Driving a car can be a very costly thing, especially when supply chains are being disrupted, and the cost of fuel is stratospheric.
Anything we can do to save money while we’re on the road is certain to improve our experience – and, happily, there are several easy wins to be found by those willing to employ a few savvy strategies.
The cost of motoring
In the recent budget, chancellor Jeremy Hunt announced a freeze on fuel duty. The cut of 5p a litre would be extended into 2024, saving the average driver a reported £100 per year. Despite this, the price of petrol is still very, very high, up from just over a pound per litre in early 2020 to more than £1.40 today. This is some way short of the £1.80 we saw in the middle of 2022, but it’s still substantial.
And it isn’t just fuel that’s a problem. Inflation is pushing up the cost of spare parts and servicing, with some garages pushing up prices by a staggering 90%. The ONS reports that the cost of maintaining a car has risen by around 15%, which is well above even today’s high rate of inflation.
Tips for saving money
So, how can we limit these costs? There are a few ways worth mentioning.
Consider a used vehicle
When you buy a new vehicle, you’re accepting the fact of depreciation. This is the loss of value the car will experience, which is most acute during the first few years on the road. You might find that the value of your car is cut in half after three years.
Of course, if you’re willing to delve into the used market, you can avoid all of these problems. Used cars from reputable dealers will help you limit the costs, while still getting something that feels as good as new.
Shop for cheaper fuel
Do some research and determine which of your local filling stations is cheapest. You don’t need to drive around to do this: online tools and word of mouth make it easy to check. Obviously, the further out of the way you’re driving, the less worthwhile any savings might be.
Drive smoothly
Excessive speed and braking will accelerate wear and tear, and cause you to spend more money on fuel. What’s more, you’re less likely to be fined for speeding. Efficient driving is a skill that should be consciously built over time: acquaint yourself with the principles, and you stand to save money.
Shop around for insurance
Just as you shopped around for petrol, it’s worth shopping around for insurance. Don’t just blindly renew with the same provider every year. Look into how much you stand to save, and put in a few phone calls!