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2022 guide to Memorial Day car sales 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 that provide objective and original content, by enabling users to conduct studies and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site come from companies that pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they be displayed within the listing categories, except where prohibited by law. Our mortgage and home equity products, as well as other products for home loans. But this compensation does have no impact on the information we publish, or the reviews you read on this site. We do not cover the entire universe of businesses or financial offers that may be available to you.



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3 min read . Published April 07, 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 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 writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to take control of their finances with clear, well-researched data that can break otherwise complex topics into manageable bites.









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If you have flipped through channels in recent times, you've probably seen ads advertising Memorial Day sales at car dealerships. And while Memorial Day weekend is known for steep vehicle discounts however this year's sales is going to require some thought. The average price for used vehicles is around $28,000, and the typical price for a brand-new vehicle is close to $47,000 . However, this price partly due to this, doesn't mean a deal is out of reach . You just need to prepare some preparations ahead of time. The Memorial Day sales will be very limited. Historically, Memorial Day has been one of the best days to get a good bargain on a car. But this year will likely cause drivers to have less luck in making a purchase. A limited inventory of vehicles The market is still unable to catch up with the consumer demand. Dealers are selling cars at lightning speed due to the low number of available vehicles. A 1.5 million decline in vehicle supply for March compared with 2021. Since factories stopped production, the shortage of semiconductor chips directly led to the loss of vehicles at the dealer. The shortage resulted in a period of greater demand and a shortage supply. If you are shopping during this Memorial Day weekend, you are likely to be faced by fewer options for vehicles. There are fewer incentives with fewer vehicles on the market, dealers are probably not under the same pressure to sell vehicles as they would have in the in the past. With the number of drivers looking for cars, they're not as driven to offer incentives such as incentives or money back. In previous years the holiday weekend was filled with different incentive options, but dealers won't need incentives to sell cars in 2022. J.D. Power notes in that incentives per unit are predicted to reach $1,044 -which is down from $3,334 one year prior. More competition Less vehicle supply is also a sign that more drivers are competing for the same car. This increased competition will likely make obtaining your dream car more of a challenge. Many buyers are ready to spend over the asking price to get the vehicle they want earlier than a rival does. This shifts the game field, giving dealers the upper hand in pricing. The typical price of used vehicles is for around 28 percent higher than this time last year. With a study that found the majority of customers will pay more than MSRP it's almost guaranteed you'll encounter a fair amount of competition. How to get the best bargain despite the limitations intend to drive away with a brand new vehicle following the forthcoming Memorial Day weekend, there are some tips to follow to secure the best deal -- even with less vehicles on the lot. Take a test drive prior the weekend. One way to save time and ensure that you're at the dealership before the competitors can be a bit more efficient is to try a test-drive before the scheduled the time. This way you can arrive ready to purchase rather than feeling pressured to sign a deal on a car you aren't completely sold on. For a test drive, research cars online then contact your dealer to schedule an appointment prior to. Find a car outside of your ZIP code Although the pandemic led to difficulties with supply of vehicles but it also accelerated the process of shifting . Use this latest opportunity to determine if there are vehicles available outside of your area. The process of buying a car online is a similar process to that of a physical purchase, and you could save additional cash in the process. And with some areas offering cheaper prices, it may be worthwhile to visit a dealership to look for your next vehicle. Be flexible with your vehicle choice . With fewer vehicles on dealership lots, now could be a great time to expand your horizon regarding the car's model, size and style. Many drivers are only focused on one particular type or make, therefore, being flexible could mean you purchase a vehicle while others don't. Consider checking out for the most reliable cars when shopping. The next step to consider is buying a car. is a significant financial investment. After weighing the various changes that will be made to this year's holiday weekend, decide if it is truly worth the money and effort. If you're not saving money by buying this Memorial Day weekend, and you can afford to wait waiting for the right time, then being patient might be the better option. You could consider putting off the huge holiday shopping rush and then wait for more vehicles to be accessible. You may get shorter lines, more options and potentially more affordable rates.


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Writen by Auto Loans Reporter

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



Editor: 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 the confidence to control their finances by providing clear, well-researched data that breaks otherwise complicated topics into bite-sized pieces.






Auto loans editor




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