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92 million Americans out of work while IIHS recommends 12 used GM brands

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Today the Insurance Institute for Highway Safety named 12 models from current and former GM brands to its first-ever list of recommended used vehicles for teen drivers. The news could not have come at a better time for many parents searching for the perfect car encompassing a wealth of safety features for the new driver.

“GM continues to strive for outstanding safety performance in our vehicles,” said Jeff Boyer, vice president of GM Global Vehicle Safety. “Safety technologies also need to be paired with good judgment on the part of all drivers, including teens – keeping their eyes on the road, hands on the wheel and distractions to a minimum.” On a more daunting note the distraction for many parents are the job numbers, who are either underemployed, unemployed or counted as long-term shadow unemployed.

Escaping the unemployment, underemployment trap

According to a CBS report greater than 92 million Americans remain out of the labor force. “The labor force participation rate fell by 0.4 percentage point to 62.8 percent in April. The participation rate has shown no clear trend in recent months and currently is the same as it was this past October. The employment-population ratio showed no change over the month (58.9 percent) and has changed little over the year,” the bureau said in a statement.

The odds you’ll join the ranks of the long-term unemployed

How will this influence the purchasing power of many Americans? Although the news is great for American’s willing to finance a used car. Remember, It's important to understand two things: the current marketplace for interest rates and your personal financial situation.

“Raising the minimum wage, for example, is a step in the right direction for many, but it’s certainly not happening everywhere and it doesn’t guarantee a living wage. California raised its minimum to $9 per hour, but that’s a state with a very high cost of living.”

Large Cars

2011 and later Buick Regal: $13,500

2010 and later Buick LaCrosse: $12,900

Midsize Cars

2010 and Chevrolet Malibu built after November 2009: $10,900

2012 and later Buick Verano: $14,100

Midsize SUVs

2010 and later GMC Terrain: $14,900

2010 and later Chevrolet Equinox: $13,700

Large SUVs (GM brands swept this category)

2011 and later Buick Enclave: $19,900

2011 and later GMC Acadia: $17,800

2011 and later Chevrolet Traverse: $16,600

Midsize Cars

2009 and later Saturn Aura (no longer in production): $8,800

2005 and later Saab 9-3 (no longer in production): $4,000

Midsize SUVs

2008-2009 Saturn Vue (no longer in production): $7,700

These IIHS recommendations will help guide our customers as they seek safe and affordable transportation for their young drivers,” said Alan Batey, executive vice president and vice president, GM North America. “The technologies that help inexperienced teen drivers in many cases avoid crashes are found on many of our late-model vehicles.”

Will the long-term and shadow unemployed ever come back?

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Current Interest Rates

Loan Type

APR*

New (48 mo.)

2.99%

Used (48 mo.)

3.59%

*Rates are averages and may change on an individual basis. Auto loan rates provided by Bankrate.com

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