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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 better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information for free – so that you can 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 Earn Money The products that are featured on this site come from companies that pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage and home equity products, as well as other products for home loans. But this compensation does not influence the information we provide, or the reviews you see on this site. We do not cover the universe of companies or financial offerings that could be open to you.

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3 min read . Published April 7, 2022.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with 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 committed to helping readers feel confident to take control of their finances through providing clear, well-researched facts that break down complicated topics into bite-sized pieces.

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If you have flipped through channels lately you have probably seen ads to Memorial Day sales at car dealerships. And while Memorial Day weekend is known for steep vehicle discounts however this year’s sales requires a bit more thought. The average price for used vehicles is around $28,000, and the average for a new car is even higher at nearly $47,000 . However, this price, due in part to this, doesn’t mean you are out of the realm of possibility. Just prepare some plans ahead of time. In this year’s Memorial Day sales will be restricted in the past, Memorial Day has been one of the most ideal times to get a good car deal. But this year’s event will make it harder for drivers when it comes to making a purchase. Inventory of vehicles is limited The market is unable to keep up with increasing demand from consumers. Dealers are selling cars at lightning-fast speed because of the limited amount of vehicles on the market. There was a 1.5 million decrease in March’s supply of vehicles compared with 2021. As factories halted production, the dearth of semiconductor chips led directly to fewer vehicles in the dealership. This led to a period that was characterized by increased demand and low supply. If you are shopping this Memorial Day weekend, you will likely still be met with fewer vehicles. Less incentives With fewer cars on the market, dealers are probably not under the same pressure to sell vehicles as they would have in the past. With so many people looking for automobiles, they’re less driven to offer incentives such as incentives or money back. In previous years the holiday weekend was filled with different incentive options, however dealers won’t really need incentives to sell cars in 2022. J.D. Power notes in that incentive spending per unit is anticipated to reach $1,044 -lower than $3,334 one year earlier. A lower supply of vehicles will also mean more people competing for the same vehicle. This will make getting your dream vehicle more difficult. Many buyers are ready to pay more than the asking price to get the vehicle they want before another driver will. This significantly alters the playing field, and gives dealers an advantage when it comes to pricing. The median price for an used car is at around 28 percent more than it was at this point the year before. In addition, with the finding that 42 % of consumers are willing to pay more than MSRP it’s almost guaranteed you’ll be in the middle of a lot of competition. How can you get the best bargain despite the limitations want to leave with a brand new vehicle following the coming 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. A way to cut down on time and ensure that you’re getting to and from the car dealership prior to the arrival of the competition can be a bit more efficient is to try a test-drive prior to the time. You can then arrive ready to purchase rather than feeling you’re being pressured to sign on a car you aren’t fully convinced about. To schedule a test drive, research the cars on the internet and contact your dealer to schedule an appointment prior to. Explore other ZIP codes While the epidemic caused problems with vehicle supply however, it also increased the change . Use this latest opportunity to see whether there are cars available in areas outside of yours. Buying a car online is an identical process of an in-person purchase and you could save additional cash in the process. In addition, some locations offer lower prices, it could be worthwhile visiting a nearby location to locate your next car. Be flexible with your vehicle choice . With fewer vehicles on the dealership’s lot, this could be a great opportunity to broaden your horizons when it comes to the model, size, and style. Most drivers tend to be narrowly focused on a particular make or model, therefore, being flexible could mean you purchase an automobile that others do not. Consider checking out for the most reliable models when shopping. What next steps should you take when buying a car is a major financial investment. When you’ve considered the possible changes for this year’s Memorial Day weekend, determine if it’s worth the price and effort. If you’re not saving money by shopping this Memorial Day weekend, and you have the money to sit out for a while, patience may be a better bet. Consider sitting out the huge holiday shopping rush and wait for additional vehicle inventory to become readily available. You could be greeted with shorter lines, more options and potentially better prices.

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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 ways and pitfalls of borrowing money to purchase an automobile.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances with precise, well-researched and well-documented facts that break down otherwise complicated topics into bite-sized pieces.

Auto loans editor

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