WalletHub: Labor Day 2016 By The Numbers

NEW ORLEANS – With summer winding down and back-to-school season in full swing, personal-finance website WalletHub released several reports to celebrate the upcoming holiday weekend.

         The “Labor Day 2016 By The Numbers Report” helps to educate and entertain consumers with fun facts on all aspects of the holiday – from hotdogs and history to financials and 5Ks.

         For example:

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• 35.5+ Million – The number of Americans who will travel 50 miles or more from home during the upcoming Labor Day weekend (5th straight year travel volume has increased).

• $1.4 Billion – Cost associated with Labor Day weekend travel congestion caused by infrastructure problems.

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• 16.2 – Average number of vacation days taken by American workers in 2015 (23% of workers earn no paid vacation time).

 

         WalletHub’s “Best Labor Day Sales Report” provides a roadmap to savings, if shopping is your preferred form of relaxation.

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         They found September is the best time to buy tablets, dishwashers and strollers as compared to the rest of the year.

         WalletHub reports the 10 Best Labor Day Deals are:

 

1. Kenmore Built-In Dishwasher – 46.15% off

2. Samsung Smart TV 55’’ – 50% off 

3. Celebrity Power Media Chair – 43.80% off

4. Serta Coralee Queen Mattress – 66.88% off

5. Lenovo Ideapad Laptop i3 Processor – 40% off

6. Kenmore French Door Refrigerator – 42.50% off

7. Lenovo Flex 4 14” 2-in-1 Laptop – 27.39% off

8. Haier 4K Ultra HD TV 65’’ – 40% off

9. NordicTrack E 7.0Z Elliptical – 40% off

10. Rocker Recliners – 33.33% off 

 

         Car dealers traditionally offer special Labor Day deals but auto-industry experts are predicting lower sales this year compared with 2015. WalletHub’s 2016’s “Labor Day Auto Financing Report” compares auto-loan and -lease offers from a diverse group of more than 150 lenders to help prospective buyers find the best car deals.

         WalletHub’s key stats include:

 

Interest Rates: For new cars, interest rates are at their lowest point in the past three years, with the average new-car loan today charging 17 percent less interest than the average used-car loan.

Credit Standing: Buyers with fair credit will end up spending about six times more to finance a vehicle — about $6,671 in additional interest payments over the life of a $20,000, five-year loan — than consumers with excellent credit.

Financing Sources: Consumers in the market for a new car should begin their search for financing with car manufacturers (rates at 51 percent below average) and credit unions (rates at 26 percent below average). Secondary options include national banks (rates at 1 percent below average) and regional banks (rates at 35 percent above average).

Transparency: Car manufacturers continue to lack transparency when it comes to leasing offers, with the average automaker receiving a WalletHub Transparency Score of 4.68 out of 10.

 

         WalletHub also recommends prospective car buyers review their free credit scores to assess the types of rates they stand to qualify for and leverage a Car Payment Calculator to determine their car-loan payments and pay-off times before hitting the dealerships.

 

         For more information

 

 

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