The Bureau of Labor Statistics says that since last June, prices have soared a little over 9%. It’s the highest consumer price index increase since 1981. Caleb Silver, editor-in-chief of Investopedia, is breaking down what New Jerseyans are paying a lot more for right now.
“When you look within the state of New Jersey, we see higher prices across the board,” says Caleb Silver, with Investopedia. “Gasoline in the last month was up 60.7% year-on-year, new car prices were up 16.4%, cereals, baked goods, wheat were up 16% year-on-year, and meats, poultry, milk and eggs are up 10%. That means Taylor ham is getting more expensive every month.”
But if you need a new car, how can you save? Carissa Lawson spoke with the owner of a well-known dealership to get some insider tips and with customers who have been affected by the impact of the inflation tag.
“Everything is about $10,000 above what they should be charging,” says Ed Schaaf, who is looking for a new car.
“Let me tell you this: If you want a car, we’ll make sure you can buy one,” says Rich Malouf Jr. of Malouf Automotive Groups.
That’s why Malouf Jr. is happy to share some insider knowledge on the best ways to save for his customers.
“The easiest way for any consumer to save money would be to order a vehicle,” says Malouf Jr. “When we have them on our lot, there are holding fees that we have to pay and it’s hard to give that a really, really good discount.”
If you don’t have time to wait for a car order and are willing to choose from the few options in lots these days, be prepared to compromise on what you want and look for a type of vehicle that isn’t in high demand, especially as manufacturers They don’t offer many discounts right now.
“They know they can’t sell us more cars when lots are full, so they start discounting vehicles to move them,” says Malouf Jr. “When there’s not a lot of inventory, they don’t have to.”
That’s where an electric car could rise to the top of your money-saving list.
“With electric vehicles, keep in mind there are government subsidies, state subsidies, you can get up to $7,500 in rebates on some vehicles. So there are advantages to getting an electric vehicle,” says Malouf Jr.
Also, contrary to what many people think, he says that electric cars do not cost much more.
Finding a dealer you can trust is advice he says he would give, whether or not inflation is driving the economy.
Malouf Jr. also says that while electric cars will save you money on gas and maintenance in the long run, the current infrastructure doesn’t consider people who live in apartments or condos when it comes to charging their vehicles.
BEST WEBSITES TO SAVE BIG ON CARS: https://www.moneytalksnews.com/the-9-best-websites-tools-and-apps-to-save-big-on-cars/
MORE WAYS TO SAVE: https://theroanokestar.com/2022/07/21/5-tips-on-buying-a-new-or-used-car-amid-inflation/
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