How to save money on your car costs this year

7 February 2024

With price hikes expected to continue for the remainder of the year, identifying ways to reduce some of our most substantial expenses is paramount.

Owning a car is often a necessity but can also be one of the largest drains on your finances. Fortunately, there are some ways to help you save money on your motoring expenses. We take a look at some of these below.

Insurance costs

As a legal requirement, you can’t escape the cost of insurance. What you can do, however, is reduce the overall cost of your premiums. Don’t assume because you stay with the same provider that you’ll always get the best deal. In fact, some renewing customers have been charged more without making a single claim.

If you do notice your premiums increasing, take a look at comparison websites to find the best deals available to you. Use this to haggle with your provider or go with a new one altogether. Always try to protect your no-claims discount, keeping a clean record to avoid sharp increases.

It may even be worth changing your vehicle if you find your insurance costs are too high. Usually, used car insurance is cheaper due to the vehicle being less valuable but this isn’t always the case. Searching for used cars for sale with advanced safety features, less expensive parts, and a less powerful engine will likely cost you less when it comes to insurance.

Maintenance costs

While maintenance costs will usually fall down to how many parts your car is made up of and the value of these, there are some ways to ensure maintenance is kept to a minimum. Prevention is the key here, including regular oil changes, screen wash level checks, and servicing.

While performing these duties doesn’t guarantee you won’t have vehicle troubles, it does significantly reduce the risk of maintenance costs and can increase the lifespan of your car. If you do ever need to visit a garage or service shop, ensure the price is competitive compared with other local providers.

And finally, the best way to reduce your maintenance costs is to drive safely on the road. That way, you also keep every other road user safe.

Fuel costs

Whether you commute for hours each day or find yourself doing lots of short trips, it’s important to know how you can save on fuel costs. Opting for a vehicle with great fuel economy will see you using less fuel during your travels and thus saving on refilling as often.

In addition, your driving habits can greatly affect your fuel usage. To maximise efficiency, keep your tyres inflated to the recommended amount and get your car serviced regularly. Also, avoid any heavy braking and use the heating systems sparingly.

You might also consider upgrading your vehicle to an electric one, removing the need to use fuel altogether. All you need to do is pay for the electricity used to charge your vehicle, which is generally much cheaper.

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