Money·3 min read

Skimm Money: Car Shopping, Dining Out, and Spring Cleaning for Cash

Women wearing sunglasses driving car with teal detail
April 3, 2023

Eyes On

Car Shopping

Three years ago, auto manufacturers temporarily shut down their factories during the pandemic. Since then, car buyers have faced supply chain issues, inflation, and rising interest rates. Enter: Skyrocketing car prices. Today, the average cost of a new car is nearly $50,000. And, despite a dip at the end of 2022, the average cost of a used car is still high at over $26,000. If you’re hitting the lots, use these tips to get the best deal on your new (or new-to-you) car. 

Your move:

  • Find the right financing. If you’re taking out a loan, shop around to get the lowest APR possible. And consider getting preapproved, it could save you thousands

  • Prepare to negotiate. Use a tool like Kelley Blue Book to find the price the dealer paid for the car you want. Then aim to pay as close to that number as possible. 

  • Budget for allll the costs. The sticker price isn’t the only number you need to consider. Factor in the cost of regular maintenance, repairs, car insurance, and fuel, too. 

For the Group Chat

What’s good about the economy right now?

Inflation is cooling down.

Being on a budget doesn’t mean giving up reservations…

Here’s how to dine out while saving $$$

Where are millennials buying homes?

In some of the most expensive US cities, according to one study. 

What do the DWAC, RUM, and PHUN stocks have in common?

Former President Donald Trump’s indictment may have given them a boost.

Highs and Lows  

Despite the crypto industry’s recent regulatory and legal challenges, Bitcoin is up more than 70% year-to-date. But Bitcoin, like some stocks, declined slightly today after OPEC, a group of oil-producing countries, announced that they’ll start cutting production next month. OPEC’s move might mean higher oil prices, which could impact inflation, the Fed’s rate-hiking campaign, and the markets.

Women putting clothes in closet with teal graphic

5-Minute Money Tip

Make some $$$ by spring cleaning your closet.

Odds are, you’re hanging onto something you’ve only worn once or twice. Think: That dress you wore to your friend's wedding last summer. Or something you forgot to return (no shame). Rather than let it collect dust, turn it into cash by selling it online. Pro tip: Some platforms take a cut of your sale or charge shipping fees so factor those costs into the prices you set. Your wallet will thank you.

Subscribe to Skimm Money

Your source for the biggest financial headlines and trends, and how they affect your wallet.