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Top 5 money saving tips for car owners

Posted on 4 February 2015

Discover 5 straightfordable ways to cut your car costs

Much as we love our cars, there’s no denying they can be a serious drain on our pockets. Tax, insurance, fuel, MOTs: it all adds up. So how can you save money on keeping your motor on the road? Here are our top 5 straightfordable ways to cut your car’s running costs.

1. Find your cheapest local petrol pump

According to the AA, saving 5p a litre on the price of fuel could mean an extra £100 in your pocket at the end of year . So avoid pricey motorway service stations and fill up at your cheapest local pump whenever you can.

Budgeting tip: To save you driving around looking for the best prices every time, sites like petrolprices.com can point you in the right direction.

50-note-under-petrol-cap-of-a-car

Source: flickr

2. Shop around for insurance

When your renewal date arrives, shop around for the best price on your car insurance. There are a hundreds of insurers jostling for your custom, so scour the internet to compare the many deals out there.

Budgeting tip: Think carefully about the extras you want to include. Breakdown cover for example, might be better value bought separately.

close-up-of-an-insurance-policy

Source: flickr

3. Gently does it

Easing up on the accelerator and keeping a watchful eye on your speedometer can save you some serious cash. According to the AA, driving at 70mph uses 25% less fuel than driving at 80mph.

Budgeting tip: By accelerating gradually, and avoiding frequent braking, you can cut your fuel costs even more.

close-up-of-speedometer-at-70mph

Source: flickr

4. Keep your car in good shape

Don’t forget to give you car some TLC. Keeping it in good nick means it will run better and cost you less in the long run. Simple things make a difference. Regularly check your engine’s topped up with oil and water and treat your car to a service every year.

Budgeting tip: Don’t forget to check your tyre pressures regularly too. Deflated tyres cause drag, so your car has to work harder and drink more fuel as a result.

person-checking-tyre-pressures-with-a-gauge

Source: flickr

5. Lighten the load

Unnecessary weight can turn a little run-around into a gas-guzzler. So clear out your boot and lose the roof rack unless you’re using it. Remember, fuel is heavy too. To make your car more efficient fill up more regularly and only put in half a tank.

The only time a heavy load makes money saving sense is a car share. If you commute by car, could you share the journey and the cost with other people on the same route? There are online services that will help match your journey with other like-minded people.

Budgeting tip: Remember, fuel is heavy too. To make your car more efficient fill up more regularly and only put in half a tank.

a-heavy-boot-full-of-children

Source: flickr

Saving for those little surprises

A few changes here and there can certainly cut your car’s running costs. But it can be a wise move to also save some money for that unexpected breakdown or MOT failure. And what about those dreams of a better car in the years ahead? Read our article What is an ISA? to learn more about saving money in a Cash ISA or Stocks and Shares ISA.

For more ways to save money have a look at our Blogs and Features page. Or use our savings calculator to see how making small changes to your spending habits could help you get into a saving habit.

SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, life insurance, equity release, pet insurance, home insurance, car insurance, ISAs and Will writing services.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife? 

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is entered on the Financial Services Register (registration no. 110418). As part of SunLife’s commitment to quality service and security, telephone calls may be recorded.

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan the funeral services are arranged and provided by Dignity Funerals Limited. Dignity Funerals Limited is a company registered in England and Wales No. 00041598. VAT registered No. 486 6081 14. 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Telephone No. 0121 354 1557. Fax No. 0121 355 808. Part of Dignity plc. A British Company. Dignity is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

The funeral services are arranged and provided by Dignity Funerals Ltd which is not authorised or regulated for this activity by the Financial Conduct Authority or the Prudential Regulation Authority but is a member of the National Association of Funeral Directors.

The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides Family Life Insurance?

SunLife Family Life Insurance is provided by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Details can be found on the Financial Services register (registration number 110002). Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ. 

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.