More motorists may be paying less for each trip to the gas station, which could give them extra money to put toward other vehicle costs, such as a car insurance policy.
The average price of gasoline fell nearly 20 cents per gallon - or 5.4 percent - during September, according to a report from AAA. This was the most significant decline during a month since October of last year, bringing the current average to $3.40 per gallon. The average hasn't reached this low point since late January, when figures slid for 29 consecutive days.
For the entire month of September, the average was $3.52 per gallon, the report explained. The last time a full month had a figure this low was in 2010, while the monthly average was more than 30 cents less than it was in September 2012.
"Most drivers are paying the lowest gas prices in more than eight months due to abundant gasoline supplies, the end of the summer driving season, lower oil costs and the switchover to winter-blend gasoline," said Avery Ash, spokesman for AAA. "Supply and demand is working in most consumers' favor with consumption down and gasoline stocks more than 10 percent higher than a year ago."
There may be multiple reasons for the decline in gas prices, as fewer motorists are driving long distances, while there also has not been bad weather in areas where oil is produced, the report noted.
Vehicle prices continue rise in September
Gasoline may be cheaper for many drivers, but they could be paying more for the vehicle they want. This could encourage some to look to save in other ways, such as getting a cheap car insurance policy.
The average price for a new vehicle purchased during September was more than $31,850, a report from TrueCar explained. That level was more than 5 percent higher than the same month in 2012, as well as nearly 2 percent higher than August's level.
"While September's sales didn't match those of the summer months, the prices buyers are paying continue at a record pace," said Jesse Toprak, senior analyst for TrueCar. "A higher number of 2014 model year vehicles arriving at the dealerships with much lower incentives and the continued appetite of consumers for well-equipped vehicles helped keep transaction prices at record levels."