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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools as well as publishing unique and impartial content. We also allow you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, 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 site are from companies who pay us. This compensation can affect the way and when products are featured on this site, including such things as the sequence in which they be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage and home equity products, as well as other products for home loans. But this compensation does affect the information we provide, or the reviews that appear on this website. We do not contain the vast array of companies or financial deals that could be open to you.



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3 min read Published April 7, 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 in navigating the details of taking out loans to purchase a car.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers to manage their finances by providing concise, well-studied facts that break down complex subjects into digestible pieces.









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If you've been browsing through the channels recently, you've likely been met with ads to Memorial Day sales at car dealerships. And while Memorial Day weekend is known for steep vehicle discounts but this year's deal requires a bit more thought. The median used car is approximately $28,000 and the average for a new vehicle is nearly $47,000 . However, this price, due in part to , doesn't mean that a deal is out of reach . You just need to prepare some plans ahead of time. In this year's Memorial Day sales will be restricted in the past, Memorial Day has been one of the best days to find a great automobile deal. But this year's event will cause drivers to have less luck when it comes to buying a car. Limited vehicle stock The industry is still unable to keep up with consumer demand. Dealers are selling vehicles at lightning speed because of the limited number of available vehicles. A 1.5 million decline in the supply of vehicles for March in comparison to 2021. When factories stopped production, the shortage of semiconductor chips directly led to the loss of vehicles in the dealership. This led to a period of greater demand and a shortage supply. And when shopping this Memorial Day weekend, you are likely to be faced by fewer options for vehicles. Fewer incentives With fewer vehicles on the market, dealers are probably not under the same pressure to sell cars as they would have in the past. With so many people looking for automobiles, dealers aren't as driven to offer incentives such as incentives or money back. In prior years, this holiday weekend was filled with a variety of incentive options, however dealers won't really need for incentives to sell cars by 2022. J.D. Power reports that the incentive spending per unit is anticipated to hit $1,044 -which is down from $3,334 one year prior. A lower supply of vehicles also means more drivers vying for the same car. This increased competition will likely result in obtaining the dream car more difficult. Many buyers are willing to pay more than the asking price to buy the car they desire before a competitor does. This significantly alters the playing field, and gives dealers an advantage in the pricing. The median price for a used vehicle is selling at around 28 percent more than it was at this point the year before. With a study that found 42 percent of buyers are willing to pay more than MSRP it's almost guaranteed you'll be in the middle of a lot of competition. How can you get the best bargain despite the limitations want to leave with a brand-new vehicle following the upcoming Memorial Day weekend, there are a few tips to follow to secure the most value for money even with less vehicles in the lot. Try a test drive prior to the weekend. The best way to reduce time and ensure that you're getting to and from the dealership before the competitors will be there is by testing the car ahead of the time. So you can go in with a plan to buy instead of feeling you're being pressured to sign on a vehicle you're not fully convinced about. For an initial test drive, look up cars online then contact your dealer to schedule an appointment in advance. Shop outside your ZIP code While the pandemic caused difficulties with supply of vehicles but it also accelerated the shift . Take advantage of this new opportunity to see the availability of vehicles in areas outside of yours. Buying a car online is a similar process to that of a physical purchase, and you might save some more money in the process. In addition, some locations offer lower prices, it could be worth your while visiting a nearby location to look for your next vehicle. Consider a variety of options when it comes to your vehicle selection With fewer cars lining the dealership's lot, this could be a great opportunity to explore your options regarding vehicle model, size and style. Many drivers are only focused on one 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 vehicles when shopping. The next step to consider is buying a car. is a large financial decision. After weighing the various changes that will be made to this year's Memorial Day weekend, consider if the car is worth the cost and effort. If you are not actually saving money by buying during this Memorial Day weekend, and you are able to afford it for a while, patience may be a better bet. Consider sitting out the rush of holiday shopping and instead wait for more vehicle inventory to become readily available. You may get shorter lines with more options, and possibly lower rates.


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Authored 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 borrowing money 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 readers gain confidence to control their finances with precise, well-researched and well-documented data that breaks complex topics into manageable bites.






Auto loans editor




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