Consumer Alert: Now may be the time to sell your used car!
ROCHESTER, N.Y. (WHEC) — Today’s consumer alert takes a look at the price you pay. The Consumer Price Index is out, and it shows that the price you’re paying for everything is going up. But we’re seeing the highest prices in the used car market.
Now is definitely not the time to buy a used car. But if you want to sell your ole’ girl, now may be the time to put that clunker on the market. The price of used cars and trucks jumped 10.5 percent in June. That’s the biggest monthly increase since the Bureau of Statistics started tracking prices in 1953. The cost of used cars has spiked more than 45% since this time last year.
Here’s why. During the pandemic, rental car companies sold off much of their fleets.
Now travel is back and rental car companies are trying to keep up. So, they’re buying used cars too. And that decreasing supply and increasing demand are driving up prices. The cost of new cars is rising too, but far more slowly.
In fact, for some makes and models, the new car price is better than the used car price. Click here for Business Insider’s list of new cars that have lower prices than their used counterparts.
If you really need a car right now, buying new might be best. That skyrocketing price of used cars is part of the reason why the Consumer Price Index or CPI rose .9% in June. The price you pay has gone up 5.4% over last year.
That’s the sharpest spike since 2008.
You already know this. You’re living it. Every time I fill up my car I hold my breath, irrationally hoping that my failure to exhale will keep those numbers on the pump from flipping so quickly. And if you eat, you know that trip to the grocery store costs more.
From bread to bacon, produce to poultry, you’re paying more this year than last. So, I researched the cheapest grocery stores in our area as well as other ways to save. Of the thirteen cheapest grocery stores in America, four are in the area. They are Walmart, Aldi, Trader Joe’s, and Costco.
Here’s Deanna’s Do List to save on groceries as well as the best rebate apps for groceries.
- Shop on Wednesday morning. That’s because most grocers launch the week’s sales on Wednesday and often on Wednesday morning they’ll honor the sales for both weeks.
- Find out when your store does meat markdowns.
- Tip-toe and squat. That’s because grocers put the most expensive items at eye level. The lowest-priced items are either up high or down low.
- Buy frozen veggies. They’re just as nutritious and the fresh ones and much cheaper.
- Buy your staples at discount grocers. The Today Show recently released a list of the 13 cheapest grocery stores in the country. We have four of them in the Rochester area: Aldi’s, Walmart, Costco, and Trader Joe’s.
Rebate apps are great because they actually pay you to shop. Here’s a list of some of them:
- Ibotta: iOS and Android
- Dosh: iOS and Android
- Checkout 51: iOS and Android
- Coupons.com: iOS and Android
Lastly, let’s talk about Thursday. That’s the day the IRS is going to put your first advance child tax credit payment in your bank account. You’re likely eligible if you’re a single earner making $75,000 or less, or a couple making $150,000 or less.
So, for a family of four with two school-aged kids, you would get $3,000 a child for a total of $6,000. The government is giving you an advance payment on half of your child tax credit. So, for two children, you’ll receive $500 a month starting this Thursday.
If you don’t have direct deposit, you’ll have to wait to get a check in the mail. You can still give the IRS your banking information for next month. Click here to do that.