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/