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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 aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and analyze information for no cost and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this site, including the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity, and also other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not cover the universe of companies or financial offerings that could be open to you.



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3 minutes read. Published November 28, 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 to navigate the ways and pitfalls of using loans to buy a car.







The edit was done 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 confidence to manage their finances with concise, well-researched and well-organized information that breaks down otherwise complicated subjects into digestible pieces.









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As the Christmas season is approaching The final thing you should be thinking about is the recession that is expected to arrive over the next year. However, ignorance isn't always bliss. Growing inflation and the likely recession will impact all facets in the world economy. This includes buying a car, with new vehicles coming out in October, as per Kelley Blue Book. If you're in the same boat as those who are worried about this recession, patience may save you money. Instead of gifting a car with a big bow this season -for you 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 its extravagant spending -- often times resulting in consumers overspending. A recent study revealed that 27 percent of consumers confess to putting their budgets under pressure in the name of Christmas gifts. If consumers remain within the trend of spending this year thus far, issues may arise. In March of 2022, even though inflation was up 8.5 percent, consumers had spent less over two years before according to an McKinsey study. 51 % of people think inflation will rise in the next year than it is now. Car loan balances are at of November 2022. The monthly average payment for new vehicles during the 2nd quarter 2022 period was $667. The median monthly payment for used cars during the second quarter of 2022 was just $515. The number of new vehicles sold dropped from over 16.9 millions in the year 2005, to a low of 1.9 million during the recession. 41 % of Americans do not feel prepared for a recession if it was to occur before the end of 2023. 38.22 percent of Americans financed new vehicles in the 2nd quarter in 2022.


Holiday shopping statistics A lot of holiday shoppers fall into the trap of looking for the perfect present. This could result in spending more than they budgeted for or even stressing the budget. Some shoppers this year though are taking a different approach as 3 out of 5 planning to cut back on spending according to . This is a wise option considering that the consumer price index was 298.1 in the middle of November, an increase from 274.1 last year. Whatever your reasons for the need to tighten your purse this winter, now is an ideal time to be aware of how overspending can impact all facets of your fiscal health. 40 percent of holiday shoppers say that inflation will change the way they spend their money this year. There's nearly 29 percent more used vehicle deals on average in January. 85 percent of consumers will employ money-saving tactics this holiday season. This winter, there is a rise in those who buy luxury cars and sports cars. 27 percent of people who shop for gifts acknowledge feeling budget stressed during the holiday period. The majority of people will purchase fewer gifts during the holiday season.


How do you prepare for a possible recession in 2023? The drivers of 2008 faced a similar fate The predicted recession of 2023 has many aspects that the drivers of 13 years ago didn't have to consider. The most important is the ongoing supply chain issues that continue to raise the cost of vehicles. Due to the shortage of stock it is likely that you won't be able to get the discounts that '08 drivers were given. However, there are some ways to prepare for your personal finances and car purchases. Use these suggestions to help you save money during the recession. 1. Make sure you only buy the most affordable car you can afford. The best way to make sure that you don't fall into a precarious financial spot when buying a car is to purchase only what you are able to manage to afford. Consider this number while also factoring in the costs that may accrue throughout ownership -- like trips to the mechanic, or fueling up on the gas pump. 2. Start building your emergency fund. Experts recommend that you be able to cover 3 to 6 months ' worth of costs. However, pennies can accumulate over time, which is why it is important to begin saving as soon as you can. Even better, consider starting your emergency fund in an account that you will earn interest on. 3. If you decide to buy an electric car, despite having more upfront costs, they can cost you less for the duration of your vehicle's ownership. A reduced number of trips to the pump could add up to thousands saved, so consider whether driving an electric car fits into your budget and your lifestyle. 4. Be cautious when it comes to the long-term loan While a can be attractive, it is also accompanied by some risks. If you sign off on an extended loan can mean your monthly cost is cheaper however, this doesn't mean you will spend more in the end In fact, the opposite is true. A longer-term loan stretches out the amount of money you have to pay over a longer period, meaning there's more time for interest to accrue. 5. Request loan preapproval While not all lenders provide the option of applying for loan but it is one of the most efficient ways to know the financial impact of your vehicle ownership upfront. Loan preapproval is simply a way to ensure that you are able to lock in the anticipated monthly price before signing the contract. By doing this you can determine if the car you're thinking about buying will easily work within your budget. 6. Refinance your vehicle if you feel that your loan is putting you over the budget of yours, then you might prefer to refinance your current car to lower your monthly cost. This is particularly true in the event that your credit score increased since you took out your loan or if you originally agreed with the dealer.


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of 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 the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-structured facts that break down otherwise complicated topics into bite-sized pieces.






Auto loans editor




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