Here are three signs that people worldwide are feeling a lasting economic pinch in 2023:

• Eight in 10 U.S. adults believe that 2023 will be a year of economic difficulty, with higher taxes and a growing budget deficit, according to a Gallup poll released in January.
• Global economic growth is projected to fall from an estimated 3.4% in 2022 to 2.9% in 2023, according to the International Monetary Fund.
• Persistently high inflation in every country has whittled away at real income, according to the United Nations.

In this environment, as interest rates swell alongside the prices of basic necessities, anyone in need of a new car may be wondering which vehicles are likely to cost them the least when it comes to auto insurance. "Comparing cars based on expected insurance costs is important for anyone shopping for an affordable vehicle," WalletHub writer Milvionne Chery Copeland deducted in a recent article about which vehicles tend to be the cheapest to insure. "The car with the cheapest sale price might not be the cheapest overall, with all costs considered." The slideshow above illustrates the least expensive cars to insure, according to WalletHub. Insurance advisors can share research such as this with clients who find themselves shopping for a new vehicle despite higher interest rates and an overall tightening economy. See also:

• Entrepreneur: The 10 most affordable U.S. states in 2023
• The 10 most affordable home insurance companies
• Cheapest car insurance companies for 2022