Are you a British resident who wishes to reduce the overarching car costs? You are not alone. According to Nimblefins, the cost of running a car in the UK is £280/month on average. It may rise with the latest model and new technology car.
Well, you cannot completely ditch driving; there are some shots to try. It may help you bring down the cost of driving in 2025. If planning to buy a new car or save money on an existing one, read ahead. The blog lists aspects that may help you cut car costs in the UK.
6 Strategies to Lower Your Car Running Expenses
With increasing fuel prices, maintenance costs and insurance premiums, it’s important to drive wisely. Identify what may help you reduce car expenses. For example, you must check the tyres’ health periodically.
Loose ones often consume more fuel in moving and hence affect your budget. Therefore, make sure the tyres are perfectly inflated. Identify the alignment and balance to save at least 3% of your car’s expenses per year.
Buy the vehicle through a car loan
A car loan is a financial facility that helps you spread the cost of a car purchase in manageable instalments. It is ideal for individuals in the current economic landscape. You don’t need to save a lump sum for years, given the strict expenses. Moreover, buying a car through a car loan eliminates the need for a deposit.
You don’t need to provide one with a good credit score. However, individuals with pending debts and poor credit history may consider it. You may get car loans for low credit scores by providing 10% of the car’s price as a deposit. It reduces the liability for the credit provider, and hence, you may qualify despite a bad credit history. Alternatively, borrowing a lower amount than what you need may help you fetch better terms.
Switch to Electric cars
Most UK countries, especially Scotland, are setting a benchmark for a sustainable car finance landscape. It is ideal for individuals who want to avoid spending money on fuels-diesel and petrol. Maintaining a petrol-based car is more expensive than an electric vehicle.
It reduces pollution, environmental impact and promotes a sustainable lifestyle. Moreover, it ensures an enjoyable experience with zero tailpipe emissions. You can charge it at home without visiting petrol or gas stations every time.
Service your car timely manner
If you service the car only when needed, it may reveal serious issues. It is thus better to avoid the major expense by conducting periodic car maintenance and inspection. A properly serviced car works smoothly, eliminates risks, and helps avoid hidden costs. Therefore, don’t wait until your car doesn’t function well. Instead, ensure that nothing hampers the durability and, of course, your budget.
Prefer paying a deposit on car finance
You may not want to incur that extra expense while buying a car. What if providing a deposit saves you money? Yes, a deposit is a particular sum that you pay upfront to the loan provider. It is generally 10% of the car’s price that you pay.
By paying the dues, you automatically reduce your liabilities towards the monthly instalment, interest payments and overall loan amount. Moreover, it increases the chances of getting a loan with a bad credit history. However, avoid it if paying the deposit affects your basic lifestyle expenses.
For example, if you want to purchase a car costing £65000 and provide £35000 as a deposit, you only need to pay £30000 plus the interest costs. You can split £30000 into easy and fixed instalments monthly. It automatically reduces the pressure for you and helps you clear the dues timely manner.
Individuals with regular and good incomes may consider this. It is about waiting until you save a lump sum to provide as a deposit on the loan.
Note: A deposit is a mandatory requirement for car finance, not for a car loan. You may provide one on the loan if you struggle to qualify due to a poor credit history or low income.
Use air conditioners properly
Frequent and non-observant use of the car air conditioning impacts the functioning. Non-stop A/C can impact the fuel efficiency, particularly at a low speed. You must use it when extremely necessary.
Alternatively, you must prefer opening windows when driving slowly. Taking a balanced approach would help you save money. Moreover, it will keep the air conditioners in good condition. If your AC does not work, get it repaired now. It is especially important if it reveals signs like:
- Faulty compressor
- Low Refringent
- Clogged cabin Air filter
- Cooling Fan Failure
- Blocked Expansion Valve
Are you seeing such signs in your car’s air conditioner? Repair it now! If you don’t lack cash, don’t worry, check a no credit check loan online. It may help you get the cash immediately without impacting your credit score. It is one of the best ways to get money immediately. It is ideal only if you have no savings and cannot wait until payday.
Choose a small and fuel-efficient car
One of the best ways to save money on a car purchase is by choosing a fuel-saving car. It is small and ideal for a family of 5. If you have been living alone but need one for business, then you may also consider this.
Choosing a small car helps you save money on fuel, maintenance and mileage. Moreover, splitting the car payments into instalments helps you keep your basic savings/ cash safe. Here are some tips to consider before buying a fuel-efficient car:
- Check diesel-based cars for driving long distances; otherwise, petrol ones may be ideal.
- Prefer cars with low CO2 levels or emissions. It is environmentally friendly in that case.
- Drive at a consistent speed to save fuel and use Eco mode while driving
- Choose a car with a higher MPG (Miles Per Gallon)
- Determine the distance you can cover in a 1-litre petrol. It will help you define and determine the ways you can save on fuel costs.
Bottom line
Thus, these are some ways to reduce the cost of driving a car in the UK. Identify whether you can provide a deposit upfront. It helps you reduce the overall costs of the car purchase. Additionally, conduct timely car maintenance and inspection. It will help you identify potential issues and repair them before they take a grave turn. Compare your quotes if seeking a new car on finance.
