How Consumers are Dealing With Rising Gas Prices

Gas prices are at an all time high right now, with an increase of nearly 40% since 2020. This has been caused by general inflation, labor shortages, supply chain breakdowns, and many more factors. Consumers are trying to combat this using a number of strategies, but many of these are actually doing more harm than good.

Some consumers are using lower quality gas as a way to save some money. While this may save a few dollars when filling up their tanks, consumers are risking bigger problems in their car including powertrain damage, damaged transmission, engine failure, and more. So while using lower quality gas may save a few dollars at first, consumers are actually spending more at the mechanic to fix these problems. 

Another strategy consumers are using is foregoing insurance altogether to save some money. This is not a good idea at all, as insurance is mandatory in 48 states. Aside from it being mandatory in most states, insurance also can save consumers money if they are ever in an accident. 

These strategies may seem like good ways to save some money as gas prices increase, but the truth is that these attempts at saving money can actually lead to having to spend more in the future. To actually save some money in regards to your car, try driving less to conserve your gas mileage. Look into better auto insurance discounts that can save you some money each month, or try switching to another provider. 

There are ways to save money on your car that are safe and reliable, don’t sacrifice quality in order to save a few extra dollars. 

the effect of inflation on gas and car insurance