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3 min read . Published November 28th, 2022.
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely borrowing money to purchase a car.
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 the confidence to manage their finances with clear, well-researched information that breaks down complicated subjects into digestible pieces.
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As the season of Christmas approaches the last thing you want to consider is the recession that is likely to occur over the next few years. However, ignorance isn't always bliss. The rising rate of inflation and the upcoming recession will impact all facets of the economy. This includes buying a car as new vehicles are expected to be available coming out in October, as per Kelley Blue Book. If you're in the same boat as those who are worried about this recession, being patient could be the best option to save money. Instead of gifting the car with a large bow this holiday season- to you or someone elsetake a look at where the prices are and what you can do to prepare for future . Statistics on recession preparedness Unfortunately, the holiday season is known for overspending -- many times resulting in consumers spending beyond their means. A recent study revealed that 27 percent of consumers admit to straining their budget in the name of Christmas gifts. If they stay in line with their spending habits this year there could be issues to come up. In the month of March 2022, even with inflation up 8.5 percent, people spent more than two years prior according to a McKinsey study. The majority of Americans think inflation will rise in the next year than it is at present. Car loan balances were at a high as of November 2022. The monthly average payment for new vehicles in the second quarter of 2022 was $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 million in 2005 to during the recession. The survey found that 41 percent Americans do not feel prepared for a recession if it occurred at 2023's end. 38.22 percent of Americans financed new vehicles in the second quarter of 2022.
Holiday shopping statistics A lot of holiday shoppers fall into the trap of looking for the perfect present. This could result in spending more than they budgeted for and even straining finances. However, some shoppers this year are taking a different approach as three out of five planning to save money according to . This is a good option considering that the consumer price index stood at 298.1 in the middle of November, an increase from 274.1 one year ago. Whatever your reasons for tightening your wallet this winter, it's the perfect time to be aware of the impact of spending too much on the entirety of your financial health. 40 percent of holiday shoppers believe that rising prices is likely to change how they spend their money this year. There are nearly 29 percent more used vehicle deals on average in January. 85 percent of consumers are likely to use money-saving strategies during the holiday season. Winter sees an increase in people buying luxury vehicles and sports cars. 27 percent of people who shop for gifts confess to feeling financially stressed during the holiday season. The majority of people will buy fewer items this season.
How do you prepare for a downturn in 2023? In 2008, drivers faced a similar fate, the predicted recession in 2023 will have many elements that the drivers of 13 years ago didn't have to take into consideration. Primarily, the ongoing supply chain issues which continue to increase vehicle prices. Due to stock limitations and the lack of inventory, you are unlikely to benefit from many of the discounts that '08 drivers were given. Fortunately, there are still several ways to be prepared when it comes to your personal finances and car purchases. Use these suggestions to help you save money during the recession. 1. Buy only the most affordable car you can afford. The most effective way to ensure that you don't fall into a precarious financial spot when buying a car is to purchase only what you are able to afford. Make sure you are aware of consider this amount while also factoring into the things that can build up over the course of ownership , like visits to the mechanic or fueling up at the pump. 2. Build up your emergency fund Experts recommend that you be able to cover 3 to 6 month's worth of expenditures. But pennies can build over time, which is why it is important to start saving as early as you can. Consider the idea of establishing your emergency fund in the form of a -- that you make interest in. 3. If you decide to buy an electric car, despite having a higher upfront cost, they can cost you less throughout the duration of your vehicle's ownership. Less trips to the pump can add up to thousands of dollars, so you should consider the option if an electric vehicle fits into your budget and your lifestyle. 4. Be wary of a long-term loan While it can be appealing, it comes with certain risks. If you sign up for an extension loan could mean that your monthly expenses are less, it does not mean that you'll pay less overall actually, the opposite is true. A longer-term loan will spread the amount you must pay over a longer time, meaning there's more time for interest to accumulate. 5. Apply for loan preapproval. While there aren't all lenders that offer the option to apply for a loan preapproval, it's one of the best ways to know your financial contribution to car ownership in advance. Loan preapproval simply means you are able to lock in the monthly costs you anticipate before signing the dotted line. This way, you will be sure that the vehicle you're thinking about buying will easily fit into your budget. 6. Refinance your vehicle if your loan exceeds limits on your finances, you might consider refinancing your current vehicle to lower your monthly cost. This is particularly true if your credit score has improved since receiving your loan or if you originally signed off with an agent.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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