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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing unique and impartial content. We also allow you to conduct research and compare information for free and help you 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 Make Money The deals that are advertised on this site come from companies that compensate us. This compensation could affect how and where products are displayed on this site, including, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will not influence the content we publish or the reviews appear on this website. We do not include the universe of companies or financial deals that could be open to you.
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3 min read Published April 7, 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 to navigate the ins and outs of securely using loans to buy an automobile.
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 concise, well-studied information that breaks down complex subjects into digestible pieces.
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If you’ve flipped through the channels recently, you’ve likely seen advertisements advertising Memorial Day sales at car dealerships. And while Memorial Day weekend is known for steep vehicle discounts but this year’s deal is going to require some thought. The average used vehicle is approximately $28,000 and the average for a new car is even higher at around $47,000 . But this high vehicle cost is due to , doesn’t mean that a deal is out of reach — just be prepared to make certain preparations prior to the time. The Memorial Day sales will be limited Historically, Memorial Day has been one of the best times to get a good bargain on a car. However, this year’s Memorial Day sales will leave drivers with less luck in buying a car. A limited inventory of vehicles The market is still unable to catch up with the increasing demand from consumers. Dealers are selling vehicles at lightning-fast speed due to the low amount of vehicles on the market. There was a 1.5 million decline in the supply of vehicles for March as compared to 2021. When factories stopped production, the dearth of semiconductor chips directly led to the loss of vehicles at the dealer. This led to a period of increased need and low supply. When you shop on Memorial Day weekend, you will likely be met with less vehicle availability. Fewer incentives With fewer vehicles available, dealers are likely not under the same pressure to sell their vehicles like they did in the in the past. With the number of drivers desperate for automobiles, they’re less motivated to offer incentives like cash back or rewards. In the past the holiday weekend was full of different incentive options, however dealers won’t need them to sell vehicles in 2022. J.D. Power reports that incentives per unit are predicted to reach $1,044 -which is down from $3,334 one year prior. Increased competition and lower vehicle inventory is also a sign that more drivers are competing for the same car. The increased competition could make getting your dream vehicle more of a challenge. Many buyers are willing to spend over the asking price to get the vehicle they want before another driver is. This greatly shifts the playing field, and gives dealers an advantage in pricing. The median price for an used car is at around 28 percent more than this time in the past. And with a finding that 42 percent of buyers will pay more than the price of the vehicle, you’re likely to encounter a fair amount of competition. How to get the best deal despite limitations If you are set on driving away with a brand new vehicle following the upcoming Memorial Day weekend, there are a few guidelines to follow to secure the most value for money even with fewer vehicles available in the lot. Test drive before the weekend One way to save time and ensure you’re getting to and from the car dealership prior to the arrival of the competitors is to test drive before the scheduled time. So you can walk in ready to buy rather than feel pressured to sign a deal on a car you aren’t fully convinced about. To schedule an initial test drive, look up vehicles online and then call your dealer to schedule an appointment ahead of time. Explore other ZIP codes Although the pandemic led to vehicle supply challenges, it also hastened the process of shifting . Make the most of this opportunity to see whether there are cars available outside of your area. It’s an identical process of a physical purchase, and you could save additional cash in the process. With some places offering better prices, it might be worthwhile to travel to a to find your next vehicle. Consider a variety of options when it comes to your vehicle choice With fewer vehicles lining showrooms, it is a good opportunity to explore your options in terms of the car’s model, size and style. Many drivers are at a certain brand or model, and which means that you may have to purchase an automobile that others do not. Consider checking out for the most reliable cars when shopping. Next steps Purchasing a vehicle is a significant financial investment. When you’ve considered the possible changes that will be made to this year’s holiday weekend, consider if the car is worth the price and effort. If you are not actually saving money by shopping during this Memorial Day weekend, and you have the money to sit out, being patient may be a better option. You could consider putting off the huge holiday shopping rush and instead wait for more vehicle inventory to become readily available. You may be met with shorter lines with more options, and possibly more affordable prices.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances with clear, well-researched facts that break down complex topics into manageable bites.
Auto loans editor
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