If you’re like most of us, the chances are that you don’t know precisely how much it costs to own and run a car each year.
In fact, studies have shown that it costs an average of £3,406.80 each year to run a vehicle in the UK, while this figure can increase to as much as £5,744.40 in instances where you’ve taken out finance to buy your car.
These are substantial sums, so what steps can you take to save money as a motorist? Here are some tips to keep in mind:
- Get Cashback on Fuel Purchases
One of the best ways to keep your hard-earned cash is to seek out incremental savings, through everything from the components and materials that you buy to the everyday cost of fuelling cars.
For example, the cost of fuel (which is the most expensive part of motoring on a daily, weekly or monthly basis) can be reduced simply by seeking out cashback-cards that offer a small percentage return on the amount that you spend within a predetermined time-frame.
Typically, you’ll be eligible to receive between 5% and 10% cashback on your fuel purchases, which can lead to incremental gains over time.
- Buy Economical Tyres
While minimising the cost of fuel is central to your chances of saving money, the type of tyre that you fit to your car may have an impact on performance and your total spend as a motorist.
Although you should look to invest in economical tyres where possible, we’d recommend avoiding the cheapest possible options.
The reason for this is simple; as such tyres perform much worse than even slightly more expensive alternatives, while they can also increase stopping distance, diminish handling and undermine your fuel economy creating additional costs in the future.
- Consider the Importance of Gap Insurance
On a similar note, you may be tempted to minimise the cost of insurance coverage as a driver. However, while opting for the cheapest and most basic salary may save you some money initially, this could trigger seismic repair and maintenance costs going forward.
Make no mistake; bespoke coverage that’s tailored to suit your own circumstances can be worth its weight in gold, even if this increases your initial costs and triggers longer-term savings.
The question that remains, of course, is whether gap insurance is worth your time? The short answer is yes, as this provides financial protection and minimises losses in instances where your car is written off in an accident.
- Become a Better Driver
They say that you should always drive gently when your car is cold, as it’s at this time when the vehicle is at its least efficient and more likely to waste fuel.
However, we’d also recommend driving safely and efficiently at all times and in all weather, taking particular care when transitioning between gears and accelerating.
This will help to protect your car and optimise its condition, maximising its potential resale value in the future.