Labor Day is approaching, and retailers are preparing to offer big deals to attract Americans during the long weekend. One of the biggest sectors to profit from Labor Day sales is the auto industry. According to a nationally representative survey conducted by WalletHub, 87 million Americans will look at cars to buy this Labor Day weekend.
August is typically one of the biggest months of the year for auto sales, especially the weekend of Labor Day – and some people are choosing to buy personal vehicles instead of taking public transportation due to the COVID-19 pandemic. Auto sellers stand to make even more money than usual this year, considering that the average vehicle price is at an all-time high. In July, the average new vehicle price was $41,044. Therefore, sellers can entice new buyers with discounts yet still reap great profits. In addition, according to the Kelly Blue Book, Labor Day is among the best times to buy a car because sellers tend to offer “significant rebates and special financing.”
Below are some more highlights from WalletHub’s 2021 Auto Loans Survey, along with additional insight from a panel of experts.
- Interest in buying cars is up. 23% more Americans will look at cars this Labor Day weekend than in 2019.
- More Americans have financial security. 55% of Americans feel more financially secure buying a car this year than pre-pandemic.
- In-person buying remains popular. 91% of consumers are still more likely to buy a car in-person rather than online.
- American cars are favored. 58% of Americans would prefer to buy an American-made car this year.
- Why do so many people shop for cars over Labor Day Weekend?
- What are your expectations for Labor Day Weekend 2021 car sales?
- Do you think car-shoppers feel more financially secure this year? If so, is it warranted?
- Does it surprise you that 58% of Americans would prefer to buy an American-made car this year?
Ask the Experts
Full Details Overall
|Will you look at cars to purchase around Labor Day?|
|Do you feel more financially secure in buying a car this year than last year?|
|Did the pandemic affect your desire to purchase a vehicle?|
|No, it did not affect my desire to purchase a vehicle||57%|
|Yes, it made me put off purchasing a vehicle||29%|
|Yes, it made me want to purchase a vehicle||14%|
|Which do you worry about affording more?|
|What is most important when choosing a car to buy?|
|Monthly car payment||21%|
|Car make and model||19%|
|Are you more likely to buy a car in-person or online?|
|Would you rather work from home and have no car, or work from an office and have a car?|
|Work from office with car||62%|
|Work from home with no car||38%|
|What influences you most when purchasing a car?|
|Recommendations from family/friends||25%|
|On average, how much research do you do before making a car purchase?|
|Would you prefer to purchase an American-made vehicle?|
Note: Percentages may not total 100% due to rounding.