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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 smarter financial decisions by providing you with financial calculators and interactive tools that provide objective and original content. We also allow users to conduct studies and compare information for free to help you make financial decisions with confidence. 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 who pay us. This compensation could affect how and where products are displayed on the site, such as such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home lending products. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not contain the entire universe of businesses or financial offerings that could be open 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 with the ways and pitfalls of borrowing money to purchase a car.







The edit was done by 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 take control of their finances with precise, well-researched and detailed information that breaks down complicated topics into bite-sized pieces.









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If you've flipped through channels in recent times, you've likely seen advertisements advertising Memorial Day sales at car dealerships. And while Memorial Day weekend is known for its steep discounts on vehicles however this year's sales requires a bit more thought. The median used car is about $28,000, while the median price for a brand new vehicle is nearly $47,000 . But this high vehicle cost, due in part to the fact that it's a bit expensive, doesn't mean a deal is out of reach . You just need to be prepared to make certain preparations prior to the time. In this year's Memorial Day sales will be limited Historically, Memorial Day has been one of the best days to find a great automobile deal. However, this year's Memorial Day sales will cause drivers to have less luck when it comes to making a purchase. Inventory of vehicles is limited The market is unable to catch up with the consumer demand. Dealers are selling cars at lightning-fast speed due to the low number of available vehicles. There was a 1.5 million decrease in March's supply of vehicles compared with 2021. Since factories stopped production, the dearth of semiconductor chips led to fewer cars at the dealership. This led to a period of increased need and low supply. If you are shopping on Memorial Day weekend, you are likely to be faced with fewer vehicles. Fewer incentives With fewer vehicles being offered, dealers are not feeling as much pressure to sell cars like they did in the past. With the number of drivers desperate for automobiles, dealers aren't as inclined to offer incentives such as cash back or rewards. In previous years the holiday weekend was full of different incentive options, but dealers won't really need incentives to sell cars in 2022. J.D. Power reports that the incentive spending per unit is expected to hit $1,044 -lower than $3,334 one year earlier. Increased competition and lower vehicle inventory will also mean more people competing for the same vehicle. This will make getting your dream vehicle more of a challenge. A lot of buyers are willing to pay more than the advertised price in order to purchase the car they desire before a competitor will. This significantly alters the playing field, and gives dealers an upper hand in the pricing. The median price for used vehicles is for around 28 percent higher than this time the year before. In addition, with the finding that 42 % of consumers 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 your limitations want to leave with a brand new set of wheels following the upcoming Memorial Day weekend, there are some tips you can use to ensure that you get the most affordable price even with less vehicles in the lot. Test drive before the weekend One way to save time and make sure you're at the dealership prior to your competition will be there is by testing the car before the scheduled the scheduled time. So you can walk in ready to buy rather than feel pressured to sign a deal on a vehicle you're not entirely convinced of. For the opportunity to test drive, you need to research cars online then contact your dealer to arrange an appointment in advance. Find a car outside of your ZIP code While the pandemic caused problems with vehicle supply but it also accelerated the process of shifting . Make the most of this chance to check whether there are cars available outside your region. Buying a car online is an identical process of a physical purchase, and you might save some more money in the process. With some places offering better prices, it might be worth your while to travel to a to look for your next vehicle. Make sure you are flexible in your car selection With fewer cars lining the dealership's lot, this could be a great opportunity to explore your options when it comes to the car's model, size and design. The majority of drivers are at a certain type or make, which means that you may have to purchase a vehicle while others don't. Take a look at the most reliable cars while shopping. What next steps should you take when buying a car is a significant financial investment. After considering the changes to this year's Memorial Day weekend, determine if it's worth the cost and effort. If you are not actually making money buying something this Memorial Day weekend, and you have the money to sit out, being patient may be a better bet. Take a break from the rush of holiday shopping and wait for additional vehicles to be accessible. You may be met with shorter lines as well as more options and better prices.


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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 details of 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 concise, well-studied data that breaks otherwise complicated topics into bite-sized pieces.






Auto loans editor




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