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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 choices by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and where products appear on this website, for example, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage or home equity, and also other home lending products. However, this compensation will not influence the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial offerings that could be accessible to you.



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3 min read . Published November 28, 2022
Written 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 using loans to buy a car.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-studied information that is broken down into complicated topics into bite-sized pieces.









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As the Christmas season is approaching the final thing you should consider is the recession that is predicted to hit the next few years. But ignorance is not always bliss. Inflation is rising and the possibility of recession will impact every aspect in the world economy. This includes buying a car as new vehicles are expected to be available in October, according to Kelley Blue Book. If you're in the same boat as those who are worried about this recession, a little patience could save you money. Rather than gifting a car with a big bow this holiday season- to you or someone elsethink about where prices are and what you can do to prepare for the next . Statistics on recession preparedness Unfortunately, the holiday season is famous for spending too much -- many times, consumers are spending beyond their means. A recent study found that 27 percent of consumers confess to putting their budgets under pressure for holiday gifting. If they stay in line with their spending habits this year thus far, issues may arise. In March of 2022, even with inflation at 8.5 percent, consumers had spent less over two years before in an McKinsey study. The majority of Americans think inflation will rise more in the next year than it is now. Car loan balances were at a high as November 2022. The average monthly payment for new vehicles for the first quarter of 2022 is $667. The monthly average for used vehicles during the second quarter of 2022 was $515. The number of new vehicles sold dropped from a high of 16.9 millions in the year 2005 to during the recession. The survey found that 41 percent Americans don't feel ready for a recession if it was to occur before 2023's end. 38.22 percent of consumers financed new vehicles in the 2nd quarter in 2022.


Holiday shopping statistics Many holiday shoppers fall into the trap of seeking out the perfect present, which can mean spending over budget and even putting pressure on finances. Certain shoppers this year are taking a different approach as three out of five planning to spend less according to . This is a good decision considering that the price of a consumer index stood at 298.1 in November's mid-point, an increase from 274.1 last year. No matter your reason for spending more money this winter, it's a vital time to be aware of how overspending can impact every aspect of your financial health. 40 percent of holiday shoppers believe that rising prices could alter the way they spend their money this year. There are nearly 29 percent higher used vehicle bargains in January. 84 percent of shoppers will employ money-saving tactics during the holiday season. Winter sees an increase in those who buy luxury cars and sports cars. 27 percent of holiday shoppers acknowledge feeling budget stressed during the holiday period. 59 % of shoppers plan to buy fewer items this season.


How to 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 did not need to think about. Most importantly, there are the supply chain problems that are causing a rise in the cost of vehicles. Due to the shortage of stock it is likely that you won't be able to take advantage of many of the specials that drivers of 2008 were offered. However, there are several ways to be prepared for your personal finances and car purchases. Use these suggestions to save money during the recession. 1. Buy only what you can afford The best way to make sure that you don't get into a difficult financial position when buying a vehicle is to purchase only what you are able to afford. Take the time to this number while also factoring in that will build throughout the duration of ownership, such as trips to the mechanic or refilling the tank on the gas pump. 2. Start building your emergency fund. Experts suggest that you have enough money to cover three to six months of expenses. But the cost of pennies isn't always as low, so it is smart to begin saving as soon as possible. Consider the idea of establishing your emergency fund in an account that you pay interest on. 3. If you decide to buy an electric car, despite having a higher upfront cost however, they will cost less for the duration of vehicle ownership. Fewer trips to the gas pump could result in thousands saved, so consider whether driving an electric car will fit into your budget and life style. 4. Be cautious when it comes to a long-term loan Although it may seem attractive, it is also accompanied by some risk. If you sign off on an extended loan can mean your monthly expenses are less however, this doesn't mean that you'll pay less altogether In fact, the opposite is true. A longer-term loan will spread the amount you must pay over a longer time which means there's longer time to accrue interest. accumulate. 5. You can apply for loan preapproval. Although not all lenders offer the option to apply for a loan preapproval, it's one of the most efficient ways to understand the financial impact of your car ownership in advance. Loan preapproval is simply a way to ensure that you can lock in the expected monthly cost prior to signing the contract. With this, you'll be sure that the vehicle you're thinking about buying will easily work within your budget. 6. Refinance your car if you feel that your loan is stretching your budget, you may consider refinancing your current vehicle to reduce your monthly costs. This is especially true in the event that your credit score improved since you received the loan or if you originally agreed with the dealer.


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to purchase the car they want.



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 dedicated to helping readers gain confidence to control their finances by providing precise, well-researched and well-structured data that boils down complicated topics into bite-sized pieces.






Auto loans editor




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