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Fuel prices continue slide in mid-October

Fuel prices continue slide in mid-October

Some drivers may be looking to save money on their vehicle, but this may be from more than just a cheap car insurance policy. There are plenty of ways to cut costs, and the dropping prices of fuel could be helping some motorists.

Gas prices did not change significantly during the week ending Oct. 14, compared to the same period one week earlier, according to a report from AAA. However, the level was nearly 20 cents lower than the same point a month earlier, as well as nearly 50 cents from the same day in 2012.

While prices dropped compared to multiple points in the past, there were slight gains earlier in the week, the report explained. These minor gains ended more than one month of daily drops in gas prices. While the last time a year saw so many drops in a row was back in 2008, there still have been declines in 41 of the past 43 days.

Some may have worried about the government shutdown when it comes to gas prices, though this has not had a major effect, the report noted. However, depending on the situation's outcome, prices may fluctuate at that time.

Car sales may rise
With the extra drops in gas prices, some consumers may have more money to consider a new vehicle purchase. This trend may continue next year, as car sales could jump to 16.4 million units next year, a report from Edmunds.com explained. This would be the highest level in eight years, as there were 16.5 million units that switched hands in 2006.

"The average age of all light vehicles on the road climbed to 11.4 years in 2013, and an aging fleet will continue to force buyers back to the market next year," said Lacey Plache, chief economist for Edmunds.com. "With used car prices still elevated over past norms and used car supply still tight, the new car market will remain attractive to many of these buyers."

This year, there will be close to 15.5 million vehicles sold, the report showed. However, 2013 also may have a need for more purchases due to the level of lease expirations expected. Close to half a million leases should expire this year, while there might be 300,000 reaching their end next year.



 
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