There are several ways to save money on your car during the cost of living crisis.
The average cost of car ownership
The average cost of car ownership in the UK can vary depending on a number of factors such as the type of car, the age of the car, the cost of living in local area, and the location of the owner. However, according to a survey conducted by the UK-based automotive website What Car?, the average cost of car ownership in the UK in 2021 was £217 per month or £2,604 per year.
This includes the cost of fuel, insurance, road tax, maintenance, and repairs. It does not include the cost of the car itself, as this can vary widely depending on the make and model.
It is worth noting that the cost of car ownership can vary widely depending on individual circumstances, and some people may be able to reduce their costs by utilising some of the tips below.
Consider buying a fuel efficient car
If you are in the market for a new car, consider a more fuel-efficient model. Electric cars, hybrids, and fuel-efficient petrol or diesel cars can help you save money on fuel costs in the long run. When looking to buy a fuel-efficient car, there are several factors to consider.
Fuel economy
Look for cars with high miles per gallon (mpg) ratings. Compare the fuel economy of different models and makes to ensure that you get the best possible mileage.
Engine size
Cars with smaller engines tend to be more fuel-efficient than those with larger ones. Consider the type of driving you do and the size of the car you need.
Transmission
Automatic transmissions tend to be less fuel-efficient than manual ones. However, newer automatic transmissions are becoming more fuel-efficient.
Weight
The lighter the car, the less fuel it will consume. Look for cars made with lightweight materials.
Aerodynamics
Cars that are designed with better aerodynamics tend to use less fuel. Look for cars that have been designed with streamlined bodies.
Hybrid or electric
Consider buying a hybrid or electric car. These cars can be more expensive than traditional gasoline-powered cars, but they offer significant fuel savings over time.
By considering these factors, you can make an informed decision when buying a fuel-efficient car that will help you save money on fuel and reduce your environmental impact.
Regular maintenance
Maintain your car
Keeping your car properly maintained can help improve its fuel efficiency. Regular oil changes, air filter replacements, and tire pressure checks can all help improve your car’s fuel economy.
By keeping your car properly maintained, you can avoid costly repairs down the road.
Prevent costly repairs
Regular maintenance can help identify potential problems early before they become major repairs that are more expensive to fix.
Increase fuel efficiency
Regular maintenance, such as oil changes and tire rotations, can help keep your car running smoothly and increase fuel efficiency, saving you money on fuel costs over time.
Extend the lifespan of your car
Proper maintenance can help extend the lifespan of your car, which can save you money on the cost of purchasing a new car.
Help maintain resale value
A well-maintained car can have a higher resale value than a poorly maintained car, which can help you get more money when it is time to sell or trade in your car.
Lower insurance costs
Some insurance companies offer discounts for well-maintained used cars only, as they are considered to be less risky to insure.
Overall, regular maintenance can help keep your car in good condition and save you money on the cost of ownership over time. By scheduling regular maintenance appointments with a trusted mechanic, you can help keep your car running smoothly and avoid costly repairs in the future.
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Car sharing
Consider car sharing with co-workers or friends to cut costs and save on fuel and wear and tear on your vehicle. You can also a smaller car or investigate public transportation or biking for shorter trips. Car sharing can help with car expenses in several ways.
Reduce fuel costs
By car sharing, you can split the cost of fuel with other passengers, reducing the overall cost of fuel and saving money for everyone.
Lower vehicle maintenance costs
Sharing a car can help reduce the wear and tear on your car, which can lead to lower vehicle maintenance costs over time.
Reduce insurance costs
Car sharing can lead to lower insurance costs as the insurance premium can be split among multiple drivers.
Lower parking costs
By car sharing, you may be able to split the cost of parking and car costs, which can be expensive in urban areas.
Reduce car payments
If you have a car loan or lease, sharing a car can help reduce the overall cost of car payments.
Overall, car sharing can be a cost-effective way to reduce car expenses, especially for those who do not use their car daily or for long distances. Additionally, car sharing can help reduce traffic congestion and environmental impact by reducing the number of cars on the road.
Saving on car insurance costs
Shop around for insurance
It is a good idea to periodically shop around for car insurance to make sure you are getting the best rates. Look for discounts for safe driving, bundling policies, and other factors that could lower your premiums. Get quotes from multiple insurance companies and compare their coverage and prices.
Increase your excess
Increasing your excess can lower your monthly premium. Just be sure you have enough savings to cover the higher excess in case of an accident.
Ask about discounts
Many insurance companies offer discounts for safe driving, multiple policies, or low mileage. Be sure to ask about any available discounts for which you may qualify.
Consider dropping collision or comprehensive coverage
If your car is older and has a low resale value, it may not be worth paying for collision or comprehensive coverage. Be sure to weigh the costs and benefits of dropping these coverages.
Maintain a good driving record
Maintaining a good driving record can help you avoid accidents and traffic violations, for many drivers which can raise your insurance rates.
Bundle policies
If you have multiple insurance policies, such as home and auto insurance, bundling them with the same insurance company can often result in better deal, substantial savings and in lower rates.
Consider usage-based insurance
Some insurance companies offer usage-based insurance, which uses a device in your car to track your driving habits and adjusts your rates accordingly. If you are a safe driver, this type of insurance can result in lower rates.
Getting the best fuel prices
Shop around for fuel
Fuel prices can vary widely between different fuel stations. Use apps or websites to find the cheapest petrol and diesel prices in your area. Websites such as PetrolPrices and FuelWatch by the RAC give information on the latest fuel prices in your area.
Driving Smoothly
Yes, your driving style smoothly can help you save on fuel costs! An aggressive driving style, such as rapid acceleration and hard braking uses more fuel and can lower your car’s fuel efficiency.
Accelerate gradually
Gradually accelerating from a stop and maintaining a steady speed can help improve your car’s fuel efficiency. Avoid hard acceleration or rapid changes in speed.
Use cruise control
If your car has cruise control, use it on the highway to maintain a steady speed and help save on fuel.
Anticipate traffic
Keep an eye on the road ahead and anticipate traffic conditions to avoid sudden stops and starts.
Coast to a stop
When approaching a red light or stop sign, coast to a stop instead of hard braking at the last minute.
Avoid idling
Idling your car for prolonged periods uses fuel unnecessarily. If you are going to be parked for more than a minute, turn off the engine to save on fuel.
By driving smoothly and avoiding aggressive driving habits, you can help improve your car’s fuel efficiency and save money on fuel costs.
Drive efficiently
Try to drive smoothly and maintain a steady speed to improve your fuel economy.
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Other ways to make your car more fuel-efficient
There are several steps you can take to make your car more fuel efficient.
Use the correct fuel
Using the correct fuel for your car can help improve its fuel efficiency. Check your owner’s manual for the recommended fuel type.
Use air conditioning sparingly
Using the air conditioning in your car can reduce your fuel efficiency. Use it sparingly and try to use the fan instead when possible.
By following these steps, you can help improve your car’s fuel efficiency and could save hundreds of pounds on fuel costs.
Plan your trips
Plan ahead
Planning your trips ahead of time can help you save money on fuel and avoid traffic, which can also help reduce wear and tear on your car.
Plan your route
Avoiding traffic congestion and taking the most direct route can help improve your car’s fuel economy. Use GPS or navigation apps like Waze to plan your route before you leave.
Whether your travel is short or long, you can plan the right route for the best price and can save fuel. Obviously, you should not be trapped by traffic on fast, congestion-laden streets. A continual stop and start causes unnecessary fuel consumption. Auto roads offer great efficiency and can save you time – this is why most cars with satnav systems recommend using them despite your travel distance being some distance too long for an alternative route. Likewise, consider the idea of combining travels if possible.
Get your road tax annually
Every motorist in the UK must pay a tax on the vehicle they drive. It is used for maintaining clean streets as well as funding roads and repairs required. Drivers can choose whether to pay their taxes on their road in one year or monthly. Road taxes should be collected with a single payment. Single payments yearly are the cheapest option.
Make effective use of your warranty
If your car breaks you should find the fault early. Using a guarantee to repair a car can help you save money overall, especially as it will cover good quality parts.
Getting cashback on fuel prices
There are several ways to get cashback when buying fuel for your car.
Cashback credit cards
Some credit cards offer cashback rewards for purchases, including fuel purchases. Look for credit cards that offer cashback on fuel purchases and use them to pay for your fuel.
Cashback apps
There are several cashback apps available that offer cashback rewards for fuel purchases. These apps include TopCashback, Quidco, and CheckoutSmart. Simply download the app, link it to your fuel purchase, and earn cashback rewards.
Fuel loyalty programs
Many fuel stations offer loyalty programs that allow you to earn points or cashback rewards for fuel purchases. Look for loyalty programs at your local fuel station and sign up to start earning rewards.
By using these methods, you can earn cashback rewards when buying fuel for your car and save money on fuel costs.
Check your tyres
To make your car tyres more efficient, there are some tips and several things you should check.
Tyre pressure
Check your tyre pressure regularly, at least once a month, and make sure it is at the recommended level. Underinflated tyres can lower your fuel efficiency and cause premature wear.
Tread depth
Check the tread depth of your tyres regularly, as worn tyres can affect your car’s handling and fuel efficiency. The minimum legal tread depth in the UK is 1.6mm, but it is recommended to replace your tyres at 3mm.
Alignment
Check your wheel alignment regularly, as misaligned wheels can cause your tyres to wear unevenly and lower your fuel efficiency.
Wheel balancing
Make sure your wheels are balanced properly, as unbalanced wheels can cause vibration and wear on your tyres, which can lower your fuel efficiency.
Type of tyres
Consider the type of tyres you are using, as some types of tyres are more fuel-efficient than others. Look for tyres with low rolling resistance, which can help improve your fuel economy.
By checking these factors regularly, you can help ensure your vehicle and tyres are efficient and can help you save money on fuel costs.
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Save on parking fees
Here are some ways to save on parking fees.
Park further away
If you are willing to walk a bit further (and get some steps in!), you can often find free or cheaper parking further away from your destination. Just make sure to check the local parking rules and regulations to avoid getting a parking ticket.
Use public transportation
If you are traveling to a busy area, consider using public transportation instead of driving. This can save you money on parking fees, as well as fuel and maintenance costs.
Park in a free or discounted lot
Some shopping centres, restaurants, and other businesses offer free or discounted parking to their customers. Look for these options in your area.
Use parking apps
There are several parking apps available that can help you find cheaper parking options. Some apps, such as Parkopedia and ParkMe, and JustPark can help you find parking spots and compare prices.
Look for deals
Check online for parking deals and discounts, especially if you are going to a popular event or attraction. Sites like Groupon and LivingSocial often offer discounted parking deals.
By using these methods, you can save money on parking fees and put that extra cash towards other expenses.
Avoid customising your car
Avoid unnecessary expenses like customisations or upgrades to your car that will not improve its performance or resale value.
Customizing a car can be cost-efficient or expensive depending on the modifications you make and the reasons behind it. If you are customizing your car to improve its performance or efficiency, it can be a cost-effective option in the long run. For example, adding fuel-efficient components like a cold air intake or a high-flow exhaust system can save you money on fuel costs over time.
However, if you are customizing your car for purely aesthetic reasons, it can be more expensive and less cost-efficient. For example, installing custom rims or adding a body kit may make your car look nicer, but it will not improve its performance or fuel efficiency, and it could decrease its resale value.
It is important to note that some modifications may affect the safety and performance of your car, so it is important to consult a professional mechanic or engineer before making any significant changes.
Reduce the weight in your car
There are several ways to reduce the weight in your car, such as removing unnecessary items from your boot, backseat, or attachments such as roof racks, bike racks, and other attachments. Use lighter wheels and replace heavy parts with lighter ones.
Improve fuel efficiency
The lighter your car, the less fuel it needs to move, which can help improve your car’s fuel efficiency and save you money on fuel costs.
Reduce maintenance costs
Heavy cars can put more strain on the suspension, brakes, and other components, which can lead to increased wear and tear and higher maintenance costs. By reducing the weight of your car, you can reduce the stress on these components and potentially lower maintenance costs over time.
Lower emissions
Lighter cars typically produce fewer emissions than heavier cars, which can help reduce your carbon footprint and potentially lower your car’s road tax.
Improve handling and performance
A lighter car can have improved handling and performance, which can make driving more enjoyable and potentially reduce the risk of accidents.
How we can help you
One of the easiest ways to save money on your car is to look at refinancing your car for a better deal.
Learn about the best car financing options to help you drive away in your next dream car. Take the first step towards getting approved for prestige and luxury car finance now.
Call us now on 0330 174 8540 for a no obligation discussion
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