How to Spend Less on Driving

There are many expenses which go into owning a car, often taking up a large chunk of our monthly budget. From petrol prices, parking and maintenance, to insurance and monthly finance payments – being a driver does not exactly come cheap. However, many savvy motorists amongst us are aware of a few tricks that can help to lower the costs associated with owning and maintaining a car.

I spoke with CarFinance Plus, a UK loan provider that assists all types of people in getting car finance with no deposit, to discover their top tips on how to spend less when driving.

Shop around for petrol deals

Besides the purchase price of the vehicle, petrol is one essential outlay that ends up costing us a small fortune. However, the price of fuel fluctuates and also varies between petrol stations. As such, one easy way to save some cash is to shop around for the best deal. If you have a little extra time on your hands and can afford to travel a bit further to find the best deal in your area, then you could save a fair bit throughout the year.

Every time you need to fill your tank, visit Petrol Prices and enter your postcode in order to find the cheapest petrol within your desired radius. This website lists 8,500 petrol stations across the UK and is free to use. 

Of course, there is no point setting the distance at miles from your current location, just to save a few pence per litre – that is a false economy. However, if there’s a station a few streets away that is cheaper than your nearest one, it can certainly prove worthwhile overall.

Another top money-saving tip, is to make use of supermarket or petrol station loyalty schemes, which often provide you with points each time you fill up your tank.

Getting cheaper car insurance

Insuring a vehicle is also one of the most expensive aspects of driving, particularly for those that have racked up points on their license, are a young driver, or have a vehicle with a large engine. That being said, there are several ways in which to reduce the amount of insurance being paid. 

Shopping around for the best deals is, of course, the first step, and you can do this by using one of the many online price comparison tools on the market. But, be careful to ensure you are comparing the same type of cover on each policy. Some policies might seem cheap, but that could be because it does not cover you as thoroughly as a more expensive policy, potentially putting you in a worse situation if an accident were to happen.

Taking part in an advanced driving course, which enhances your driving knowledge and skills, and teaches you extra points like how to drive more economically, can help reduce insurance premiums. Likewise, taking part in a BlackBox telematics scheme, in which a system is fitted into your car to monitor how you drive, rewarding those who drive safely, can substantially reduce how much you pay for insurance, whist encourage good driving habits!

Having an approved alarm, tracking device or vehicle immobiliser fitted can also help reduce insurance premiums by about 5%. 

Practice better driving methods

Making small, positive changes to the way you actually drive can also help save you money. For instance, driving at 50mph instead of 60mph can save you up to 25% in fuel costs, since driving at faster speeds consumes more petrol. Staying at a constant speed, without lots of sudden braking and accelerating is, therefore, the most economical way to drive. 

Moreover, planning your route in advance and anticipating for any potential stop-start traffic can help you save on fuel, since you can decide to travel via a more efficient route, or set off at a time when traffic will be at a minimum. Many newer car models have in-built Sat-Navs with economical route settings embedded, helping you reach your destination in the most fuel-efficient way.

Do you have any other tips on how to spend less on driving? Let me know below!