If you bought a new car lately, you probably got a bad case of sticker shock. 😱🚘 The good news? You're not alone. The bad news? You're still stuck with high prices. 😑🆘
The cost of owning a car has many people wondering if they could just go without a car altogether. You know, maybe use a dogsled team instead? 🐕🦺 Let's ask the Amish if they can spare a buggy (or ten). 🧑🌾
Here’s Five Fast Facts on why Americans want to go carless:
- 🚙 Look Ma, No Car - According to a new survey from Zipcar, 35% of respondents said they plan to go carless by the end of the decade. A combo of expensive monthly car payments and sky-high insurance costs put people over the edge.
- 🙋🏼♂️ All the Cool Kids Are Doing It - The younger generations are embracing the carless life more than older ones. The survey showed 45% of Gen Xers and 51% of millennials would happily join the No Car Crew compared to only 28% of Gen Xers and 21% of Baby Boomers.
- 📈 Pimp My Ride - According to data from Edmunds, new car prices jumped by 33% over the last five years. Financing terms are more expensive, too. The average monthly car payment for new cars in Q1 2023 was $730 compared to $656 just a year ago.
- 🛒 You Better Shop Around - If ditching your ride isn't an option, make sure you're not overpaying for car insurance. Use a website like Credible to compare your current coverage to other providers and switch to a cheaper option if you find it. When shopping for insurance for a new car, make sure to get at least three quotes to do a proper comparison.
- 💲 Let's Make a Deal - Getting pre-approved car financing could help you snag the best deal in our higher-than-Snoop interest rate environment. When looking for pre-approved financing, shop around and get several quotes to make sure you're getting the most bang for your buck. Hit up your local bank or credit union and see what they have to offer before heading to the dealership.
🔥Bottom line: For many, saying bye-bye to a car just isn't an option. If you don't live in an area with good public transit or have a bunch of kiddos to cart around, chances are you'll be a vehicle owner for the foreseeable future. Car ownership gets expensive real quick, so make sure you're taking all the shortcuts you can! Wanna know the science behind why car prices are so high? Check out this article.
Could you go carless?
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