Is it a Good Idea to Buy a Car on the Fourth of July 2022?

The fourth of July is typically seen as a day filled with fireworks, barbecues, and parades, but it’s also a good time to take advantage of new car deals. Although many dealer lots are emptier this year than before the pandemic, there are still plenty of 2022 models to be found. As an added plus, the 2023 models should be trickling in soon, which means that there are good deals to be had this fourth of July. Let’s take a closer look.

There are discounts, so don’t let higher new car prices deter you in 2022

We have all seen the higher new car prices that have plagued the better part of 2021 and 2022. And those elevated price tags can easily deter most shoppers, you’ll be happy to know that there are many discounts to take advantage of. To make your shopping experience easier, here are some of the potential discounts on new cars and SUVS that you find this weekend according to Consumer Reports:

2022 Chevrolet Equinox LT with 1LT AWD
MSRP: $28,750
Potential savings: $2,572
Sale price: $26,178

2022 Chevrolet Blazer 2LT AWD
MSRP: $36,100
Potential savings: $2,911
Sale price: $33,189

2022 RAM 1500 Big Horn Crew Cab
MSRP: $47,055
Potential savings: $3,744
Sale price: $43,311

2022 Ford Edge SEL AWD
MSRP: $38,945
Potential savings: $2,558
Sale price: $36,387

2022 Chrysler 300 Touring RWD
MSRP: $33,545
Potential savings: $2,153
Sale price: $31,392

2022 Toyota Prius Prime Limited
MSRP: $34,450
Potential savings: $1,878
Sale price: $32,572

2022 Dodge Challenger SXT RWD
MSRP: $32,500
Potential savings: $1,590
Sales price: $30,910

What if I’m shopping for a car that doesn’t have a discounted price?

If the car that you have your heart set on isn’t on the aforementioned list, then check with multiple dealerships in your area to check for any potential savings. Also, if you find that your local dealerships are only offering prices above MSRP, then here are some car-buying tips from Kelley Blue Book.

• Buy a car that is in stock: If you’re shopping for a 2022 Honda Civic Touring, for example, but the dealership only has lower trims in stock, then consider one of those. Being flexible on your choice of trim, color, or options can lead to savings on the car’s MSRP.
• Go for less-popular models: If you’re in the market for a mid-size SUV, then chances are you won’t find one in stock. If you do, then it will likely be overpriced. However, if you can make do with a mid-size sedan instead, then buying one could save you some money this weekend.
• Consider certified pre-owned (CPO) vehicles: Certified pre-owned vehicles are lightly used vehicles that come with an extended basic and powertrain warranty. They also cost less than their new counterparts. So if you’re not married to the idea of buying a new car, then buying a CPO car could save you money.

Are there any good deals to be found on used cars on the fourth of July this year?

Most likely not. The average cost of used cars is hovering at around $34,000. And while the cost of used cars is decreasing a little every month, we’re still not out of the woods yet. As such, the prices for most, if not all used cars, will remain high for the fourth of July this year. If anything, you may be able to score a better deal on a new car depending on what you can find on dealer lots.