Open navigation Main Menu Mortgages
Financing your home purchase or refinancing your existing loan Finding the right lender Additional Information
Looking for a financial advisor? Take our 3 minute quiz and match to an adviser today.
Main Menu Banking
Compare Accounts Use Calculators Get assistance from Bank reviews
Looking for a financial advisor? Try our three minute test and match the advisor you want today.
Main Menu Credit cards
Compare with other categories Compare with credit requirements Compare with issuers Get advice
Are you looking for the ideal credit card? Find it with CardMatch(tm)
Main Menu Loans
Personal Loans Student Loans Auto Loans Calculators for loans
Find a personal loan in 2 minutes or less. You can also answer a few questions to get offers–with no impact to the credit rating.
Main Menu for Investing
The Best Brokerages as well as Rob-Advisors. Learn the basics Additional resources
Looking for a financial advisor? Try our three minute test and connect to an adviser today.
Main Menu Home equity
Find the most competitive rates Lender reviews. Use calculators. Knowledge base
Looking for a financial advisor? Do our 3-minute quiz and connect to an adviser today.
Main Menu Real estate
Selling a house Buying a home Finding the right agent Additional sources
Looking for a financial advisor? Take our 3 minute quiz and connect with an advisor today.
Main Menu Insurance
Car Insurance Homeowners insurance Other insurance Company reviews
Looking for a financial advisor? Do our 3-minute quiz and connect the advisor you want today.
Main Menu Retirement
Accounts and retirement plans. Get the basics of retirement calculators Other Resources
Looking for a financial advisor? Take our 3 minute quiz and then match up to an adviser today.
The search is open and closed.
Submit
2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content. We also allow users to conduct research and analyze information for no cost to 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 Profit The offers that appear on this site are from companies that pay us. This compensation could affect how and where products appear on this website, for example for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity, and also other home loan products. However, this compensation will have no impact on the information we publish, or the reviews you read on this site. We do not contain the entire universe of businesses or financial offers that may be accessible to you.
SHARE:
Tobias Lindner/EyeEm/Getty Images
3 min read Published April 07, 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details 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 take control of their finances by providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.
The promise of the Bankrate promise
More info
At Bankrate we are committed to helping you make smarter financial decisions. We adhere to the highest standards of journalistic integrity ,
this post may contain the mention of products made by our partners. Here’s an explanation for how we earn our money .
The promise of the Bankrate promise
Founded in 1976, Bankrate has a long record of helping people make informed financial decisions.
We’ve maintained this reputation for over four decades by demystifying the financial decision-making
process, as well as giving customers confidence in which actions to take next. process that is based on a strict ,
So you can be sure you can trust us to put your needs first. All of our content was written by and edited by ,
who ensure everything we publish is objective, accurate and trustworthy. Our loans editors and reporters focus on the things that consumers are most concerned about the most — the various types of loans available and the most competitive rates, the best lenders, the best ways to pay off debt and more — so you can feel confident when investing your money.
Editorial integrity
Bankrate follows a strict , so you can trust that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate content to aid you in making the best financial decisions. Our main principles are that we respect your confidence. Our goal is to provide our readers with reliable and honest information. We have established editorial standards to ensure that this happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure that the information you’re reading is true. We keep a barrier between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive direct compensation by our advertising partners. Editorial Independence Bankrate’s team of editors writes for YOU the reader. Our aim is to provide you the most relevant information to assist you in making wise financial choices for yourself. We follow strict guidelines to ensure that our editorial content isn’t in any way influenced by advertising. Our editorial team is not paid any compensation directly from advertisers and all of our content is fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can be sure that you’re getting credible and reliable information.
How we make money
There are money-related questions. Bankrate has the answers. Our experts have helped you understand your money for over four years. We are constantly striving to give our customers the right advice and tools needed to make it through life’s financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our information is trustworthy and reliable. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial choices. The content we create by our editorial team is objective, factual and is not influenced by our advertisers. We’re honest about the ways we’re in a position to provide quality content, competitive rates, and helpful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services or when you click on certain links posted on our site. So, this compensation can influence the manner, place and in what order products are listed, except where prohibited by law. We also offer credit, mortgage and other home loan products. Other elements, such as our own rules for our website and whether the product is available within the area you reside in or is within your own personal credit score can also impact how and when products are featured on this website. We strive to offer the most diverse selection of products, Bankrate does not include details about each financial or credit item or service.
If you’ve flipped through channels lately you have probably seen ads for Memorial Day sales at car dealerships. While Memorial Day weekend is known for the hefty discounts on cars, this year’s sale requires a bit more thought. The median used car is around $28,000, and the median price for a brand new car is even higher at nearly $47,000 . But this high vehicle cost is due to , doesn’t mean that a deal is out of reach . You just need to be prepared to make certain preparations prior to the time. This year’s Memorial Day sales will be limited Historically, Memorial Day has been one of the most ideal times to find a great car deal. But this year’s event will leave drivers with less luck in making a purchase. A limited inventory of vehicles The market is still unable to keep up with demands of the consumer. Dealers are selling cars at lightning speed due to the low number of available vehicles. a 1.5 million decline in March’s supply of vehicles as compared to 2021. Since factories stopped production, the lack of semiconductor chips led to the loss of vehicles in the dealership. This led to a period of increased need and low supply. If you are shopping this Memorial Day weekend, you will likely be met by fewer options for vehicles. Fewer incentives With fewer vehicles available, dealers are likely not feeling as much pressure to sell cars as they would in the in the past. With so many drivers looking for automobiles, they’re less motivated to offer incentives like cash back or rewards. In previous years, this holiday weekend was filled with a variety of incentives, but dealers will not really require them to sell vehicles in 2022. J.D. Power notes in that incentive spending per unit is anticipated to reach $1,044 -which is down from $3,334 one year ago. A lower supply of vehicles is also a sign that more drivers are competing for the same car. This increased competition will likely result in obtaining the dream car more of a challenge. A lot of buyers are willing to pay more than the advertised price to get the vehicle they want earlier than a rival will. This significantly alters the playing field, and gives dealers an upper hand in pricing. The average price for a used vehicle is selling for around 28 percent higher than it was at this point the year before. And with a finding that the majority of customers are willing to pay more than the MSRP, you’re bound to encounter a fair amount of competition. How can you get the best bargain despite the limitations are set on driving away with a brand new set of wheels following the forthcoming Memorial Day weekend, there are a few tips you can use to ensure that you get the most value for money even with less vehicles on the lot. Take a test drive prior the weekend. One way to save time and ensure you’re getting to and from the dealership prior to your competition is to test drive ahead of time. So you can walk in ready to buy rather than feel under pressure to buy for a car that you’re not entirely convinced of. For an initial test drive, look up the cars on the internet and contact your dealer to schedule an appointment in advance. Find a car outside of your ZIP code While the pandemic caused vehicle supply challenges however, it also increased the change . Use this latest opportunity to determine whether there are cars available outside your region. Buying a car online is a similar process to that of a physical purchase, and you may save more money in the process. In addition, some locations offer lower prices, it could be worth your while visiting a nearby location to locate your next car. Make sure you are flexible in your car choice . With fewer vehicles on showrooms, it could be a great opportunity to broaden your horizons in terms of the car’s model, size and design. Many drivers are only focused on one particular brand or model, and therefore, being flexible could mean you purchase an automobile that others do not. Look into the most reliable vehicles in your search. The next step to consider is buying a car. is a major financial investment. When you’ve considered the possible changes for this year’s Memorial Day weekend, consider if the car is worth the money and effort. If you are not actually saving money by buying this Memorial Day weekend, and you can afford to wait waiting for the right time, then being patient might be a better bet. Take a break from the holiday shopping surge and wait for additional vehicle inventory to become accessible. You may be met with shorter lines with more options, and possibly better prices.
SHARE:
Authored 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 taking out loans 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 from late 2021. They are passionate about helping readers gain confidence to control their finances through providing concise, well-studied information that breaks down complex topics into manageable bites.
Auto loans editor
Related Articles Credit Cards 4 min read March 16, 2023
Auto Loans 4 minutes read on Mar 02 2023
Auto Loans 5 minutes read on Sep 27, 2022
Auto Loans 4 min read Sep 20 in 2022
About
Help
Legal Cookie settings Don’t sell my info
How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and, services, or for you clicking certain hyperlinks on our website. Therefore, this compensation may impact how, where and when products appear in listing categories, except where prohibited by law regarding our mortgages, home equity, and other products for home loans. Other factors, such as our own website rules and whether or not a product is offered in your area or at your own personal credit score can also impact the way and place products are listed on this site. Although we try to offer the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
|
(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.
If you enjoyed this write-up and you would certainly like to get additional info relating to payday loans online same day that accept savings accounts (https://money-asfq.ru/) kindly see the web page.