Posted October 2, 2013 by Jennifer Kane in Finance

Ten reasons why buying a new car might be cheaper than you think

Are you driving around in a auto that&rsquos a decade or far more old? If so, you&rsquore not alone. The quantity of older cars on the road in the United States has enhanced by far more than 17 million considering that 2009, according to Experian Automotive. The average age of the a lot more than 245 million vehicles on U.S. roads is up to a nationwide-high of 11 years old.

As your auto ages and the miles pile up, it&rsquos crucial to consider your options prior to you&rsquore left on the side of the road wondering why you didn&rsquot upgrade sooner. Even though acquiring a new car may possibly appear like the pricier way to go, just believe of the costs you spend to maintain your old automobile operating &ndash continuous trips to the shop for repairs can undoubtedly commence to add up and frequently come with out warning.

But buying a new automobile these days doesn&rsquot have to break the bank, either. With new security attributes including crash avoidance technology and anti-theft systems, you can really save some cash in the lengthy run, especially when it comes to insurance coverage.

Erie Insurance vice president of individual lines underwriting, David Freeman, speaks from private knowledge. He not too long ago traded his 2007 two-door coupe for a brand new 2013 compact SUV, which contains anti-lock brakes, air bags, a back-up camera and electronic stability manage, and his automobile insurance price actually went down by 3 %.

&ldquoSafety attributes for older automobiles had been all created to shield occupants in a crash. These days&rsquos technology is created to assist avoid the crash entirely,&rdquo says Freeman. &ldquoCars with the latest safety functions tend to crash much less, and insurers take that into account when setting rates. On the flip side, older automobiles on the road do not have these latest technological security attributes, so they tend to crash a lot more and therefore might expense much more to insure.&rdquo

Right here are 10 increasingly typical new-automobile functions that could support decrease your insurance premiums. Some consist of particular insurance coverage discounts, even though other people just reduced the all round price of insurance coverage because of their positive impact on decreasing crashes or thefts.

1. Air bags

2. Anti-lock brakes

three. Passive restraint systems

4. Alarm systems/anti-theft devices

5. Automatic vehicle disabling devices

6. Back-up cameras

7. Electronic stability handle

8. Automatic braking systems

9. Intelligent cruise handle

ten. Lane departure warning systems

Due to the fact discounts differ by state and coverage, you&rsquoll want to speak to your insurance coverage agent. Also, some of these discounts will be applied automatically when you inform your agent what sort of automobile you drive, but it&rsquos constantly a good idea to double check to make certain you&rsquore obtaining all the discounts you deserve. To find an Erie Insurance coverage agent close to you, or for a lot more details on how to decrease your insurance prices, please check out www.erieinsurance.com.

So if you believe it might be time to commit money on an upgrade, remember which functions could not only make you safer, but also save you money on your insurance coverage premiums. You might be in a position to place the income you save toward an additional new auto 11 years from now.

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Jennifer Kane