In case you haven’t noticed, one of the less fortunate aspects of recent years in the United State is the steep climb that car prices have taken of late. This increase in costs has led to many consumers struggling to find ways of managing the financial output demanded by the purchase of a new vehicle. Recently, the average selling price for a new vehicle in the US has rocketed to around $50,000, an amount that has sadly moved from shocking to what is now considered normal. And unless this surge in pricing reverts to more palatable levels, potential car buyers are going to have to are re-evaluate their options and adopt a new approach when it comes to meeting their transportation needs.
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Here we will explore how to alleviate the stress of these high vehicle costs.
1. Consider holding onto your car for longer. The good old days of trading in a vehicle every few years (or whenever the mood suits) are a thing of the past. Rather than reaching for the latest model available in the showroom, car owners are focusing on good, regular maintenance and repairs to help extend the life of their current ride. This method not only saves money in the long term, but also lessens the environmental impact that comes with constant turnover of models and the manufacture of new vehicles.
2. Look to the used car market for an upgrade. While it’s true that prices for used cars have indeed risen along with the rest of the automotive world, it’s also true that pre-owned vehicles are consistently more affordable than new ones. What’s more, these days you have far more options in the used arena, as the market for pre-owned cars has grown significantly. This not only allows for more choice, but for better pricing as well. And it’s good to know that certified pre-owned vehicles often come with programs and extended warranties that can offer peace of mind as well as notable savings.
3. Downsize. Entertain the idea of opting for a smaller, more fuel-efficient car, truck, or SUV. Compact and subcompact cars – in all the aforementioned vehicle types – often come with more appealing price tags as well as better fuel economy. This combo can prove to help consumers save not only on the initial purchase price but also down the line on expenses such as gas and insurance.
4. Go electric. One interesting alternative that can help save money when buying a car is opting for an EV. Auto manufacturers like Kia and Hyundai are making available EV models with Vehicle-to-Home (V2H) functionality, which allows for cars to undergo charging at home. And not only is there a general savings when powering your car in your garage rather than at a public port, but planning your charge overnight when electricity costs are at the lowest can really contribute to more money in your wallet.
Of course, while none of us want to face the current upsurge in vehicle pricing, the situation does lend itself to innovative and strategic ways of approaching car buying. With these few simple tips, we hope we’ve opened up an alternative world of possibility that will enable you to ride comfortably in the car that suits you best.
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