The Money Section | People are returning new cars due to high insurance prices

Also, Costco’s latest offering is a huge hit. ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     [The Charlotte Observer](~/AAQRxQA~/RgRoBTajP0QiaHR0cHM6Ly93d3cuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL1cDc3BjQgpmIqOxImZtczrOUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) ͏ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ April 19, 2024 • Issue #81 [The Money Section] This week, we’re looking at how soaring car insurance prices have driven people to look for extreme ways to save, why Costco’s newest gold offering seems to be doing so well, and why most older investors say retiring at age 65 is no longer feasible. People are returning new cars due to high insurance prices [Car Insurance](~/AAQRxQA~/RgRoBTajP0SbaHR0cHM6Ly93d3cua2Fuc2FzY2l0eS5jb20vbW9uZXkvaGlnaC1hdXRvLWluc3VyYW5jZS1wcmljZXMtc3dpdGNoLXBvbGljaWVzLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlODFXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Money; Getty Images As insurance prices soar 22% year-over-year, some drivers are opting out of purchasing or even returning new vehicles because they can’t afford the insurance costs. According to Kelley Blue Book (KBB), the average cost of car insurance (for a six-month policy) is $828, up from $677 a year ago. [Read more.](~/AAQRxQA~/RgRoBTajP0SbaHR0cHM6Ly93d3cua2Fuc2FzY2l0eS5jb20vbW9uZXkvaGlnaC1hdXRvLWluc3VyYW5jZS1wcmljZXMtc3dpdGNoLXBvbGljaWVzLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlODFXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) 🐢 [Fed officials don’t see any ‘urgency’ to cut rates.](~/AAQRxQA~/RgRoBTajP0R6aHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9uZXdzL2ZlZHMtd2lsbGlhbXMtYW5kLWJvc3RpYy1kb250LXNlZS1hbnktdXJnZW5jeS1vci1tYWQtZGFzaC1odXJyeS10by1jdXQtcmF0ZXMtMTQyNzQwNjg2Lmh0bWxXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) New York Fed President John Williams and Atlanta Fed President Raphael Bostic were both cautious about interest rate cuts, citing strong job growth and wages. While acknowledging the possibility of future rate adjustments, they emphasized patience and the need for data-driven decisions – particularly in light of recent inflation trends. ⤵️ [March home sales dropped despite a surge in supply.](~/AAQRxQA~/RgRoBTajP0RiaHR0cHM6Ly93d3cuY25iYy5jb20vMjAyNC8wNC8xOC9tYXJjaC1ob21lcy1zYWxlcy1kcm9wcGVkLWRlc3BpdGUtYS1zdXJnZS1pbi1zdXBwbHktaGVyZXMtd2h5Lmh0bWxXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Due to rebounding mortgage rates, previously owned home sales fell by 4.3% in March. Despite a slight increase in inventory by 4.7%, prices continued to rise, with the median hitting a record high of $393,500. Costco’s latest offering is a huge hit [Costco](~/AAQRxQA~/RgRoBTajP0SPaHR0cHM6Ly93d3cubWlhbWloZXJhbGQuY29tL21vbmV5L2Nvc3Rjby1pcy1zZWxsaW5nLW91dC1vZi1nb2xkLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlODFXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Getty Images Costco’s expansion into selling gold bars alongside its bulk offerings has been a huge hit, with experts estimating monthly sales revenue between $100 million and $200 million. But while the convenience and cash-back incentives may appeal to some buyers, Costco’s gold [also has some limitations.](~/AAQRxQA~/RgRoBTajP0SPaHR0cHM6Ly93d3cubWlhbWloZXJhbGQuY29tL21vbmV5L2Nvc3Rjby1pcy1zZWxsaW5nLW91dC1vZi1nb2xkLz94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlODFXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) 🚀 [Mortgage rates reach highest level since November.](~/AAQRxQA~/RgRoBTajP0ROaHR0cHM6Ly9lZGl0aW9uLmNubi5jb20vMjAyNC8wNC8xOC9lY29ub215L21vcnRnYWdlLXJhdGVzLTctcGVyY2VudC9pbmRleC5odG1sVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) The average 30-year fixed-rate mortgage reached 7.10%, a psychological barrier not crossed this year, amid expectations of no imminent rate cuts from the Federal Reserve due to persistently high inflation. 🛢️ [Oil holds near 3-week low.](~/AAQRxQA~/RgRoBTajP0RsaHR0cHM6Ly93d3cucmV1dGVycy5jb20vYnVzaW5lc3MvZW5lcmd5L29pbC1pbmNoZXMtdXAtYWZ0ZXItdXMtcmVpbXBvc2VzLXZlbmV6dWVsYS1vaWwtc2FuY3Rpb25zLTIwMjQtMDQtMTgvVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) Oil prices remained near a three-week low as investors weighed robust U.S. jobs data against global demand concerns. Brent futures rose slightly to $87.46 a barrel, while U.S. WTI crude increased to $83.07. Despite tensions in the Middle East, both benchmarks closed at their lowest since March 27, with increased interest in energy trading noted. Most older investors say retiring at age 65 is no longer feasible [Retirement](~/AAQRxQA~/RgRoBTajP0SQaHR0cHM6Ly93d3cubmV3c29ic2VydmVyLmNvbS9tb25leS9yZXRpcmVtZW50LWFnZS02NS11bnJlYWxpc3RpYy8_eGlkPW1jY2xhdGNoeSZ1dG1fc291cmNlPW1jY2xhdGNoeSZ1dG1fbWVkaXVtPXJzc19zeW5kJnV0bV9jb250ZW50PXRtc19pc3N1ZTgxVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) Money; Getty Images A recent survey of investors aged 55 to 65 reveals that most don’t foresee traditional retirement at 65, citing increased challenges and concerns about financial security. With longer lifespans and rising costs, many are rethinking retirement, with over 40% planning to work in retirement out of necessity and [22% expecting to retire later than planned.](~/AAQRxQA~/RgRoBTajP0SQaHR0cHM6Ly93d3cubmV3c29ic2VydmVyLmNvbS9tb25leS9yZXRpcmVtZW50LWFnZS02NS11bnJlYWxpc3RpYy8_eGlkPW1jY2xhdGNoeSZ1dG1fc291cmNlPW1jY2xhdGNoeSZ1dG1fbWVkaXVtPXJzc19zeW5kJnV0bV9jb250ZW50PXRtc19pc3N1ZTgxVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~)~/AAQRxQA~/RgRoBTajP0ScaHR0cHM6Ly9tb25leS5jb20vYmVzdC1wbGFjZXMtbGl2ZS1jb21tdW5pdHktcmVzaWxpZW50LWVjb25vbWljYWxseS10aHJpdmluZy8_eGlkPW1jY2xhdGNoeSZ1dG1fc291cmNlPW1jY2xhdGNoeSZ1dG1fbWVkaXVtPXJzc19zeW5kJnV0bV9jb250ZW50PXRtc19pc3N1ZTgwVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~ 📈 [Vanguard warns of Treasury market selloff.](~/AAQRxQA~/RgRoBTajP0RyaHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjQtMDQtMTgvdHJlYXN1cmllcy12YW5ndWFyZC13YXJucy0xMC15ZWFyLXlpZWxkcy1yaXNrLXNwaWtpbmctYmFjay10by01VwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) According to Vanguard, the Treasury market is on the verge of a significant selloff, with yields on 10-year bonds approaching 5%. A move past the critical 4.75% level could trigger a wave of selling, erasing gains made by investors who bet on a Fed easing cycle. 💰 [Climate change may cost $38 trillion a year by 2049.](~/AAQRxQA~/RgRoBTajP0RDaHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjQvMDQvMTgvY2xpbWF0ZS1jaGFuZ2UtZGFtYWdlcy0zOC10cmlsbGlvblcDc3BjQgpmIqOxImZtczrOUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) A new study published in Nature suggests climate change could cost the global economy $38 trillion a year by midcentury, far surpassing previous estimates. The research –which focuses on subnational regions– projects economic impacts based on changing climate patterns, revealing persistent and substantial damages.~/AAQRxQA~/RgRoBTajP0RXaHR0cHM6Ly9lZGl0aW9uLmNubi5jb20vMjAyNC8wNC8xMC9tYXJrZXRzL21hcmtldHMtZmFsbC1jcGktaW5mbGF0aW9uLXJlcG9ydC9pbmRleC5odG1sVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~ Smart Money Move Protect your finances from covered home repair surprises [Home Warranties] [Home Warranties] Worried about unforeseen home repair expenses? You’re not alone. With annual maintenance costs averaging nearly $20,000 for the average American, unexpected bills can wreak havoc on your budget. Fortunately, a reliable home warranty can help protect your covered household systems and appliances without draining your savings. Don’t wait for disaster to strike – act now. [Check out Money’s top picks for the best home warranties and protect your wallet from covered costly mishaps.](~/AAQRxQA~/RgRoBTajP0R3aHR0cHM6Ly9zZWN1cmUubW9uZXkuY29tL3ByL2U4NTkyNWE4NGE0Yj94aWQ9bWNjbGF0Y2h5JnV0bV9zb3VyY2U9bWNjbGF0Y2h5JnV0bV9tZWRpdW09cnNzX3N5bmQmdXRtX2NvbnRlbnQ9dG1zX2lzc3VlODFXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) Stories we're reading this week - [Bitcoin Halving: 4 Things That Will Happen After This Week’s Big Crypto Event](~/AAQRxQA~/RgRoBTajP0SKaHR0cHM6Ly93d3cuc2FjYmVlLmNvbS9tb25leS9iaXRjb2lucy1uZXh0LWhhbHZpbmctaXMtbmVhci8_eGlkPW1jY2xhdGNoeSZ1dG1fc291cmNlPW1jY2xhdGNoeSZ1dG1fbWVkaXVtPXJzc19zeW5kJnV0bV9jb250ZW50PXRtc19pc3N1ZTgxVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) - [Trump Stands To Make Another $950 Million From Trump Media—Unless The Stock Plunges Again](~/AAQRxQA~/RgRoBTajP0RjaHR0cHM6Ly93d3cuZmFzdGNvbXBhbnkuY29tLzkxMTA4MjMwL3RydW1wLXRvLWVhcm4tOTUwLW1pbGxpb24tdHJ1bXAtbWVkaWEtdW5sZXNzLWRqdC1zdG9jay1wbHVuZ2VzVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) - [Americans Say They Won’t Start a New Job Unless It Pays Nearly $82,000](~/AAQRxQA~/RgRoBTajP0SXaHR0cHM6Ly93d3cuY2hhcmxvdHRlb2JzZXJ2ZXIuY29tL21vbmV5L25ldy1qb2Itc2FsYXJ5LXJlc2VydmF0aW9uLXdhZ2UvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU4MVcDc3BjQgpmIqOxImZtczrOUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) - [Red Lobster Eyes Bankruptcy Option After $11m In Losses From Endless Shrimp](~/AAQRxQA~/RgRoBTajP0RraHR0cHM6Ly93d3cuZ29vZG1vcm5pbmdhbWVyaWNhLmNvbS9mb29kL3N0b3J5L3JlZC1sb2JzdGVyLWV5ZXMtYmFua3J1cHRjeS1vcHRpb24tYWZ0ZXItMTFtLWxvc3Nlcy0xMDkzNzYyMDZXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) - [When Social Security Recipients Will Get Their Checks in April](~/AAQRxQA~/RgRoBTajP0SCaHR0cHM6Ly9tb25leS5jb20vc29jaWFsLXNlY3VyaXR5LWNoZWNrLXRoaXMtbW9udGgvP3hpZD1tY2NsYXRjaHkmdXRtX3NvdXJjZT1tY2NsYXRjaHkmdXRtX21lZGl1bT1yc3Nfc3luZCZ1dG1fY29udGVudD10bXNfaXNzdWU4MVcDc3BjQgpmIqOxImZtczrOUht0cmlzdHJhbWJhbGR3aW44OUBnbWFpbC5jb21YBAAAA04~) - [United Said It Lost $200 Million From The Temporary Grounding Of The Boeing 737 Max 9](~/AAQRxQA~/RgRoBTajP0RoaHR0cHM6Ly93d3cuZm94YnVzaW5lc3MuY29tL21hcmtldHMvdW5pdGVkLXNhaWQtaXQtbG9zdC0yMDAtbWlsbGlvbi10ZW1wb3JhcnktZ3JvdW5kaW5nLWJvZWluZy03MzctbWF4LTlXA3NwY0IKZiKjsSJmbXM6zlIbdHJpc3RyYW1iYWxkd2luODlAZ21haWwuY29tWAQAAANO) - [Identity Theft: Who’s at Risk and How It Affects Their Lives](~/AAQRxQA~/RgRoBTajP0STaHR0cHM6Ly93d3cubWlhbWloZXJhbGQuY29tL21vbmV5L2lkZW50aXR5LXRoZWZ0LXZpY3RpbXMtc3RhdGlzdGljcy8_eGlkPW1jY2xhdGNoeSZ1dG1fc291cmNlPW1jY2xhdGNoeSZ1dG1fbWVkaXVtPXJzc19zeW5kJnV0bV9jb250ZW50PXRtc19pc3N1ZTgxVwNzcGNCCmYio7EiZm1zOs5SG3RyaXN0cmFtYmFsZHdpbjg5QGdtYWlsLmNvbVgEAAADTg~~) The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive The Money Section from The Charlotte Observer. 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