As car prices rise, here are some ways to save money when buying a car. (iStock)
The amount spent on new cars hit an all-time high in July, and prices for pre-owned vehicles increased as well the month prior, by more than 30% annually. These rising prices are due to a variety of factors, including growing inflation and a global shortage of semiconductor chips. Despite these surging costs, the demand for cars continues to go up, as pent-up demand from the coronavirus pandemic emerges in full force.
One way to keep costs low amid rising car prices is to lower your insurance premiums. Visit Credible to fill out your information and compare quotes from multiple car insurance companies to find the best match for you and start saving today.
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How to save money while buying a car
Drivers can save on their car insurance rates in multiple ways, such as using policy discounts like safe driving, electing for a higher deductible, taking a defensive driving course or even bundling it with their homeowners insurance. When shopping for their next vehicle, too, insurance comparison site The Zebra recommends the following strategies for drivers to save money.
New vs. used
Getting a used car can help motorists save on expenses and insurance. Nationally, auto insurance premiums decrease by about 3% for each year the vehicle ages, according to Zebra’s study. Generally, a five-year-old car would have a car insurance discount of about 14% compared to a brand new car.
If you are looking at insurance options for your car, comparing multiple insurance companies could help you save money and get the best discounts. Visit Credible to get preapproved in minutes for an insurance policy without affecting your credit.
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Going green
While consumers who purchase environmentally-friendly electric vehicles typically save money on fuel costs, they're not saving on their insurance, according to The Zebra. Their study found that it costs $109 per policy to insure an ecologically friendly car compared to a luxury vehicle.
Extras, features & added tech
Adding vehicle upgrades like new tech features can increase the sticker price of the car and your insurance premiums. One exception is electronic stability control (ESC), which could lower your car insurance policies by about $9 a year.
If you are looking at ways to save on your car insurance coverage, contact Credible to speak to an auto insurance expert and get all of your questions answered. They can offer policy discounts such as good grades for teen drivers, multi-policy discounts, discounts for military members or safe driver discounts.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
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