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2022 guide to Memorial Day car sales 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 financial calculators and tools as well as publishing unique and impartial content. This allows you to conduct research and analyze information for no cost to help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this site, including for instance, the order in which they appear within the listing categories, except where prohibited by law for our mortgage and home equity products, as well as other products for home loans. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not contain the entire universe of businesses or financial offers that may be available to you.



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3 minutes read. Published April 07, 2022
Writen 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 ins and outs of securely using loans to buy an automobile.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.









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If you have flipped through channels lately you have likely been met with ads for Memorial Day sales at car dealerships. While Memorial Day weekend is known for the hefty discounts on cars but this year's deal requires a bit more thought. The average used vehicle is approximately $28,000 and the typical price for a brand-new vehicle is nearly $47,000 . However, this price, due in part to , doesn't mean that you are out of reach -- just be prepared to make some preparations ahead of time. In this year's Memorial Day sales will be very limited. Historically, Memorial Day has been one of the best days to find a great car deal. But this year's event will cause drivers to have less luck in purchasing a vehicle. Limited vehicle stock The industry is unable to keep up with demands of the consumer. Dealers are selling cars at lightning-fast speed due to the low amount of vehicles on the market. There was a 1.5 million decrease in vehicle supply for March compared with 2021. Since factories stopped production, the dearth of semiconductor chips directly led to the loss of vehicles in the dealership. This shortage created a time of greater demand and a shortage supply. And when shopping on Memorial Day weekend, you are likely to be faced with fewer vehicles. Fewer incentives With fewer vehicles available, dealers are likely not under pressure to sell vehicles as they would in the in the past. With so many people in desperate need of cars, they're not as motivated to offer incentives like reward points or cashback. In prior years the holiday weekend was filled with different incentive options, but dealers won't really need incentives to sell cars in 2022. J.D. Power notes in that incentive spending per unit is expected to be $1,044- down from $3,334 just one year earlier. Increased competition and lower vehicle inventory will also mean more people competing for the same car. The increased competition could make obtaining your dream car more difficult. Many buyers are willing to pay more than the asking price to get the vehicle they want earlier than a rival will. This shifts the game field, giving dealers the upper hand in the pricing. The average price for used vehicles is at around 28 percent more than this time in the past. With a study that found 42 percent of buyers are willing to pay more than the price of the vehicle, you're likely to be in the middle of a lot of competition. What can you do to find the most affordable bargain, despite your limitations want to leave with a brand-new car for the coming Memorial Day weekend, there are some tips to follow to secure the most affordable price even if there are fewer cars in the lot. Take a test drive prior the weekend. The best way to reduce time and make sure you're in and out of the dealership prior to your deadline will be there is by testing the car ahead of the scheduled time. This way you can go in with a plan to buy instead of feeling you're being pressured to sign on a car you aren't fully convinced about. To arrange for the opportunity to test drive, you need to research the cars on the internet and contact the dealer to make an appointment ahead of time. Explore other ZIP codes While the epidemic caused problems with vehicle supply however, it also increased the change . Use this latest opportunity to see if there are vehicles available outside your region. It's the same as that of an in-person purchase and you may save more money in the process. In addition, some locations offer lower prices, it could be worthwhile visiting a nearby location to locate your next car. Be flexible with your vehicle choice With fewer vehicles lining dealership lots, now could be a great opportunity to broaden your horizons in terms of the model, size, and style. Many drivers are narrowly focused on a particular brand or model, and which means that you may have to purchase the vehicle you want, but not everyone else. Look into the most reliable models when shopping. Next steps Purchasing a vehicle is a major financial investment. After weighing the various changes to this year's holiday weekend consider if the car is worth the cost and effort. If you're not saving money by buying the latest gadgets for this Memorial Day weekend, and you have the money to sit out waiting for the right time, then being patient might be a better option. Consider sitting out the rush of holiday shopping and wait for additional car inventory to become available. You could be greeted with shorter lines with more options, and possibly more affordable prices.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of using loans to buy the car they want.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces.






Auto loans editor




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