Save Money When Buying a Car With These 3 Tips, Study Finds

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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 used vehicles also rose in the previous month, by more than 30% per year. This price increase is due to various factors, including rising inflation and a global shortage of semiconductor chips. Despite these rising costs, demand for cars continues to rise, as pent-up demand from the coronavirus pandemic emerges in full force.

One way to cut costs despite rising car prices is to lower your insurance premiums. Visit Credible to fill in your information and compare quotes from multiple auto insurance companies to find the one that’s right for you and start saving today.

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How to save money when buying a car

Drivers can save on their auto insurance rates in a number of ways, for example by using discounts on policies such as safe driving, opting for a higher deductible, taking a defensive driving course or even by taking it. associating with their home insurance. When buying their next vehicle, too, insurance comparison site The Zebra recommends the following strategies for drivers to save money.

New vs used

Buying a used car can help motorists save on expenses and insurance. Nationally, auto insurance premiums decline by about 3% for each year the vehicle ages, according to the Zebra study. Typically, a five-year-old car would enjoy an auto insurance discount of around 14% compared to a new car.

If you are looking for insurance options for your car, comparing several insurance companies can help you save money and get the best discounts. Visit Credible to get pre-approved in minutes for an insurance policy without affecting your credit.

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Go green

While consumers who buy eco-friendly electric vehicles typically save money on fuel costs, they don’t save on insurance, according to The Zebra. Their study found that it costs $ 109 per policy to insure an eco-friendly car versus a luxury vehicle.

Extras, features and added technology

Adding vehicle upgrades like new technology features can increase the price of the car sticker and your insurance premiums. An exception is Electronic Stability Control (ESC), which could reduce your auto insurance policies by about $ 9 per year.

If you’re looking for ways to save on your auto insurance coverage, contact Credible to speak with an auto insurance expert and get all of your questions answered. They may offer policy discounts such as good grades for teenage drivers, multi-policy discounts, military discounts, or safe driver discounts.

Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

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