What's Happening?
As the cost of new vehicles continues to rise, Consumer Reports has identified new cars that are the cheapest to insure, providing consumers with options to manage transportation costs. The manufacturer's suggested retail price (MSRP) for new vehicles has reached an all-time high, and auto insurance costs have increased by 55% since 2020. Insurance is now the largest hidden transportation cost for Americans, often comprising almost 40% of repeat bills. Consumer Reports' list aims to help consumers find new cars that offer lower insurance premiums, allowing them to enjoy the benefits of the latest models without incurring high insurance costs.
Why It's Important?
The rising cost of auto insurance is a significant concern for American consumers, as it adds to the
overall expense of vehicle ownership. By identifying new cars with lower insurance premiums, Consumer Reports provides valuable information that can help consumers make informed purchasing decisions. This is particularly important as insurance costs continue to rise, making it crucial for consumers to consider total ownership costs, including insurance, when buying a new car. The report highlights the need for consumers to be aware of all associated costs, not just the purchase price, to manage their budgets effectively.
