The Real Deal: How can you still save if you need a new car? Here are some insider tips.

The Bureau of Labor Statistics says since last June, prices shot up by just over 9%. It's the highest Consumer Price Index increase since 1981. Caleb Silver, editor in chief of Investopedia, is breaking down what New Jersey residents are paying so much more for right now.

News 12 Staff

Jul 22, 2022, 10:42 AM

Updated 694 days ago

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The Bureau of Labor Statistics says since last June, prices shot up by just over 9%. It's the highest Consumer Price Index increase since 1981. Caleb Silver, editor in chief of Investopedia, is breaking down what New Jersey residents are paying so much more for right now.
"When you look inside the state of New Jersey, we're seeing higher prices across the board," says Caleb Silver, with Investopedia. "Gasoline in the last month was 60.7% year over year, new car prices up 16.4%, cereal, bakery products, wheat up 16% year over year and meats, poultry, milk and eggs up 10%. That means that Taylor ham is getting more expensive every single month."
But if you need a new car, how can you still save? Carissa Lawson talked to the owner of a well-known dealership for some insider tips, and to customers getting hit with inflation sticker shock.
“Everything’s about $10,000 over what they should be charging,” says Ed Schaaf, who is looking for a new car.
“Let me say this -- if you're wanting a car, we're gonna make sure you're able to buy one,” says Rich Malouf Jr., with Malouf Automotive Groups.   
That's why Malouf Jr. has no problem sharing some insider knowledge on the best ways for his customers to save.
“The easiest way for any consumer to save any money would be to order a vehicle,” says Malouf Jr. “When we have them on our lot, there are holding charges that we have to pay and it's difficult to give that really, really good discount.”
If you don't have time to wait for a car on order, and you're willing to choose from the slim pickings on 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 since manufacturers are not offering many rebates right now.
“They know they can't sell us any more cars when the lots are full so they start putting rebates on the vehicles to move them,” says Malouf Jr. “When there's not a lot of inventory, they don't have to do that.”
That's where an electric car could rise to the top of your money saving list.
“With the 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 pros to getting an electric vehicle,” says Malouf Jr.
Also, contrary to what many people think, he says electric cars don't cost that much more.
Finding a dealer you can trust is advice that he says he'd give, whether inflation is behind the wheel of the economy or not.
Malouf Jr. also says while electric cars will save you money on gas and maintenance in the long run, the current infrastructure does not consider people who live in apartments or condos when it comes to charging your vehicles.
For the best websites to save on big cars, click HERE.
For more ways to save, click HERE and HERE.
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/
https://www.cars.com/articles/inventory-shortage-buy-now-or-wait-to-save-on-a-car-451134/


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