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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 tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and compare information for free – so that you can 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 offers that appear on this site are from companies that pay us. This compensation could affect how and where products appear on this site, including, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. But this compensation does not influence the information we provide, or the reviews you read on this site. We do not contain the vast array of companies or financial offerings that could be open to you.

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3 min read Published November 28th, 2022.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of using loans to buy a car.

Edited 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 through providing concise, well-researched and well-organized information that is broken down into complicated topics into bite-sized pieces.

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As the season of Christmas approaches the most important thing to think about is the recession that is predicted to hit the next year. However, ignorance isn’t always bliss. Growing inflation and the likely recession will affect all aspects that affect the economic. This includes buying a car, with new vehicles coming out in October, as per Kelley Blue Book. If you’re one of the people who are worried about this recession, being patient could save you money. Rather than gifting a car with a big bow this season -whether to your self or someone else- consider where prices stand and how to best prepare for the next . Recession preparedness statistics Unfortunately, the season of giving is known for spending too much — many times resulting in consumers spending beyond their means. A recent study found that 27 percent of shoppers admit to straining their budget to pay for holiday gifting. If consumers remain 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 spent than two years prior in a McKinsey study. 51 % of people believe that inflation will rise one year from now than it is today. Car loan balances sit at as November 2022. The monthly average payment for new cars for the first quarter of 2022 is $667. The median monthly payment for used vehicles during the second quarter of 2022 was just $515. New vehicle sales dropped from a high of 16.9 million in 2005 to during the recession. The survey found that 41 percent Americans don’t feel ready to face a recession if one was to occur by the end of 2023. 38.22 percent of people purchased new cars during this second quarter.

Holiday shopping statistics Many holiday shoppers are caught up in wanting to get the perfect present. This could mean overspending and even straining finances. Some shoppers this year though are taking a different approach and three out of five choosing to cut back on spending, according to . This is a wise choice as the consumer price index was 298.1 in mid-November, up from 274.1 one year ago. No matter your reason for the need to tighten your purse this winter, it’s an ideal time to be aware of the effects of overspending on the entirety of your financial health. 40 percent of consumers believe that inflation could alter the way they spend their money this year. There are nearly 29 percent more used vehicle offers in January. The majority of people are likely to use money-saving strategies during the Christmas season. This winter, there is a rise in people buying luxury vehicles and sports automobiles. 27 percent of people who shop for gifts admit to their budget feeling stretched by the holiday period. 59 % of shoppers plan to buy fewer items this season.

How to prepare for a downturn in 2023? While drivers in 2008 faced a similar fate and the expected recession that is predicted for 2023 will have many elements that people 13 years ago did not have to take into consideration. The most important is the ongoing supply chain issues which continue to increase vehicle prices. Due to stock limitations 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 the personal finance of your vehicle and personal purchases. Take note of these tips to help you save money during a recession. 1. Make sure you only buy the amount you can afford. The best way to make sure that you don’t end up in a financial cliff spot when buying a car is to buy only what you can afford. Consider consider this amount while also factoring into the things that can build up over the course of ownership — like trips to the mechanic or fueling up at the pump. 2. Build up your emergency fund Experts advise that your should be able to cover 3 to 6 months of expenses. However, pennies can accumulate, so it is smart to begin saving as soon as you can. Consider starting your emergency fund in an account that you make interest in. 3. Buy electric Although can carry an upfront price however, they will cost less for the duration of vehicle ownership. A reduced number of trips to the pump could result in thousands saved, so consider whether driving an electric car will fit into your budget and lifestyle. 4. Be cautious about an extended loan Although it may seem appealing, it comes with certain risks. If you sign to an additional loan can mean your monthly expenses are less but it doesn’t mean that you’ll pay more in the end — in fact contrary. A longer-term loan stretches out the amount of money you have to pay over a longer period which means there’s an extended period of time in which interest can accrue. 5. You can apply for loan preapproval. Although there aren’t all lenders that provide the option of applying for a loan preapproval, it’s one of the best methods to assess the financial impact of your vehicle ownership upfront. Loan preapproval simply means you can lock in the expected monthly cost before signing the contract. This way, you will determine if the car you’re thinking about buying will easily be within your budget. 6. Refinance your current vehicle If you feel that your loan is putting you over the budget of yours, then you might want to your current vehicle to reduce your monthly costs. This is particularly the case if your credit score has improved since receiving the loan or originally agreed with an agent.

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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 using loans to buy the car they want.

Editor: 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 the confidence to manage their finances through providing clear, well-researched data that boils down otherwise complex topics into manageable bites.

Auto loans editor

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