Here are some top tips on how to slash the cost of running your car. From car-sharing schemes to renting out your parking spot, these tips could help you save over £1,000 a year!
- Reduce the cost of your MOT
Whilst there is a maximum test fee set by the government of £54.85, this doesn’t mean that you’ll always have to pay that to get your MOT sorted. Some garages will offer reduced fees to attract new customers, so always check out your local garages before you book your test.
- Make money from your parking space
If you’ve got an empty driveway, spare parking space or a garage you don’t use, you can put the space up for rent on various different websites such as YourParkingSpace or JustPark and make some extra money back from your otherwise empty space. The prices vary depending on where you live, so if you have a space in a busy area, you could be looking at some serious cash every month!
- Join a car-sharing scheme
With increased public transport and petrol costs, car-sharing can drastically reduce your outgoings and according to liftshare.com it could save you up to £1,000 a year in fuel costs! If having a stranger in your car would put you off this option, see if any of your colleagues at work live nearby to help save money on fuel costs.
- Invest in a car with low emissions
If you’re in the market for a new car, cars with low CO2 emissions are exempt from car tax charges, whereas new diesel and petrol cars incur a big chunk of money in car tax. In addition to cutting your costs with a green car, you’re also helping the planet!
- Find cheap car parts
If your car needs fixing or needs a part replacing, try searching for used car parts on AutoTrader’s used car part finder. They are salvaged by experts to ensure top quality and they reduce the cost of fixing your car by a great amount.
- Drive more efficiently
Some simple things such as removing unnecessary weight from your car, not overusing the aircon, driving smoothly, changing gears properly and ensuring your tyre pressure is at the correct level can all contribute to helping you save fuel!
Also, check out the following things:
Car insurance: Although your car insurance might feel like a large outgoing, it’s actually one of the easiest areas where you could save money. All you need to do is shop around. If you’re up for renewal, consider switching insurers as you might not currently be paying the best deal that’s already out there. Our latest research found that drivers who shopped around during at the end of 2021 saved £36 compared to the price at the end of 2020. If you can afford to, also consider paying for your policy annually. Monthly payments might help you to budget in the long run, but it’s likely you’ll end up paying interest on top.
Maintenance: It’s also possible to make savings on your car maintenance costs, which includes MOTs and cleaning. This costs add up to around £424 per year, but could be more if you don’t look after your vehicle. If your vehicle is due its MOT, make sure you prepare your vehicle properly so that you can avoid failing (and even a costly bill on top if you need to pay for repairs). If you’re not sure how your can prepare your vehicle to pass its MOT. Essential checks include:
- Lights – are they working correctly?
- Tyres – are they at the correct pressure and is the tread depth of the legal limit?
- Vehicle body – are your brakes, horn and steering all working properly?
- Windows and mirrors – is anything obstructing your view and is there any damage to the wiper blades?
- Documentation – make sure that your Vehicle Identification Number (VIN) matches the number in your car’s log book
Getting your car serviced before its MOT will ensure that your car is road safe and you’re not driving illegally. If you do need repairs, don’t be afraid to ask around for different quotes from reputable garages, as you might be able to save money here too.
Fuel: The price of fuel is the topic of conversation right now, with the latest figures showing that fuel prices are rising rapidly. Our latest research found that two in five (40%) UK drivers are making a conscious effort to drive less in order to save on fuel at the moment. You might not be aware, but there’s things you can do to save money on fuel when you drive. These includes:
- Removing excess weight from your car – empty the boot of items you don’t need, or remove bike racks to make your car lighter
- Inflating your tyres to their correct pressure – the surface area that’s in contact with the
- road increases when a tyre is under-inflated. The more surface area in contact with the road, the more drag on the wheel.
- Avoiding your engine being idle – you’ll burn less fuel if you just turn off your engine than restarting when you need to move again
