Open navigation Main Menu Mortgages

Financing your home purchase or refinancing your existing loan Finding the perfect lender Additional Resources

Looking for a financial advisor? Do our 3-minute quiz and match with an advisor today.

Main Menu Banking

Calculators to compare accounts Use the calculators and get help from bank reviews

Looking for a financial advisor? Take our 3 minute quiz and connect with an advisor today.

Main Menu Credit cards

Compare according to category Compare by credit needed Compare by issuer Get advice

You’re looking for the ideal credit card? Find it with CardMatch(tm)

Main Menu Loans

Personal Loans Student Loans Auto Loans Loan calculators

Find an individual loan in just 2 minutes or less Answer some questions to receive offers with no effect on the credit rating.

Main Menu for Investing

Top of the Brokerages, and robo-advisors Learn the basics Additional sources

Looking for a financial advisor? Do our 3-minute quiz and match with an advisor today.

Main Menu Home equity

Find the most competitive rates Lender reviews. Use calculators. Knowledge base

Looking for a financial advisor? Try our three minute test and match to an adviser today.

Main Menu Real estate

Selling a home Buying an investment property Finding the right agent Additional sources

Looking for a financial advisor? Try our three minute test and connect the advisor you want today.

Main Menu Insurance

Car Insurance Homeowners insurance Other Insurance Company reviews

Looking for a financial advisor? Do our 3-minute quiz and then match up to an adviser today.

Main Menu Retirement

Retirement plans & accounts Get the basics of retirement calculators Additional resources

Looking for a financial advisor? Try our three minute test and connect the advisor you want today.

Search open Close search


Recession watch: Holiday car shopping statistics and predictions Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited 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 who pay us. This compensation may impact how and where products appear 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 or home equity, and also other home loan products. But this compensation does affect the content we publish or the reviews you read on this site. We do not cover the entire universe of businesses or financial offers that may be open to you.


On This Page In This Page

Prev Next

FG Trade/Getty Images

3 min 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 ins and outs of securely using loans to buy a car.

The edit was done by 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 confidence to take control of their finances with clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.

The promise of the Bankrate promise

More details

At Bankrate we are committed to helping you make better financial decisions. While we adhere to strict ethical standards ,

This article may include references to products from our partners. Here’s an explanation for how we earn money .

The Bankrate promise

Established in 1976, Bankrate has a long history of helping people make informed financial decisions.

We’ve maintained this reputation for more than four decades through making financial decisions easy to understand

process and giving people confidence in which actions to take next. Bankrate follows a strict ,

You can rest assured that we’ll put your interests first. All of our content is written in the hands of and edited by

We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors concentrate on the areas that consumers are concerned about most — various types of loans available, the best rates, the most reliable lenders, how to pay off debt , and many more. So you’ll feel safe investing your money.

Editorial integrity

Bankrate has a strict policy and rigorous policy, so you can rest assured that we’re putting your interests first. Our award-winning editors and reporters produce honest and reliable content that will assist you in making the right financial decisions. Key Principles We value your trust. Our mission is to provide readers with truthful and impartial information. We have established editorial standards to ensure this happens. Our reporters and editors rigorously fact-check editorial content to ensure that the information you’re reading is accurate. We have a strict separation with our advertising partners and the editorial team. Our editorial team doesn’t receive direct compensation from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU the reader. Our goal is to give you the best advice that will help you make smart personal financial decisions. We follow strict guidelines to ensure that our editorial content isn’t affected by advertisements. Our editorial team receives no direct compensation from advertisers, and all of our content is fact-checked to ensure accuracy. If you’re looking at an article or review, you can be sure that you’re receiving reliable and reliable information.

How can we make money?

You have money questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We strive to continuously provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is truthful and precise. Our award-winning editors and journalists produce honest and reliable content that will help you make the right financial decisions. The content created by our editorial team is objective, factual and uninfluenced by our advertisers. We’re transparent about the ways we’re in a position to provide quality information, competitive rates and practical tools for you by explaining how we make money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or through you clicking certain links posted on our site. So, this compensation can affect the way, location and in what order items are displayed within the categories of listing and categories, unless it is prohibited by law for our mortgage or home equity, and other products for home loans. Other elements, such as our own rules for our website and whether the product is offered in your region or within your own personal credit score may also influence the way and place products are listed on this site. While we strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial product or service.

As the holiday season approaches the last thing you want to think about is the recession that is likely to occur over the next few years. However, not all ignorance is bliss. Growing inflation and the likely recession will affect all aspects in the world economy. This includes car buying, with new vehicles being purchased in October, according to 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. Rather than gifting a car with a big bow this season — to yourself or someone else -think about where prices are and what you can do to prepare for future . Statistics on recession preparedness Unfortunately, the season of giving is known for spending too much — many times, it results in people spending more than they can afford. A recent study found that 27 percent of shoppers admit to straining their budget for gifts for the holidays. If consumers remain in line with their spending habits this year so far it is possible that issues will arise. In March of 2022, even with inflation at 8.5 percent, consumers spent over two years before, according to a McKinsey study. The majority of Americans think inflation will rise more one year from now than it is now. Car loan balances are at November 2022. The average monthly installment for new cars during the 2nd quarter 2022 period was $667. The average monthly payment for used cars in the second quarter of 2022 was just $515. New vehicle sales fell from over 16.9 millions in the year 2005 until the recession. The survey found that 41 percent Americans aren’t sure if they’re prepared for a recession , if it were to happen by 2023’s end. 38.22 percent of Americans financed new vehicles in this second quarter.

Holiday shopping statistics Many holiday shoppers fall into the trap of looking for the perfect gift, which could mean overspending and even straining finances. Certain shoppers this year are opting for a different route as three out of five planning to save money, according to . This is a good choice as the consumer price index sat at 298.1 in November’s mid-point, an increase from 274.1 last year. No matter your reason for spending more money this winter, it’s an ideal moment to think about the effects of overspending on all facets of your fiscal health. 40% of shoppers believe that rising prices will change the way they shop this year. There’s almost 30 percent better used car deals on average in January. 84 percent of shoppers are likely to use money-saving strategies during the holiday season. The winter months bring an increase in those who buy luxury cars and sports automobiles. 27 percent of people who shop for gifts admit to their budget feeling stressed during the holiday period. The majority of people will spend less on gifts this holiday season.

How to prepare for a downturn in 2023? In 2008, drivers had a similar experience, the predicted recession in 2023 carries many factors that those 13 years ago did not have to take into consideration. Primarily, the ongoing supply chain issues that continue to raise costs for vehicles. Due to the shortage of stock, you likely won’t get the discounts that ’08 drivers were given. However, there are some ways to prepare when it comes to personal finance and vehicle purchases. Take note of these tips to save money during a recession. 1. Only buy what you can afford The best way to make sure that you do not fall into a precarious financial position when buying a vehicle is to only buy the amount you can afford. Take the time to calculate this figure while taking into the things that can build up over the course of ownership , like visits to the mechanic and fueling up at the pump. 2. Start building your emergency fund. Experts advise that your should be able to cover 3 to 6 months ‘ worth of costs. However, pennies can accumulate over time, which is why it is important to start saving as soon as you can. Even better, consider making your emergency fund a — which you pay interest on. 3. If you decide to buy an electric car, despite having an upfront price but they’ll cost you less over the entire length of vehicle ownership. A reduced number of trips to the pump could result in thousands of dollars saved, so think about a if driving an EV will fit into your budget and life style. 4. Be cautious about a long-term loan While a can be attractive, it is also accompanied by some risks. If you sign to an additional loan will mean your monthly cost is cheaper but it doesn’t mean you will spend less altogether actually, the opposite is true. A longer-term loan will spread the amount you have to spend over a longer period, meaning there’s an extended period of time in which interest can accrue. 5. You can apply for loan preapproval While not all lenders offer the option to apply for a loan , it is 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 are able to lock in the monthly costs you anticipate prior to signing the”dotted line. By doing this you can know if the vehicle you’re thinking about buying will easily work within your budget. 6. Refinance your car if your loan is putting you over your budget, you might want to your current vehicle to cut down on your monthly expenses. This is particularly true when your credit score has improved since receiving your loan as well as if originally signed off with the dealer.


Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of using loans to buy 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 dedicated to helping readers gain the confidence to manage their finances with precise, well-researched and well-structured data that boils down otherwise complicated topics into bite-sized pieces.

Auto loans editor

Related Posts Car Insurance 7 min read Dec 02, 2022

Personal Finance 6 min read Oct 25, 2022

Personal Finance 6 min read Nov 25, 2019

Personal Finance 6 minutes read Nov 13, 2019



Legal Cookie settings Do not sell my info

How we make money 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 website. Therefore, this compensation may impact how, where and in what order the products are listed within categories, with the exception of those it is prohibited by law for our mortgage and home equity products, as well as other home loan products. Other elements, such as our own proprietary website rules and whether a product is available in your area or at your self-selected credit score range can also impact the way and place products are listed on this website. Although we try to provide the most diverse selection of products, Bankrate does not include details about each financial or credit item 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 are you looking for more in regards to payday loan online same day california have a look at our own site.