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Affordable deals, low costs exist for auto buyers

Posted on Tuesday, May 13, 2014 at 11:05:09 AM

Owning a vehicle can be a costly proposition, from monthly insurance bills to regular maintenance and fuel costs. However, several industry reports indicate that now is a good time to be a car shopper, thanks to auto financing, lower operating expenses and other factors.

According to TrueCar, many great deals are currently being offered for new vehicles. For example, the Ford Fiesta, Toyota Camry and Kia Sorento are all selling for much less than their manufacturers' suggested retail prices.

"Small and midsize SUVs have been extremely hot this spring," said Larry Dominique, president of ALG and executive vice president of TrueCar. "But with gas prices increasing in the short term and automakers starting to discount vehicles that will be redesigned, expect to see sizable savings on car segments."

In addition to buying a car for a great price, shoppers will also be greeted with low monthly costs once they get home. AAA reported a 2.7 percent decrease in the cost to own and operate a sedan over the past year, averaging only $8,876 per year. Better yet, overall fuel costs are down more than 10 percent from 2013 to 2014, now at only 13 cents per mile.