At the end of September 2018, there were 31.6 million cars registered on UK roads! That is a lot of money spent on cars last year. Buying and owning a car can be very expensive but there are many ways in which you can save money on the cost of running a car. UK Car Finance have put together a list of the ways you can save money and some of the things you may be doing that can cost you each month!
Switch to economical tyres
It can be very appealing to go for the cheapest tyres but spending a little bit more on economically friendly tyres can save you money in the long run. Cheaper tyres don’t perform as well as more expensive tyres and they can also use more fuel than needed. Economically friendly tyres are designed to improve performance and provide better traction and don’t need replacing as often. Which.co.uk put ‘eco’ tyres to the test and found that they have proven to save 6% on fuel!
Check your tyre pressure
Your tyres are really important and its vital that you look after them. Having the right tyres in good condition is crucial and it can also save you money! Regularly checking your tyre pressure can give you better fuel economy. And by regularly, we mean regularly! Tyres generally lose air at the rate of up to two pounds per month so we recommend checking your tyres at least once a month to make sure you’re getting the most out of your tyres and to also save you money.
Hunt around for the cheapest fuel
Convenience is key in this day and age and driving to your nearest petrol station to top up your tank is what most people would do. But have you considered shopping about before your petrol before you commit? There are a number of things you can do to save money next time you fill up. Take advantage of supermarket fuel cards such as a Morrison’s More Card which gives you 5 points per litre of fuel when you top up your tank at a Morrison’s petrol station. You can also compare the prices of fuel at your nearest petrol stations online on your smartphone. Just pop in your postcode and discover where the fuel in cheapest in your area!
Compare car insurance
Apart from your car itself, car insurance can be one of the most expensive motoring costs. Many people use price comparison site to save money on their car insurance, which is a great idea! This way you can find the cheapest car insurance deal that’s right for you. If you are a new driver, you may consider a insurance policy that is a telematics or ‘black box’ policy. This is when your vehicle is fitted with a small device which records how you drive and can lower your insurance costs. Usually, you will have a quarterly review from the insurance company and your payments will increase or decrease based on the quality of your driving. Basically, if you drive safely, you save money. Drivers can also save money on their car insurance if they pay annually rather than monthly.
Ditch the weight
Carrying unnecessary weight in your car can use a lot more fuel than you need to! Clear out your boot and get rid of the roof rack! On average, every 50kg of extra weight will increase your fuel consumption by 2%. These small savings can really benefit you if you make multiple journeys and will total up over the year.
Car share if you can
Car sharing is a great idea, especially in the workplace. Some companies have a car sharing policy in place which encourages employees to commute together when they live near each other. This is a great way to cut costs on fuel but it is also better for the environment as less cars are producing harmful emissions on the roads.
Drive more economically
The way you drive can actually save you money too! In 2017, the department for Transport reported that 48% of cars exceeded the national speed limit on Britain’s roads. According to the AA, driving at 70mph instead of 80mph could save you up to 25% in fuel! You should also always drive in the highest possible gear (whilst staying within the speed limit) as your car works harder in lower gears. If it’s a hot summer’s day, you should use your air conditioning at higher motorway speeds and open your windows at lower speeds. This is because wind creates more drag through your car and makes it work harder.
About the author: UK Car Finance are a leading car finance provider based in the North East of England. UK Car Finance strive to make car finance accessible for everyone and gives customers the power to take back control of their car finance deal. Using their car finance calculator, applicants can work out their likely loan amount before they even apply! They also provide many thought leadership pieces across the internet on all things motoring and finance.