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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing unique and impartial content. We also allow users to conduct studies and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that are featured on this site come from companies that pay us. This compensation may impact how and when products are featured on this website, for example, for example, the sequence in which they appear within the listing categories, except where prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will affect the content we publish or the reviews appear on this website. We do not cover the entire universe of businesses or financial offerings that could be open to you.
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3 min read . Published April 7, 2022.
Written 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 ways and pitfalls of taking out loans to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to control their finances with concise, well-studied facts that break down complex topics into manageable bites.
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If you’ve flipped through channels lately you have likely been met with ads for Memorial Day sales at car dealerships. Even though Memorial Day weekend is known for steep vehicle discounts, this year’s sale is going to require some thought. The average used vehicle is around $28,000, and the typical price for a brand-new vehicle is around $47,000 . However, the high cost of a car, due in part to the fact that it’s a bit expensive, doesn’t mean you are out of reach — just prepare some preparations ahead of time. The Memorial Day sales will be limited Historically, Memorial Day has been one of the most ideal times to find a great bargain on a car. But this year will likely leave drivers with less luck when it comes to making a purchase. Inventory of vehicles is limited The market is still unable to catch up with the demands of the consumer. Dealers are selling cars at lightning-fast speed due to the small quantity of vehicles available. A 1.5 million drop in vehicle supply for March compared with 2021. Since factories stopped production, the dearth of semiconductor chips led directly to fewer vehicles at the dealer. The shortage resulted in a period of increased need and low supply. When you shop during this Memorial Day weekend, you are likely to be faced by fewer options for vehicles. Less incentives With fewer cars on the market, dealers are probably not under the same pressure to sell vehicles like they did in years past. With so many drivers in desperate need of cars, they’re not as motivated to offer incentives like cash back or rewards. In the past the holiday weekend was filled with a variety of incentives, but dealers won’t really need for incentives to sell cars by 2022. J.D. Power reports that their report that incentive expenditure per unit expected to hit $1,044 -which is down from $3,334 one year prior. More competition Less vehicle supply is also a sign that more drivers are competing for the same vehicle. This will make getting your dream vehicle more of a challenge. Many buyers are willing to pay more than the asking price in order to purchase the car they desire before a competitor will. This greatly shifts the playing field, giving dealers the advantage in pricing. The average price for used vehicles is at around 28 percent more than the same time last year. In addition, with the finding that 42 % of consumers will pay more than the MSRP, you’re bound to encounter a fair amount of competition. How to get the best bargain, despite your limitations intend to drive away with a brand-new set of wheels following the forthcoming Memorial Day weekend, there are a few tips to follow to secure the most affordable price even with less vehicles on the lot. Try a test drive prior to the weekend. One way to save time and make sure you’re in and out of the car dealership prior to the arrival of the deadline can be a bit more efficient is to try a test-drive before the scheduled the scheduled time. You can then go in with a plan to buy rather than feeling under pressure to buy for a car that you’re not fully convinced about. To schedule the opportunity to test drive, you need to research the cars on the internet and contact your dealer to arrange an appointment in advance. Shop outside your ZIP code Although the pandemic led to problems with vehicle supply however, it also increased the change . Take advantage of this new opportunity to see the availability of vehicles in areas outside of yours. It’s the same as that of a physical purchase, and you might save some more money in the process. And with some areas offering cheaper prices, it may be worthwhile to travel to a to locate your next car. Make sure you are flexible in your car choice With fewer vehicles lining showrooms, it could be a great opportunity to explore your options when it comes to vehicle model, size and design. Many drivers are narrowly focused on a particular brand or model, and therefore, being flexible could mean you purchase a vehicle while others don’t. Consider checking out for the most reliable models when shopping. Next steps Purchasing a vehicle is a significant financial investment. After considering the changes to this year’s holiday weekend decide if it is truly worth the price and effort. If you’re not making money buying something the latest gadgets for this Memorial Day weekend, and you are able to afford it, being patient may be the better option. Take a break from the rush of holiday shopping and wait for additional car inventory to be readily available. You may be met with shorter lines as well as more options and more affordable prices.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of using loans to buy an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-studied information that breaks down complicated subjects into digestible pieces.
Auto loans editor
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