How Can You Reduce the Cost of Driving?
The cost of motoring is on the up at the moment, much like many other expenses. As inflation rises, disposable incomes are being squeezed tighter each month. Finding ways to save on the cost of living has become a focus for households up and down the country.
Driving is an essential yet costly part of daily life for many, but there are ways to cut back. Why is motoring so expensive right now and what can you do about it?
Why is driving so expensive?
There are a few key areas where the costs associated with motoring have increased. Broadly, inflation is increasing costs for all businesses, meaning price hikes have been inevitably passed on to consumers. This means that you’re likely to pay more for servicing and repairs, insurance, breakdown cover and other costs than you would have done a few years ago.
Fuel prices have come back down since they peaked at nearly 195p per litre in 2022. Despite this, they’re still markedly higher than ever before. Filling up at the pumps is significantly more expensive than charging an EV, although many don’t have the financial capabilities to make the switch.
With all these costs reaching record highs, finding ways to cut back is challenging but not impossible.
How to save on motoring
Reducing the cost of driving can be done with both preventative measures and smart shopping. These are some of the best ways to save right now:
Watch your driving style
The way you drive has a direct influence on your costs. Optimizing and smoothing your gear changes can help to increase your fuel efficiency and look after your clutch – one of the most expensive parts to replace in a car.
Aggressive acceleration and braking can also increase fuel consumption, as well as wear and tear, so try to be a more relaxed and gentle driver. Reckless driving may increase your chances of an accident which would be another cost that you don’t want to absorb right now.
Look for a better insurance deal
Insurance is a legal requirement, so you can’t avoid it, but you can minimise it. Protect and build your no-claims bonus if you have one through careful driving. Consider switching providers if you aren’t happy with the current premiums you are paying. For newer policyholders, adding a more experienced driver to your account as a named driver can save you significant amounts.
Other forms of cover, such as gap insurance, can help to reduce your losses if you’re involved in a collision. Protecting your investment is significant if you’re driving a premium make and model. For example, if you’ve recently bought a new BMW, gap insurance for your BMW can help to cover any losses you may incur if the vehicle is written off.
Don’t ignore maintenance and servicing
It may seem counterintuitive to spend money on servicing and maintenance when you’re trying to reduce your costs, but it can help to save you hundreds or even thousands in the long term.
Regular servicing and DIY maintenance can resolve minor issues that could become more serious damage down the road, saving you money and inconvenience. You can still save money on servicing and maintenance – compare local garages and companies online to see who can give you the best deal.
