Gas prices have stabilized, but Americans still believe fuel costs are too high, according to a recent survey. (iStock)
A recent survey found that Americans still spend roughly 3% of their income on fuel for their vehicles, even as gasoline price inflation subsides.
That cost is about $1,712 a year, about 37 percent more than what Americans think they should pay for gasoline, the American Trucking Associations said. study Surveys show rising gas prices are having some Americans reconsider traveling, despite a favorable outlook for summer gas prices.
The national average gasoline price is expected to remain in the mid-$3 range this summer and could fall below $3 a gallon at tens of thousands of gas stations in the coming months, a research firm said. GasBuddy PredictionsDespite lower gas prices, 23% of Americans plan to forego summer trips or road trips due to high gas prices, with millennials being the most likely to scale back their travel plans.
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How to save money on fuel for your car
If you’re planning on heading out on a road trip this summer, following these tips can help you cut down on your car’s fuel costs.
Check the price before you pump
46 percent of drivers say rising gas prices have affected their travel plans this year. According to a GasBuddy survey, drivers can save money by planning where they buy gas. Using an app that shows gas prices can save you 10-50 cents per gallon in just a few blocks.
Avoid refueling at state borders
According to GasBuddy, drivers could end up paying as much as $1 extra per gallon when filling up at gas stations near certain state lines. reportGasoline prices vary from state to state due to state taxes, proximity to oil refineries, and associated transportation costs. The five most expensive contiguous states to fill up with gas are the Arizona-California border, the Idaho-Washington border, the Idaho-Oregon border, the Nevada-California border, and the Oklahoma-Colorado border.
Consider payment options
Some gas stations offer discounts when customers pay with cash, and drivers can also save money by joining loyalty programs and receiving promotional discounts.
If you’re looking for new car insurance, you can use the Credible marketplace to compare multiple providers and find your personalized rate in minutes.
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Auto insurance rates continue to rise
A recent survey found that the average amount drivers will pay for car insurance in 2023 will be $1,841, up 5% from the previous year. report From Zebra. This is after a projected 15% increase from 2022 to 2023. Unfortunately, the situation is expected to remain similar in 2024.
Where you live can make a big difference in how much you pay for insurance: In states hard hit by weather-related disasters, for example, insurers are more likely to withdraw policies or write new ones, leaving buyers with fewer options for insurance.
The make and model of your car also plays a big role in your car insurance premiums, with drivers of Kia and Hyundai cars having a hard time getting insurance for these vehicles as these particular models are more susceptible to theft.
Topping the list of states with the highest annual premiums are Florida and Louisiana, where drivers pay an average of more than $2,700 per year in insurance premiums, 47% higher than the national average. Drivers in Vermont and Idaho have the lowest annual premiums, with annual premiums 35% lower than the national average. Drivers in 19 states currently pay an average of more than $2,000 per year for car insurance.
Looking for new car insurance? The Credible marketplace lets you compare multiple providers and find a personalized rate in minutes, without impacting your credit score.
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