season of Christmas approaches the last thing you want to be thinking about is the recession that is expected to arrive over the next year. However, not all ignorance is bliss. Inflation is rising and the possibility of recession will affect all aspects that affect the economic. This includes buying a car, with new vehicles coming out in October, as per Kelley Blue Book. If you're like the that are concerned about the current recession, being patient could be the best option to save money. Rather than gifting a car with a big bow this season -whether to you or someone elsetake a look at where the prices are and how to best 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 found that 27 percent of shoppers admit to straining their budget in the name of holiday gifting. And if consumers stay on trend with spending this year there could be issues to come up. In March of 2022, even with inflation up 8.5 percent, people spent more than two years prior, according to an McKinsey study. 51 percent of adults believe that inflation will rise in the next year than it is at present. Car loan balances sit at as of November 2022. The average monthly installment for new vehicles in the second quarter of 2022 was $667. The average monthly payment for used vehicles in the second quarter of 2022 was just $515. New vehicle sales fell from more than 16.9 million in 2005 until the recession. The survey found that 41 percent Americans aren't sure if they're prepared for a recession , if it were to happen at the end of 2023. 38.22 percent of people financed new vehicles in the 2nd quarter in 2022.


Statistics on holiday shopping Many shoppers fall into the trap of looking for the perfect present, which could mean overspending or even stressing the budget. Certain shoppers this year are taking a different approach, with three out of five choosing to spend less, according to . This is a good option considering that the consumer price index stood at 298.1 in the middle of November, an increase from 274.1 one year ago. Whatever your reasons for the need to tighten your purse this winter, it's a vital time to be aware of how overspending can impact the entirety of your financial health. 40% of consumers believe that inflation is likely to change how they spend their money this year. There are nearly 29 percent higher used vehicle deals on average in January. 85 percent of consumers will use strategies to save money during the holiday season. This winter, there is a rise in those who buy luxury cars and sports cars. 27 percent of holiday shoppers admit to their budget feeling stressed during the holiday period. 59 % of shoppers plan to purchase fewer gifts during the holiday season.


How do you prepare for a downturn in 2023? The drivers of 2008 faced a similar fate and the expected recession that is predicted for 2023 carries many factors that people 13 years ago didn't have to take into consideration. The most important is the ongoing supply chain issues that are causing a rise in vehicle prices. Due to stock limitations, you likely won't get the discounts that '08 drivers were given. However, there are several ways to be prepared for your personal finances and car purchases. Consider the following tips to save money in an economic downturn. 1. Only buy what you can afford The primary way to ensure that you do not end up in a financial cliff situation when purchasing a car is to buy only what you are able to be able to afford. Consider this number while also factoring in the costs that may accrue throughout ownership , like visits to the mechanic, or fueling up at the pump. 2. Build up your emergency fund Experts recommend that you cover three to six month's worth of expenditures. But the cost of pennies isn't always as low, so it is smart to start saving as early as possible. Even better, consider the idea of establishing your emergency fund in an account that you make interest in. 3. While buying an electric vehicle can have more upfront costs however, they will cost less for the duration of your vehicle's ownership. A reduced number of trips to the pump could result in thousands saved, so consider a if driving an EV will fit into your budget and your lifestyle. 4. Be wary of an extended loan Although it may seem appealing, it comes with some risks. Signing off on an extended loan can mean your monthly expenses are less, it does not mean you will spend less overall In fact it's the reverse. A longer-term loan will spread the amount of money that you are required to pay over a longer period which means there's an extended period of time in which interest can accumulate. 5. Apply for loan preapproval. Although not all lenders provide the option of applying for a loan preapproval, it's one of the most effective ways to understand the financial impact of your the vehicle's ownership prior to. Loan preapproval is simply a way to ensure that you'll be able to set the monthly costs you anticipate prior to signing on the contract. By doing this you can be sure that the vehicle you're thinking about buying will easily work within your budget. 6. Refinance your car if you find that your loan is stretching your budget, you might prefer to refinance your current car to cut down on your monthly expenses. This is particularly the case in the event that your credit score improved since receiving the loan or if you originally approved the loan 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 in navigating 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 from late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched data that boils down complicated topics into bite-sized pieces.






Auto loans editor




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