After the expensive holiday season, January can be a time when money is tight.
So it’s only natural that we’ll all be bargain hunting until 2022.
Cars can be one of the biggest drains on our finances. Luckily, MyLondon has some tips for saving you money this year.
Peter Vardy has found seven quick changes to cut your car costs by a third by 2022.
Londoners can save more than a grand
(Image: © Sylvain SONNET)
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There’s never been a better time to take a look at your finances for the year and see how much money you could save.
Londoners could save £1,400 this year.
A huge saving considering the average Brit spends £3,406.80 on their car every year, according to Nerd Wallet.
1. Consider adding someone to your insurance
Novice drivers should consider naming a parent on their policy.
Research shows you can save an average of £426 simply by adding a parent to your policy.
2. Avoid buying premium fuels
For standard cars, retailers often claim that premium fuel offers performance benefits.
In reality, you’re paying an average of 10p more per liter.
By sticking to the unleaded standard, drivers can save £138.32 a year.
3. Haggling about car insurance, breakdown protection and when buying a car:
A Money Saving Expert forum revealed £100 saved by RAC by haggling over renewal coverage.
Motorists who traded with AA, Admiral and RAC for coverage all had an 80% success rate in reducing their premium.
4. Refueling in a supermarket garage
Getting gas from a supermarket forecourt can save you money.
You can save £74.10 a year compared to branded workshops.
5. Conduct car maintenance checks at home
Just by identifying standard wear issues and fixing them before they become a bigger problem, drivers can save hundreds of pounds.
This allows drivers to avoid paying the average annual repair cost of £574.
6. Cashback Credit Cards.
All you have to do is buy gas with a cashback credit card to save money.
For example, the Santander 123 account offers 3% cashback per top-up.
Over the year, that’s a saving of £52.68 if you fill up bi-weekly.
7. Pay vehicle tax annually
It may be easier to spread the cost of road tax over the year, but it costs more in the long run.
If you are able, paying a flat fee will save you £29 a year.
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How many of these savings can you implement this year?
Let us know which tips work for you in the comments.
Ride safe this winter.
Do you have a story you think we should write? Contact beth.gulliver@reachplc.com
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