Many drivers could never imagine a life without their car. However, the cost of owning and running a car has increased in the past few years. There are many aspects of running a car which can be costly, from insuring your car to refuelling at the fuel station, it can be hard to keep on top of what seems like constant payments. Read our top tips below on how to reduce your car running costs and how to save money.
1. Compare fuel prices.
One of the most obvious running costs is paying for fuel. Fuel prices have been very turbulent over the past few years but unfortunately, without it, you’d not be going anywhere! Following our top fuel-saving tips will help you use less fuel while on the road and save you money. When you’re ready to fill up, shopping around for the best fuel prices can be a good idea. You can do this by downloading an app like Petrol Prices to find the cheapest fuel near you. You could consider financing a hybrid or electric car if you want to scrap fuel costs and lower your running costs altogether.
2. Ditch the weight.
One of our best fuel-saving tips is to clear out your car. The more your car weighs, the more fuel it will use. Many of us are guilty of using our vehicles as a space for storage but it can be costing you! Regularly clearing out your car and reducing the weight of the vehicle can help to save you money. If you have a roof rack, it can be a good idea to remove it when you’re not using it as it can increase weight and create drag on the vehicle while driving.
3. Inflate your tyres.
Maintaining your tyres at the correct tyre pressure can help you to save money. Underinflated tyres use more fuel and overinflated tyres can be more susceptible to damage. If you’re unsure, find out how to check your tyre pressure and make sure they’re inflated correctly. It’s an easy car maintenance job you can do at home and keep on top of to save you money!
4. Keep on top of servicing and MOT.
In some cases, you need to spend money to save money and in this case, maintaining your vehicle can cut your car running costs. Your car’s MOT and servicing needs are key to prolonging its lifespan and ensuring it’s road-worthy. An MOT is a legal requirement and you must pass an MOT and get a valid MOT certificate to prove your vehicle is in good condition. You’ll need to have an MOT on your car every year once it’s older than 3 years old. A car service is not a legal requirement but annual car servicing is essential to increase the resale value of your car and preserve its longevity.
5. Find cheap parking.
When you’re out on the road, visiting the city, or on a family road trip, it can be hard to find free parking. Parking charges can be affected by where you park (city centres tend to be more expensive) and the time of day you park (evening and nighttime parking tend to be cheapest). If you want to save money on parking charges, you could consider using a smartphone app like Just Park which shows you the cheapest car parking spaces in your area.
6. Stick to the speed limit.
Ok, so you should never exceed the speed limit anyway as it is illegal. However, you’d be surprised how many drivers still speak on UK roads. You may feel like it gets you to your destination faster but it will also waste more fuel and cost you money. Not only that but speeding increases the likelihood of a road accident or collision occurring too. Accelerating quickly and braking harshly can also put your vehicle under additional strain and wear the parts down faster.
7. Drive smooth.
The way you drive your car can affect your running costs. To help cut your car running costs, you should drive like you’re a learner. This means driving smoothly, changing through the gears when needed, accelerating slowing and gradually braking to bring the car to a stop. When you are harsh on the accelerator, speed up and slam on the brakes, it puts your car under more pressure and wastes fuel in the process.
8. Compare insurance rates.
One of the biggest car costs drivers face is car insurance premiums. Car insurance is a legal requirement for any vehicle driven on UK roads so unfortunately it’s unavoidable. First-time drivers tend to face the highest car insurance rate due to their lack of driving experience. Due to this, they may try to get car insurance with a black box to help lower their premium. However, these deals require a black box to be fitted to your vehicle to track your driving style and your premium could increase if you drive recklessly. Alternatively, you should take some time to compare car isurance rates to find the cheapest one available to you.
9. Get outside.
If you want to cut your car’s running costs and get fit in the process, you could consider ditching the car and walking to your destination. Whilst it’s not a viable solution for all journeys, walking instead of driving can help to save you money. Many of us get into the habit of always taking the car when we need to go somewhere but using your car for short journeys can affect its lifespan. If you can, consider walking instead of driving or combining your journeys instead of making multiple short trips a day.
10. Refinance your car loan.
If you currently have a car on finance and are looking to cut your car costs, you could consider refinancing your car loan. Refinancing a car loan is when you place your current finance deal with a new one, usually with better terms. Once you’ve made more than half your car finance payments, you can apply with a lender to see if they could refinance your car. A new loan with better terms or lower monthly payments can help you to save money.
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