Posted by: John S Kiernan

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.

Key Stats

• 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.

Embed on your website<a href="https://ift.tt/2PjFSfm"> <img src="//d2e70e9yced57e.cloudfront.net/wallethub/posts/65942/2019-labor-day-weekend-car-sales-survey-v4.png" width="" height="" alt="" /> </a> <div style="width:px;font-size:12px;color:#888;">Source: <a href="https://ift.tt/2zoC2GH>

Ask the Experts < >

• Abhijit Roy Professor of Marketing, Kania School of Management at the University of Scranton
• Scott D. Swain Ph.D. – Associate Professor, Department of Marketing, College of Business, Clemson University
• Pattarapong Burusnukul Associate Professor of Marketing, College of Business, Eastern New Mexico University
• Edward Lisi Ph.D. – Visiting Assistant Professor at Quinnipiac University, School of Business
• Rebecca J. H. Wang Ph.D. – Assistant Professor of Marketing, Lehigh University
• Blair Entenmann Adjunct Instructor, Ferris State University

More Experts Full Details Overall

Will you look at cars to purchase around Labor Day?
No	69%
Yes	31%
Do you feel more financially secure in buying a car this year than last year?
Yes	54%
No	46%
Are auto loan rates too high?
Yes	60%
No	40%
Which do you worry about affording more?
Auto loan	61%
Auto insurance	39%
What is most important when choosing a car to buy?
Monthly Car Payment	28%
Vehicle Cost	24%
Car make and model	19%
Driving performance	16%
Loan Interest Rate	10%
Car appearance	3%
Are you more likely to buy a car in-person or online?
In-person	93%
Online	7%
How important is it for you to test drive a car before buying it?
Very important	77%
Somewhat important	19%
Not important	4%
What influences you most when purchasing a car?
Car reviews	61%
Recommendations from family/friends	21%
Dealership experience	17%
Commercials	1%
On average, how much research do you do before making a car purchase?
10+ hours	40%
1-5 hours	31%
5-8 hours	23%
None	6%
The last time you got a car loan / lease, did you read the fine print?
Yes	61%
No	39%
Is the automotive industry more of a buyer’s market or a seller’s market right now?
Seller’s market	52%
Buyer’s market	48%
Has the trade war with China impacted your car buying plans?
No	76%
Yes	24%
Would you prefer to purchase an American-made vehicle?
Yes	56%
No	44%
How much would you have to save to purchase a foreign-made vehicle?
$5000+	33%
$3000	18%
$2000	13%
$1000	12%
$0	24%

Note: Percentages may not total 100% due to rounding.

from Wallet HubWallet Hub


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