[Fox Business] More Americans road-tripping this summer but inflation still a challenge – Here’s how to save money

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More Americans are planning a summer trip this year, and 100 million of them plan to hit the road to get to their destination, a recent survey said.

Overall, 85% of Americans – or roughly 219 million U.S. adults – intend to travel this summer, according to the Vacationer survey. That’s approximately 5% more than the number of Americans who planned to travel in 2022.

Despite the increased number of Americans planning summer travel this summer, many remain hesitant to fly following the coronavirus pandemic, with 45.92% of respondents saying they do not intend to travel via plane.

“The younger generation of American adults aged 18-29 is the most likely to fly on a plane this summer,” Eric Jones, The Vacationer’s co-founder and head of operations, said. “In fact, as people increase in age, they are less likely to fly on a plane.”

One way to save on summer expenses is by lowering the amount you save on car costs. If you are looking to save money on your car costs, you could consider changing your auto insurance provider to get a lower monthly rate. You can visit Credible to shop around and find your personalized premium without affecting your credit score.

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Summer gas prices are well below where they were one year ago, which is likely to give motorists a break from inflation and rising costs that have impacted other areas of travel.

Gas prices have remained steady in the past months, with the national average hovering around $3.50 to $3.60 a gallon. One year ago, the national average for a gallon of regular was $4.80, according to a report by AAA.

However, the costs of other travel essentials, such as hotels and airfare, remain elevated, according to a GasBuddy survey. Nearly 40% of Americans said inflation and high prices overall have caused them to rethink their travel plans this summer.

“While gas prices are far lower in most areas than they were last year, Americans seem to feel a bit worse about the economy this year on the heels of rising interest rates, the bank crisis, and inflation that has spiked, impacting their ability to take a road trip during the summer driving season,” GasBuddy’s head of petroleum analysis Patrick De Haan said. “While the number of Americans planning on taking a road trip is higher this year, we’re finding that many remain cautious about the direction of the economy and thus have not yet cemented those plans in, with some hinting that price uncertainty is making things challenging.”

If you want to keep your overall travel costs down this summer, switching auto insurance providers may help save you money. Visit Credible to compare quotes from multiple companies without affecting your credit score. 

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Drivers cautious about spiraling costs can take these steps to save money on summer road trips:

Shopping around for the best gas prices can help drivers save upwards of 30¢ per gallon, according to GasBuddy. Drivers should also know that prices vary between states due to tax changes and summer gasoline requirements. Using an app that displays gas prices in your area could help you avoid overpaying.

Waiting until your tank is empty gives you less choice of when and where you pump your gas. Yet 64% of Americans said they have come close to or run entirely out of gas.

Americans looking to lower their auto costs should also consider their insurance. Drivers can lower car insurance premiums by up to 15%, amounting to $258 in yearly savings for the average driver, through policies that offer discounts for low-risk behaviors, according to a report by Insurify. 

If you are shopping for new auto insurance, the Credible marketplace can help you compare multiple providers and find your personalized rate in minutes without affecting your credit score.

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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

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