The national average cost for a gallon of gas dropped by one cent from last week to $3.82 in response to production constraints, according to the latest report from AAA.
The average price paid for a used car in the second quarter of 2023 is still 46% above what consumers paid five years ago, according to a recent Edmunds . Consumers spent an average of $29,472 on their used vehicles, down 4.6% from the previous quarter, but still provided little relief for buyers struggling with record-high prices.
Moreover, drivers looking for bargains in older cars with higher mileage may not find one, according to Edmunds. Used vehicles with 100,000 to 150,000 miles cost 40% more in the second quarter of 2023 than four years ago, while cars with 150,000 to 200,000 miles are priced 28% more. "Flexibility is key for car shoppers navigating the used market," Edmunds Consumer Insights Analyst Joseph Yoon said. "The market has changed dramatically in the last few years, and therefore your old shopping habits may no longer serve you like they used to. Being open to doing something different than before, such as reconsidering your selection of cars or even rethinking your budget priorities, might land you the deal you are searching for.
If you are looking to save money on your auto costs, you could consider changing your insurance provider to get a lower monthly rate.
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