Is Memorial Day Actually a Good Time to Buy a Car?
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Memorial Day weekend is one of several holidays the auto industry celebrates with sales and special marketing, but does that mean it’s actually a good time to shop for a new car?
For similar reasons as mattress companies, department stores and other businesses, automakers and car dealerships run Memorial Day promotions aimed at increasing sales around the long weekend.
It can be difficult to parse the difference between a marketing ploy and a genuine sale, but there are usually some interesting offers to consider around car buying holidays like Memorial Day and Christmas. And some Americans will be attracted to the idea of upgrading to a new car for the start of summer.
However, even if you’re able to find a deal before the end of the month, it’s still going to be an expensive time to buy a new car. The average new vehicle now costs $48,275, up from $46,531 a year ago.
According to Cox Automotive, the average interest rate for a new vehicle loan has soared above 9.5% following rate hikes from the Federal Reserve, which means that the typical monthly payment is extremely high: $766. At the same time last year, the typical monthly payment was $698.
