Money Matters: Driving Costs

In this week's Money Matters column, Wrekin's Debt & Energy Manager Dan Bebbington discusses how to save money on driving costs.

It seems you can’t avoid the rising cost of living in any part of life these days, and driving is no different.

While petrol prices have stabilised for the time being, car insurance has shot up by more than 20 per cent in the last year.

Although driving less might seem like an obvious way to save money, for many of us it’s unavoidable.

Here are five tips to help you cut costs:

Petrol prices might have levelled out, but it still pays to shop around. By visiting PetrolPrices.com you can see which petrol station near you is the cheapest. The difference per litre in some cases can be as much as 20p.
The way you drive can also make a difference to how much you spend on fuel. Braking less and not accelerating as sharply is more economical. Removing items that you don’t need from the boot can also make your vehicle more fuel-efficient.
When it’s time to renew your car insurance, never do it automatically. There are lots of price comparison websites out there, although in some cases providers offer better deals if you go to them directly. Multi-car insurance can offer a discount if you have more than one vehicle.
Another area where it helps to compare is breakdown cover as again, you could end up paying over the odds by allowing your policy to auto-renew. Don’t be afraid to haggle with your current provider by calling them directly and if you have a newer car then basic cover might be enough.
If you own an electric vehicle, there are several ways to save money, with some energy suppliers such as Octopus, Ovo and British Gas offering special tariffs for charging EVs at home. Overnight rates are normally cheapest at between 10p to 12p/kWh.

Hopefully these tips will make getting behind the wheel cheaper for you at a time when saving every penny is important.

20th April 2023