Used Car 4th of July Sale 2022 – If you have flipped through channels lately you have likely been met with ads for 4th of July sales at car dealerships. And even though the long 4th of July weekend is known for deep discounts on vehicles, this year’s sale will go above and beyond that.
The average used vehicle is around $28,000, and the average for a new car is even higher at close to $47,000, according to Kelley Blue Book. Despite the high cost of the vehicle, which is in part the result of supply chain issues, a deal can still be struck if you are prepared to put in some work ahead of time.
This year’s 4th of July sales will be limited Historically, 4th of July has been one of the best times to find a great car deal. But this year will likely leave drivers with less luck when it comes to making a purchase.
Limited vehicle stock
Consumer demand continues to outpace the industry’s supply. Due to the limited number of vehicles on the market, dealers are selling them at breakneck speed. Cox Automotive reports a 1.5 million decline in vehicle supply for March compared with 2021.
Because of the shortage of semiconductor chips caused by factories ceasing production, dealerships saw a decrease in the number of vehicles for sale. This shortage created a time of increased need and low supply. And when shopping this 4th of July weekend, you will likely still be met with less vehicle availability.
As fewer vehicles are available, dealers are less likely to be under pressure to sell vehicles than they were in years past. Providing incentives like cash back or rewards isn’t as popular as it once was because there are so many drivers in need of automobiles.
This holiday weekend used to be packed with various incentive options, but dealers won’t really require them in 2022 in order to sell vehicles. J.D. Power notes in its 2022 forecast that incentive spending per unit is expected to reach $1,044 — down from $3,334 just one year ago.
Less vehicle supply also means more drivers vying for the same vehicle. This increased competition will likely make getting your dream vehicle more of a challenge. Many buyers are ready to spend over the asking price to get the vehicle they want before another driver does.
This greatly shifts the playing field and gives dealers the upper hand when it comes to pricing. The average price of a used car is around 28% more expensive than it was a year ago at this time. And with a 2021 Cox Automotive survey finding that 42 percent of buyers are willing to pay over MSRP it’s almost guaranteed you’ll face a good deal of competition.
How to get the best deal possible despite your constraints You can still get a great deal on a new car even if there are fewer options available on the lot after the upcoming 4th of July weekend if you are determined to drive away with a new vehicle.
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Used Car 4th of July Sale 2022
Test drive before the weekend
One way to save time and ensure you’re in and out of the dealership before the competition is to test drive ahead of time. This way you can walk in ready to buy rather than feel pressured to sign a deal on a car you aren’t completely sold on. To set up a test drive, do your homework on the vehicles you’re interested in and then contact your local dealer to schedule a time.
Shop outside your ZIP code
Although the pandemic led to vehicle supply challenges, it also hastened the shift towards online buying. See if there are vehicles available outside of your area with this new opportunity.
Buying a car online is a similar process to that of an in-person purchase and you might save some extra cash along the way. And with some areas offering better prices, it might be worth your while to travel to a city with more affordable prices to find your next vehicle.
Be flexible with your vehicle choice
Fewer vehicles on dealership lots mean you have more options for vehicle model, size, and style customization. Most drivers tend to be narrowly focused on a particular make or model, so flexibility could mean getting a vehicle while others don’t. Consider checking out Bankrate’s 2022 winners for the most reliable vehicles when shopping.
Steps to take next
Purchasing a vehicle is a large financial decision. After considering the changes to this year’s holiday weekend, decide if it is truly worth the price and effort. If you are not saving money by purchasing this weekend, and you have the patience to wait, you may be better off waiting. Waiting for more vehicle inventory to become available might be a better idea than taking advantage of the holiday shopping rush. You may be met with shorter lines, more options and potentially better prices.