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3 minutes read. Published November 28th, 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 with the details of using loans to buy a car.

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 through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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As the holiday season approaches, the most important thing to be thinking about is the recession that is predicted to hit the next few years. But ignorance is not always bliss. The rising rate of inflation and the upcoming recession will impact all facets in the world economy. This includes car buying, with new vehicles coming out in October, as per Kelley Blue Book. If you’re like the that are worried about this recession, being patient could save you money. Rather than gifting a car with a big bow this season -for you or someone elsethink about where prices are and how to best prepare for future . Recession preparedness statistics Unfortunately, the season of giving is known for spending too much — many times, consumers are overspending. A recent study revealed that 27 percent of consumers confess to putting their budgets under pressure for gifts for the holidays. If consumers remain on trend with spending this year so far, issues may arise. In March of 2022, even though inflation was up 8.5 percent, consumers spent more than two years earlier according to an McKinsey study. 51 percent of adults believe that inflation will rise more one year from now than it is now. Car loan balances were at a high as November 2022. The average monthly installment for new cars for the first quarter of 2022 is $667. The monthly average for used vehicles in the second quarter 2022 was just $515. New vehicle sales fell from over 16.9 millions in the year 2005 until the recession. 41 percent of Americans do not feel prepared for a recession , if it were to happen before the end of 2023. 38.22 percent of Americans purchased new cars during the 2nd quarter in 2022.

Holiday shopping statistics A lot of holiday shoppers are caught up in seeking out the perfect present, which could result in spending more than they budgeted for or even stressing the budget. Some shoppers this year though are opting for a different route as 3 out of 5 planning to spend less, according to . This is a good decision considering that the price of a consumer index stood at 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 moment to consider how overspending can impact the entirety of your financial health. 40 percent of shoppers believe that rising prices is likely to change how they spend their money this year. There are nearly 29 percent higher used vehicle bargains in January. 84 percent of shoppers will employ money-saving tactics during the holiday season. This winter, there is a rise in people buying luxury vehicles and sports cars. 27 percent of people who shop for gifts admit to their budget feeling stretched by the holiday time of the year. 59 % of shoppers plan to buy fewer items this holiday season.

How do you prepare for a possible recession in 2023? The drivers of 2008 had a similar experience The predicted recession of 2023 has many aspects that people 13 years ago didn’t need to think about. Primarily, the supply chain problems which continue to increase vehicle prices. Due to stock limitations and the lack of inventory, you are unlikely to take advantage of many of the specials that drivers of 2008 were given. However, there are some ways to prepare for your personal finances and car purchases. Take note of these tips to save money in an economic downturn. 1. Make sure you only buy the amount you can afford. The best way to make sure that you don’t fall into a precarious financial position when buying a vehicle is to purchase only the amount you can afford. Consider calculate this figure while taking into the things that can build up over the course of the duration of ownership, such as trips to the mechanic, or refilling the tank on the gas pump. 2. Start building your emergency fund. Experts advise that your should 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 soon as possible. Even better, consider starting your emergency fund in the form of a — that you pay interest on. 3. While buying an electric vehicle can have more upfront costs however, they will cost less throughout the duration of ownership. Less trips to the pump could result in thousands of dollars, so you should consider the option if an electric vehicle will fit into your budget and life style. 4. Be cautious when it comes to the long-term loan Although it may seem attractive, it is also accompanied by some risk. While signing off on an extended loan could mean that your monthly expenses are less but it doesn’t mean you will spend less altogether In fact, the opposite is true. A longer-term loan will spread the amount that you are required to pay over a longer time which means there’s an extended period of time in which interest can accumulate. 5. Request loan preapproval While not all lenders provide the option of applying for loan preapproval, it’s one of the best ways to know your contribution to the cost of vehicle ownership upfront. Loan preapproval is simply a way to ensure that you’ll be able to set the expected monthly cost prior to signing on the contract. With this, you’ll know if the vehicle you’re considering will seamlessly fit into your budget. 6. Refinance your car if you find that your loan exceeds your budget, you might prefer to refinance your current car to lower your monthly cost. This is especially true in the event that your credit score improved since receiving your loan or initially agreed with the dealer.


Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase an automobile.

Editor: 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 confidence to manage their finances with precise, well-researched and well-structured data that boils down complex subjects into digestible pieces.

Auto loans editor

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