While you’re shopping around to compare car insurance, keep in mind the many factors that can help you get a cheaper car insurance premium-and lower your overall monthly car expenses. “These cars tend to be pretty pricey when they’re new,” she says, “so it may be best for those on a budget to look for used models.”īefore you head to the dealership, visit the GEICO Car Buying Service so you can see what others paid for the car you want and know you’re getting a fair price. However, saving down the road will often mean spending more up front. The chance to save money on gas long term can make hybrid and electric vehicles attractive choices, says Crane. If you’re moving to a big city, space-saving compact cars can be a great option because they’re easy to park and can offer good fuel economy over time. You’ll spend less up front and keep more of your investment by skipping the rapid depreciation period on a new car-which typically loses around 33 percent of its value in the first year. Considering the lower price, a used car that runs well can be a smart move, says Crane. In 2020, the average price for a new compact car was about $21,000, compared with $15,000 for its three-year-old model.
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