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3 min read Published November 28, 2022

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of 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 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.

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As the season of Christmas approaches, the most important thing to think about is the possibility of recession predicted to hit the next few years. However, ignorance isn’t always bliss. Growing inflation and the likely recession will impact all facets in the world economy. This includes car purchases as new vehicles are expected to be available in October, according to Kelley Blue Book. If you’re one of the people who are concerned about the current recession, a little patience could save you money. Instead of gifting an automobile with a huge bow this season -whether to your self or someone else- consider where prices stand and how to best prepare for future . Statistics on recession preparedness Unfortunately, the holiday season is known for overspending — many times, consumers are overspending. A recent study revealed that nearly 27 percent of shoppers admit to straining their budget in the name of holiday gifting. If they stay in line with their spending habits this year, issues may arise. In March 2022 even with inflation at 8.5 percent, consumers spent more than two years earlier in an McKinsey study. 51 % of people think inflation will be higher in the next year than it is at present. Car loan balances were at a high as of November 2022. The average monthly installment for new vehicles during the 2nd quarter 2022 period was $667. The average monthly payment for used cars in the second quarter 2022 was $515. New vehicle sales fell from more than 16.9 millions in the year 2005, to a low of 1.9 million during the recession. 41 percent of Americans do not feel prepared to face a recession if one was to occur before the end of 2023. 38.22 percent of consumers have financed new cars in the second quarter of 2022.

Statistics on holiday shopping Many shoppers are caught up in looking for the perfect gift, which could result in spending more than they budgeted for and even straining finances. However, some shoppers this year are taking a different approach and 3 out of 5 planning to spend less, according to . This is a wise option considering that the consumer price index stood 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, now is a vital moment to think about the effects of overspending on all facets of your fiscal health. 40% of shoppers believe that rising prices is likely to change how they spend their money this year. There are nearly 30 percent better used vehicle offers in January. The majority of people will use strategies to save money during the holiday season. Winter sees an increase in the number of people who purchase luxury vehicles and sports automobiles. 27 percent of holiday shoppers confess to feeling financially stretched by the holiday period. 59 percent of shoppers will buy fewer items this season.

How do you prepare for a recession in 2023 While drivers in 2008 were dealt a similar hand and the expected recession that is predicted for 2023 will have many elements that the drivers of 13 years ago didn’t have to take into consideration. Primarily, the supply chain problems that continue to raise costs for vehicles. Due to stock limitations and the lack of inventory, you are unlikely to get the deals that drivers in 2008 were offered. However, there are certain ways to plan for personal finance and vehicle purchases. Take note of these tips to save money during the recession. 1. Only buy the most affordable car you can afford. The best way to make sure that you don’t get into a difficult financial situation when purchasing a car is to purchase only what you can afford. Take the time to consider this amount while also factoring in that will build throughout the duration of ownership, such as trips to the mechanic or filling up on the gas pump. 2. Start building your emergency fund. Experts advise that your should cover three to six months ‘ worth of costs. However, pennies can accumulate, so it is smart to start saving as soon as possible. Even better, consider starting your emergency fund in the form of a — that you will earn interest on. 3. If you decide to buy an electric car, despite having more upfront costs, they can cost you less throughout the duration of ownership. Fewer trips to the gas pump can add up to thousands of dollars, so you should consider the option if an electric vehicle is within your budget and your lifestyle. 4. Be cautious when it comes to the long-term loan While a can be appealing, it comes with some risks. If you sign up for an extension loan will mean your monthly cost is cheaper however, this doesn’t mean you will spend less overall actually contrary. A longer-term loan stretches out the amount of money you have to pay over a longer period and allows longer time to accrue interest. accrue. 5. You can apply for loan preapproval. Although some lenders do not offer the option to apply for loan preapproval, it’s one of the most efficient ways to know the financial impact of your vehicle ownership upfront. Preapproval for loans simply means that you can lock in the expected monthly cost prior to signing the »dotted line. By doing this you can be sure that the vehicle you’re thinking about buying will easily be within your budget. 6. Refinance your vehicle if you feel that your loan is stretching your budget, you may consider refinancing your current vehicle to cut down on your monthly expenses. This is particularly the case when your credit score has increased since you took out the loan or if you originally agreed with an agent.


Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to purchase the car they want.

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 dedicated to helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

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