Cutting the costs of motoring
Have you noticed how nothing ever seems to get cheaper? We certainly have here at Big Motoring World - which is why we thought it would be a great idea to share a few money saving tips with you in this blog.
We were struck by a shocking statistic recently - that with recent rises in road tax, drastic hikes in fuel prices and rising premiums, almost half of the UK can’t afford to have a car. Research shows that motorists in the south east of England alone spent a total of around £220 million a month on running their vehicles. Meanwhile Londoners splash out around £260 a month - or over £3,000 a year. The figures are certainly eye-watering - so how can you save? Here are just a few ideas.
- Get your head around road tax.
Road tax went up in April. So is there anything in the new rules that can help you to save? Well, if you’ve got a brand new car, you’ll now be paying a one-off duty on the amount of carbon dioxide your vehicle produces - meaning that if you have an electric vehicle you can avoid this charge completely. Even hybrids will give you a reduction - from £140 to £130 for your yearly rate. Another cost to bear in mind is that if your car is worth over £40,000 then you’ll now be paying another £310 a year for five years following the first 12 months after you buy, so maybe think twice before you go premium.
- Save on car insurance
By now, we’re now all pretty accustomed to shopping around for the best deal - thanks to the internet it’s now straightforward to compare prices and read customer reviews on everything from socks to flatscreen televisions or mortgages. So, obviously do it with your car insurance too - but you might also want to consider another way that technology can help you to save. If you’re a generally responsible driver, who uses their car regularly but usually drives within the speed limits and with fuel economy in mind, then think about installing a telematics box in your car. These devices use satellite technology to monitor what kind of driver you are and adjust your premiums accordingly. We’ve seen potential savings reported of up to 20 per cent - but it’s also worth considering that the system can work the other way if your driving isn’t so great.
- Consider car sharing
Car sharing is another great way to not only save money on your monthly running costs, but also to do your bit to reduce emissions and the number of cars on the road. So, if you routinely travel alone to work everyday, see if there is anyone you can team up with. You also won’t be surprised to hear that things have got a little more sophisticated than just sticking a note on the board at work to see if anyone wants to share - there are now sites like www.liftshare.com and www.blablacar.co.uk which make the whole process easier. Another option is to use schemes that allow you to actually make money out of your car when it’s sitting idle on the drive - even better if you’ve got a second car. Companies like HiyaCar run peer-to-peer sharing schemes that allow you to rent your car out whenever you don’t need it - they claim that doing this for only a few days a month can help to cover your regular running costs. Motoring is certainly becoming more expensive – but there are still plenty of ways to save.