With the current economic crisis on our hands due to the ongoing war between Russia and Ukraine, many of us are looking for new ways to cut back on our finances.
The Guardian has posted recent figures forecasting that the cost of petrol could soar to £2.50 per litre, while diesel could hit £3 per litre – with possibilities of being rationed due to major shortages.
With so much up in the air, there’s no better time to look at ways of slicing our spending habits.
With this in mind, we explore how to save money on motoring this year.
Choice of car
Your choice of care directly impacts the amount of money you’ll spend on it. Different cars have different outgoings – something worth thinking about if you’re in line for a new motor this year. Instead of splurging on a pricey upgrade, consider more affordable alternatives.
Electric cars have lower running costs while also being far greener for the environment. The government are currently offering a Low Emissions Vehicle Grant of up to £1,500 to anyone who meets the relevant criteria when purchasing an electric car.
Consider how you purchase your car
If you can’t afford to buy a new car outright you could consider alternative options such as leasing your vehicle. This is where you effectively rent your selected vehicle for an agreed length of time, for a fixed monthly fee. This gives you more flexibility to change cars in the future, as once the lease is up, you can hand back your vehicle and select a new model, beginning the leasing process all over again.
If you’d still prefer to buy your vehicle outright if possible, why not look into second-hand vehicles? There are trusted car companies such as Autotrader where you can search for the exact make and model you’re looking for. You can filter with various customisations such as setting a maximum mileage limit alongside interior and exterior colour preferences.
Keep on top of car maintenance
A simple yet effective way to save money on motoring is to keep on top of your car’s maintenance. Ensuring your car is kept in top condition will help to prevent any issues from arising. This includes frequently cleaning, making sure brake fluid remains topped up, and that your tyre pressure is at the appropriate level.
Booking your car in for regular services can also cut back your costs. This can help to identify any faults, stopping them in their tracks and getting them repaired before they amount to a bigger, more expensive problem.