The level of vehicle prices may encourage some drivers to look harder when finding a vehicle, in order to ensure they get the best deal possible. This could help some who are concerned they are paying too much for their new car or truck, as well as car insurance and any maintenance they will need to prioritize in the future.
Average vehicle pricing in October was $32,184, according to a report from Kelley Blue Book (KBB). This was nearly $370 - or 1.2 percent - higher than September's level. However, it was 0.2 percent less than the same month in 2012.
The manufacturer that had the least expensive average price in October was Hyundai-Kia, as it was $23,810, the report explained. However, the most expensive option was from General Motors, with this company's average price for vehicles being $35,268. Honda had the most impressive price change year-over-year, as it rose 2.7 percent, while Hyundai-Kia had the most significant decline, dropping 2.1 percent.
"Achieving pre-recession profitability levels, Chrysler has seen an increase in U.S. sales of the Ram pickup and Jeep Grand Cherokee as demand continues to rise," said Karl Brauer, senior analyst for KBB. "Despite slightly weakened transaction prices from the month prior, Chrysler is still experiencing an overall increase in prices from this time last year."
Gas prices slide in late October
Those drivers looking to spend less on a vehicle may be in luck, as they may not be paying significant amounts of money for gas.
The average price for a gallon of gas on Oct. 28 was $3.28, according to a report from AAA. This was the lowest level recorded this year. The figure was $0.07 less than the figure recorded a week earlier, while it was also more than $0.25 less than the same point in 2012. Gas prices fell more than $0.30 since the start of September, when it was $3.59 per gallon.
Some of the least expensive gas prices came from the southern part of the U.S. The report explained that Texas had the second-most affordable price, with an average of $3.05 per gallon. Louisiana and Mississippi were tied for sixth-least expensive, with a figure of $3.10 for each state.
With gas prices performing lower than they have been for many of the past several months, motorists may have more money in hand to put toward a better auto insurance policy.