For many people, owning a car can be a larger personal expense. However, there are many ways to save money on regular car costs such as insurance, new parts and fuel.
As with all personal finance, the more cost-saving measures you adopt now, the more money you will save in the future. The money-saving advice experts from PIWoP have put together a list of ways you can start saving money on your car expenses:
1. Get cashback on fuel purchases
Fuel is easily the most expensive part of motoring - so why not earn a little while your spending on this necessity! There are a number of cashback-card options available for purchasing petrol such as Tesco Clubcard credit card or Santander 123 credit card. While they only offer a small return percentage, you will be surprised at how much it add ups throughout the month.
2. Purchase economical tyres
When the time comes to replace your car tyres, it may be tempting to go for the cheapest available. However, this can prove to be a mistake in the long run. Not only do such tyres perform poorly against more expensive tyres but they may also hit your fuel economy and need replacing more regularly.
Look out for the EU tyre label. All tyres sold are fitted with one and it includes the fuel efficiency rating of the tyre. An ‘A’ rating means the tyre decreases the energy lost through the tyre while a ‘G’ rating is the worst performing - resulting in increased CO2 emissions and fuel consumption.
3. Haggle on your car insurance.
Car insurance is one of the biggest motoring costs you face annually. Figures released by the Association of British Insurers (ABI) revealed that, on average, comprehensive cover costs £462 a year.
Don’t just accept your auto-renewal quote once you receive it. Give your insurer a call to see if you can haggle and reduce it. However, before you do so, make sure you see how well your quote and benefits compare against other insurance providers.
If you want to find out more information about how to save your money, check out our latest money saving tip blogs. Or if you haven’t already taken advantage of our price alert service yet, then sign up here.
For example, with your car parts and auto-related purchases, you can use our price tracker service. Once any of the items you are
watching hits your ‘Price I Want To Pay’ (PIWoP) you will then be notified via email (and/or an App notification) of the new reduced prices. Tyres are a brilliant thing to PIWoP; you know you'll be needing another pair or a full set, well in advance of the winter weather. So why not PIWoP them from you favoured supplier or suppliers?