The cost of living has been rising lately and everyone feels it in their pockets. One of those costs that seems to be constantly on the rise is running your car.
As life continues to get more expensive, the experts at Wessex Fleet have come up with seven ways you can lower your bills. Particularly helpful with National Insurance contributions and energy bills that skyrocketed in April.
The tips range from upgrading your car to an electric vehicle to saving pennies. All the way down to a simple change you can make to your insurance.
1. Modify your job title on your insurance
Insurance companies evaluate your policy on a wide range of “risk” factors when calculating how much your premium will cost. This includes what your job title is and how much risk is associated with it.
Adjusting your job title, while remaining precise, can save you money. MoneySavingExpert said that one user saved £100 by using “software” instead of “computer games” in their title.
2. Leasing a car instead of buying it outright
If you’re considering buying a new car, you may not be able to afford one outright. Leasing a car with a finance company can be a great way to rent a car with lower monthly payments for a set period of time.
At the end of the deal, you can usually choose to keep it or return it. You can choose between installment purchase (HP) and personal contract purchase (PCP) to decide which is best for you and your financial situation.
Auto financing options are usually guaranteed for a few years, so any repairs or maintenance will be covered. This could end up leaving you with fewer unexpected payments.
3. Keep your tires inflated
Petrol prices have been on the rise, and even with the 5p fuel tax cut announced in the Spring Statement, they are still higher than they were six months ago. Although your fuel demand may depend on uncontrollable circumstances, such as traveling for work, there are several tips you can follow to reduce fuel consumption.
Keeping your tires inflated to their recommended capacity can help save pennies. Low tire pressure can increase your car’s drag, which uses more fuel.
Keeping car clutter to a minimum and removing anything you don’t need can also help. It’s also good to drive economically and search for fuel.
4. Add Experienced Drivers to your car insurance
Did you know that insurance companies reduce their prices if you add an experienced driver and a clean driving license? This is because insurance companies assume that you will spend less time driving and therefore have less chance of getting into an accident while carpooling. With your permission, you should experiment with adding different friends or family members to your policy.
5. Shop for car insurance to save £264 on average
Depending on your age, driving record, the car you drive, and even your job, your car insurance can be quite expensive. Even if it’s lower than others, it’s still an important expense to consider when budgeting. The best way to save on your car insurance is by comparing prices online.
Using comparison websites can show you the best possible deals based on your information, which can save you up to £264 on average. If you’re a young or new driver, you might consider installing a black box to keep costs down.
Just make sure the cheapest option you prefer has the best coverage for you; You can even get freebies if you use specific providers, so shop around before you buy an insurance product.
6. Save £182 by washing your car at home
Depending on the type of car wash you visit, you can save a great deal of money by doing the work yourself at home. As experts suggest you should wash your car every two weeks to prevent dirt and grime from building up on the bodywork, it could end up costing you £182 a year if you visit a BP or Shell garage for an automatic wash and dry every fortnight. , at £7 a time.
This cost will increase significantly if you valet your car each time to clean both the interior and exterior, including polishing and waxing, with the average cost of a full valet in London coming in at £45. Using the same bi-weekly example, this would cost £1,170 in the space of a year.
Instead, washing the car at home is a very simple task. The shampoo and wax you’ll need are also very cheap, compared to regularly visiting automatic or manual car wash places.
7. Transition to an EV and save £1,038 per year
Although buying an EV will cost more in the short term if you decide to buy it outright, you can save a lot of money in the long run by switching to an electric vehicle (EV). It has been estimated that you can save around 11 pence per mile by driving an EV instead of a petrol alternative.
Based on the average British driver traveling 7,600 miles per year, around £858 in fuel costs can be saved by switching to an EV. If you then charge your EV at home, the annual electricity cost would average £342, while the equivalent petrol costs would be £1,200.
Plus, you can also save on vehicle tax, as zero emission electric cars pay no road tax at all, saving £180 in the first year and £150 each year after, compared to most petrol cars and diesel. So, factoring in fuel and tax savings, you could see yourself saving over £1,000 a year.
You can also receive a £1,500 government grant to help reduce the price of buying a new EV if you qualify, such as the car costing £32,000 or less and having CO2 emissions of less than 50g/km .
For more stories from where you live, visit InYourArea