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, 77.5 million Americans will look at cars to buy this Labor Day Weekend.
According to the marketing information services company J.D. Power, August is one of the biggest months of the year for auto sales, especially the weekend of Labor Day. Auto sellers stand to make even more money than usual this year considering that the average vehicle price is at a record level. In July, the average new vehicle price was $33,000, up $1,400 from the previous year. 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 2019 Auto Loans Survey, along with additional insight from a panel of experts.
- Financial confidence is up in 2019. More than half of Americans feel more financially secure buying a car this year than last year.
- Politics can affect your car purchases. Liberals' car buying plans are 1.7 times more impacted by the trade war with China than those of conservatives.
- Many consumers have loyalty to American products. Over a third of Americans (84.3 million) would have to save at least $5,000 to purchase a foreign-made car vs a US-made car.
- Why do so many people shop for cars over Labor Day Weekend?
- What are your expectations for Labor Day Weekend 2019 car sales?
- Do you think car-shoppers feel more financially secure this year? If so, is it warranted?
- Does it surprise you that over a third of Americans say it would take at least $5,000 in savings for them to purchase a foreign-made car vs a U.S.-made car?
- Should car-shoppers be worried about the trade war with China?
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?|
|Are auto loan rates too high?|
|Which do you worry about affording more?|
|What is most important when choosing a car to buy?|
|Monthly Car Payment||28%|
|Car make and model||19%|
|Loan Interest Rate||10%|
|Are you more likely to buy a car in-person or online?|
|How important is it for you to test drive a car before buying it?|
|What influences you most when purchasing a car?|
|Recommendations from family/friends||21%|
|On average, how much research do you do before making a car purchase?|
|The last time you got a car loan / lease, did you read the fine print?|
|Is the automotive industry more of a buyer’s market or a seller’s market right now?|
|Has the trade war with China impacted your car buying plans?|
|Would you prefer to purchase an American-made vehicle?|
|How much would you have to save to purchase a foreign-made vehicle?|
Note: Percentages may not total 100% due to rounding.