Drivers are becoming more interested in seeing car history reports – which can help them spot mechanical problems, allow them to view performance records and also see accident history – amid a swell in demand for vehicles, new data suggests.
Car history reporting platform carVertical announced that it expects to double its revenue from 2020 while expanding across multiple continents. This comes as auto research and shopping website CarGurus reports that prices for used vehicles have been surging, up 17% so far in 2021.
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Demand for cars remains high
The rise car prices are due, in part, to a shortage of semiconductor chips keeping automakers from creating enough new vehicles to meet rising demand. Auto dealers in the used car market are also seeing an increase in activity due to pent-up demand from the coronavirus pandemic and an increase in cash flow from government stimulus checks.
Some buyers, though, saw relief late in the late summer. Used car prices dropped in August – the first time in seven months, decreasing 1.4% from the month before, according to the Labor Department.
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How to lower your auto costs
There are several ways to ensure car shoppers can keep their costs low when buying a vehicle amid chip shortages and high demand. As car prices grow and demand remains strong, here are some tips to keep costs down:
Consider new versus used
Car sales and prices are continuing to increase across all vehicle types. A new car is not only more expensive upfront, but it also costs more to repair and maintain. Additionally, car insurance becomes less expensive for every year the automobile ages.
Compare insurance companies
Car insurance companies often give discounts for various reasons. Some companies may have better discounts for teen drivers or younger drivers with good student discounts, while others may have better rates for those with a longer driving history or good driver discounts. Visit Credible to fill out your information once and see premium options from multiple companies.
Working on improving your credit
Better credit scores help car buyers lower auto costs on several fronts. Drivers with a good credit score can obtain a lower interest rate on their car loan and lower their monthly payment. Credit scores also factor into your auto insurance payment, so drivers with a higher score will have lower insurance premiums.
If you are looking for ways to lower your auto costs, contact Credible to speak to an auto insurance expert and get all of your questions answered.
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