What does your car cost you?

Ways to lower car costs

In the current economic climate you might be wondering what, if anything, you can do to increase the money coming in, but it pays just as well to look at how to cut back on household costs. 

Most people tend to be lazy when it comes to seeking out the best deals so here’s a quick cheatsheet to cutting down on one of the most money-guzzling objects you’ll ever buy – a car.

1) Fuel costs are paramount, and with the cost of gas going up, so make sure you check out what different garages are charging. There is a difference of 13p per litre between the cheapest and most expensive unleaded petrol prices (according to petrolprices.com) – that equates to a saving of over £10 every 80 litres, which will mount up over time…

2) Watch how you drive – keeping a steady speed uses less equivalent petrol than a stop-start journey over the same distance. Also, it’s worth keeping to speed limits, and not just because you won’t be breaking the law. A driver who goes at 85mph will use 25% more fuel over the same distance as someone who keeps to 70mph. Not only are you less likely to have an accident (and hence keep down expensive insurance costs) but you’ll be saving on fuel as well. When 50 AA employees took part in an eco-driving experiment with Auto Express magazine they saved an average 10% on their weekly fuel bills, with the best achieving an incredible 33% saving.

3) Compare, compare, compare for insurance quotes. Sites like moneysupermarket.com and confused.com are a great starting point. Alternatively you can go directly to individual providers’ sites to see what premium they’ll quote.

Remember though, that the make and model of your car, your driving history, annual mileage and even small things like the colour of your car will make a difference to your premiums – a metallic colour car will cost more to repaint if there’s damage to the bodywork, hence your premiums will be slightly more expensive to reflect this.

So, bear these points in mind and you’ll soon have saved enough to upgrade to that sports car you’ve always wanted!

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