ePrivacy and GPDR Cookie Consent by Cookie Consent 8 TIPS TO REDUCE YOUR CAR RUNNING COSTS

8 TIPS TO REDUCE YOUR CAR RUNNING COSTS

Along with everything else at the moment, motor costs are rocketing.

It’s estimated Britain’s 36 million car owners spend around £3,000 per year running their vehicle. Expensive petrol prices, insurance premiums and the annual service, added to the current cost of living crisis, is putting extra strain on many motorists according to nimblefins.co.uk.

Here are a few of our top tips to make sure your motor doesn’t drive you into the red.

  1. Look out for cheaper fuel - Supermarkets generally sell the cheapest petrol and have the same British standards as the bigger oil companies. Download a fuel price app to track where the cheapest petrol is locally and avoid pricey motorway service stations at all costs! Check out petrolprices.com .

  2. Watch how you drive - Driving fast, braking hard and not changing gear frequently enough can all have an impact on fuel consumption. Driving at 70mph uses 9% more fuel than driving at 60mph, and 15% more than driving at 50mph. So slow down to reduce how often you need to fill up.

  3. Check your tyres - Do regular tyre checks (at least monthly) to make sure your tyres are pumped up to the correct pressure (your car’s manual can help with this). A drop in tyre pressure of just 0.4 bar, or six PSI, can increase fuel consumption by as much as 20%.

  4. Turn off the air-con - Similar to tyre pressure, using your air-con can increase fuel consumption by as much as 25% according to the National Energy Foundation. It’s more efficient to open the car windows instead – unless you’re travelling at more than 60mph when the drag created is so high that it’s better to turn on the air-con!

  5. Remove the roof-rack - Even an empty roof-rack can add around 15% to your fuel bill, so it makes sense to take it off when not in use. Avoid heavy loads in the boot and cycle racks, too.

  6. Use your insurance extras - Car insurance costs an average of £500 a year, but many people don’t take advantage of all the extra benefits their insurance has to offer, such as free or cheap breakdown cover and windscreen repair.

  7. Install a black box - Some insurers offer cheaper premiums if you allow them to install a black box device to your car which uses technology to track and record driving behaviour. The goal is to base insurance premiums on how much you drive and how safe (or risky) you are behind the wheel (not speeding, not braking too hard), potentially saving you money on future premiums.

  8. Keep up with regular maintenance - Don’t skimp or avoid your annual car service as you could end up paying out more long term when parts break down. Car dealers often provide service plans which can work out cheaper and help you spread the cost; you can also negotiate on the price of a plan whether you are buying second-hand or new.

Posted in Budgeting on Oct 11, 2022.

Jason Bovington

Written by Jason Bovington - COO

Jason became Chief Operating Officer in July 2022. He joined Everyday Loans initially in 2006 as part of the start up team implementing the credit risk strategy and building the analytical capability as Head of Credit Risk and Analytics. In his time with Everyday Loans he has also held the roles of Chief Risk Officer and Chief Credit Officer. Prior to joining Everyday Loans Jason spent 10 years at HFC Bank with his last role there being Credit Risk Director and prior to that he was part of the Credit Risk team at Lloyds TSB.

You may also like...

Dundee Branch Opens!

Dundee Branch Opens!

EVERYDAY LOANS BRINGS ITS POPULAR FACE-TO-FACE LENDING APPROACH TO DUNDEE The UK’s largest branch based lender of unsecured loans, specialising in helping those with less-than-perfect credit, is bringing its popular face-to-face lending approach to...

Are Bad Habits Costing You a Fortune?

Are Bad Habits Costing You a Fortune?

Bad habits are easy to develop, usually through stress or boredom. They’re also difficult to break because they become hardwired in our brain as part of everyday life. Many bad habits damage our finances as well as our health. Yet we persist with the...

Everyday Loans becomes one of the first sub-prime lenders to sign the Women in Finance Charter

Everyday Loans becomes one of the first sub-prime lenders to sign the Women in Finance Charter

Everyday Loans joins on the second anniversary of the HM Treasury initiative and is now working with 366 other signatory firms – from global banks to credit unions, large insurance companies to small start-ups – to build a more balanced and fair indu...

Terms of Use:

The Everyday Loans News and Blog area is for informational purposes only. The information provided shouldn’t be seen as advice. Using any information in the blogs or news articles is at the reader's risk.

The information posted is accurate and true to the best of Everyday Loans knowledge at the time of publication.

Everyday Loans doesn’t accept liability for the information provided on third-party websites. It reserves the right to edit, amend, or remove any post at any time without notice. The external links in the blogs are not affiliate links, and Everyday Loans won’t receive any commission if the reader clicks on the link.