The Car Insurance Savings App Equips Drivers With Vital Information to Help Navigate an Unrecognizable Year for the Car Market
PALO ALTO, Calif., Nov. 15, 2022 /PRNewswire/ -- Jerry, the car insurance savings app, analyzed the "new normal" car market throughout 2022 for changes that could impact drivers and their wallets. The company found that it costs more than ever to own and maintain a car — from sticker prices, to monthly payments, to insurance and everything in between — and the roads can be a dangerous place. Key findings from 2022 Jerry research include:
- Seven of the 10 best-selling cars in the U.S. cost more to buy used than new. The following lightly used 2021 models are worth more than their brand-new 2022 models' sticker price: Toyota RAV4 ($5,900+), Honda Civic ($5,300+), Honda CR-V ($3,800+), Toyota Camry ($3,200+), Nissan Rogue ($3,100+), Toyota Highlander ($2,100+) and Ford F-Series ($100+). Three of the top five best-selling EV models from 2021 follow suit: Volkswagen ID.4 ($6,300+), Tesla Model 3 ($5,200+) and Ford Mustang Mach-E ($5,200+).
- Serious delinquencies in car loans rose the most since the '08 Global Financial Crisis. In the second quarter of 2022, roughly $3 billion in delinquent payments joined the 90+ days-late category. For drivers under 30, serious delinquencies jumped the most in more than two decades. There was enough car loan debt by the end of June that, if distributed evenly, every single American would owe $4,500.
- Insurance is the fastest-climbing vehicle expense. Insurance costs increased 52% since 2012, despite insurers offering discounts during the COVID-19 shutdowns in 2020.
- Holiday travel was deadly. Car fatalities spiked during the holidays, with Thanksgiving and Labor Day ranking the deadliest of the year.
- The number of "road rage" shootings doubledover three years. There were at least 522 nationwide, resulting in 131 known deaths. Texas, Florida and California saw the most fatal road rage shootings over the past five years.
- We found the one category where Apple doesn't win. Android users achieved higher safe-driving scores than iPhone users in every single category — overall safe driving, speeding, distraction, turning, braking, and accelerating — regardless of age, gender, marital status, education, and credit rating.
- Age is the strongest predictor of distracted driving — and fatal outcomes. Those 18-29 were behind the wheel during a distracted-driving fatal crash more than twice as often as drivers in their 40s. These types of crashes were more common in the summer months and on Fridays, Saturdays and Sundays.
- It's official … Connecticut drivers are THE WORST, with those in New Hampshire and Maryland following closely behind. On the East Coast, 35% of drivers have at least one at-fault accident on their record versus 24% on the West Coast.
"We're looking out for the best interests of drivers, pinpointing and explaining the costly trends and market disruptions that affect them," says Henry Hoenig, data journalist at Jerry. "Like 2022, next year promises to be another challenging one. The car market won't return to a pre-pandemic normal any time soon. Unfortunately, other car ownership costs such as insurance and maintenance are expected to continue to rise."
To learn more about Jerry and download the app, visit www.getjerry.com.
About Jerry: Jerry saves you time and money on your car expenses. Jerry first launched its AI- and machine-learning-based car insurance comparison service in 2019 and today serves more than 3 million customers as a licensed insurance broker and an authorized auto refinance provider. For more information, to save money on car insurance or reduce monthly auto loan payments by refinancing, visit getjerry.com or download the Jerry app in the App Store or Google Play.
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