first of all new vehicle inventory is at as highest level since mid-year 2021 as prices continue to rise that’s the bad news but the used car inventory and Prices are both falling so the data shows that new vehicle inventory has increased another 9.64 basically 10 percent since the start of October while used vehicle inventory has declined 2.6 percent despite more new cars being available new car prices Rose 0.76 percent this month to an average of 48 500.
we hit that Peak early this summer of almost 48 almost forty nine thousand dollars for the average price Of a new car at the same time used car inventory fell for the third straight month so less used car inventory because people are taking up all the used cars
out there but the price is dropped on used cars 1.55 to an average of just under thirty three thousand dollars according to latest numbers the average monthly payment for a used vehicle is currently 551 which is 47 higher than it was in 2009 but that’s expected or forecasted To reach 570 by the end of the year
so it’s a quick snapshot of inventory average cost of new and used vehicles as well as monthly payments what about insurance we can’t ignore Insurance
I’ve got some new numbers this year that kind of break down the most expensive States and least expensive States for insurance age groups that have to pay the most and insurance companies that charge the most and some that are the least expensive I was surprised by some of these numbers Maybe you will be too let’s talk about car insurance rates by by age probably no surprise that
teenagers are the most expensive people to ensure so premiums for six months for a 16 to 19 year old driver 2286 cost per month 381. then you go down the list and everything else is pretty reasonable the cheapest is actually my age group 50 to 59 649 for a premium for six months that’s 108 bucks per month as you can see by This chart age really doesn’t have a huge impact on rates with the exception of teenage drivers and these rates are just the national averages some states have higher averages for age groups while some are a little bit lower
for example if you’re trying to figure out how much is car insurance in Connecticut for example for my 17 year old you might be surprised Geico offers the cheapest car insurance for teenagers in that state teenage girls pay on average of 26.97 or 225 a month basically while boys are 31 38 8 or 261 a month
all right let’s go ahead and move on to states with the most expensive full coverage insurance premiums you’re going to find Michigan Florida Louisiana Rhode Island and Kentucky with the most expensive Michigan there at 1262.
now if you go to the states with the most expensive minimum coverage insurance premiums then you’re looking at Michigan Florida Louisiana Rhode Island and Nevada ranging between 4 30 and 6 13.
the states with the cheapest full coverage insurance premiums Ohio New Hampshire North Carolina Virginia and Vermont states with the cheapest minimum coverage insurance premiums Iowa 150 South Dakota 158 Vermont Wyoming and Ohio the average cost of car insurance in the U.S is 124 per month or just under 1500 a year that’s on average
so which car insurance company should you go with well I’ve got to look at the top 10 rated car insurance companies of the year and their prices looking at you USAA as the top rated 4.3 is the U.S news rating and they have the cheapest least expensive car insurance for the year and that’s one thousand dollars not too shabby huh Geico at 11.50 State Farm 1267 the most expensive is Allstate but all states got a decent rating right there in the middle at 4.0 if you’re looking for the most American-made vehicle on the market today
I’ve got Those numbers as well based on the latest made in America auto Index this year’s top spot goes to the Lincoln Corsair both the phev and the conventional non-electric model this represents a huge shift from its 44th rank last year when it contained 25 percent U.S Canadian content and a foreign sourced engine this year it’s made of 72 percent U.S Canadian content and a us-made engine last year’s number one vehicle the manual transmission Equipped Ford Mustang dropped to number 22 as a result of changing to a Mexican Source transmission Tesla game and makes a strong showing with five of its cars in the top 10 the model 3 Performance and model Y at number five and the model 3 long range at number two the Corvette Stingray drop for number two to number three the Colorado is four
while Jeeps Cherokee and latitude models come in at number five two Dodge Durango models ranked number six passport takes
the Seventh spot four cars tied for number eight the F-150 Ranger automatic transmission Bronco the model S and X Tesla G places three more Cherokee models of the number nine position joining the automatic transmission equipped Camaro rounding things off in the 10th position are three Hondas The Odyssey Minivan the Ridgeline and the pilot one final note if you are in the market for a new vehicle soon great connect with your local dealership and Price
The different types of auto insurance
There are three situations of auto insurance cover
- Completely comprehensive
- Third party, fire and theft.
- Third party
This is the loftiest position of insurance you can have. It covers you, your auto and any others involved in an accident.
It includes all the cover of a third party fire and theft policy, but also protects you as a motorist and might pay out for damage to your auto.
It might also include compensation for medical treatment, legal charges and accidental damage.
You can claim for
- repairs after an accident
- accidental damage
- vandalization for illustration, if someone designedly scratches your auto.
It might mean you can fairly drive other peoples buses if you have their authorization.
But this generally gives you no further than third party cover. This means you have no cover if you damage the auto you re driving. Check your policy details precisely on this they re each different.
It s important to note that indeed though it offers the most cover, completely comprehensive isn © t inescapably the most precious.
and test drive at least three different Vehicles a vehicle strengths and weaknesses can only be discovered when you are behind the wheel my reviews can be good but you need to test drive these yourself visit quotes.everymandriver.com select the make model in your zip code and you’ll get invoice pricing in your area on those Vehicles shop Smarter with price quotes at quotes.