You could hear the conversations and laughter coming from one end of the broad, well-lit corridor as the noises drifted from the open doors of a dining hall, the room re-arranged to accommodate 150 adults. Inside the hall, people waved as friends and others arrived, the newcomers’ unbuttoned coats and scarves quickly draped over the back of dining chairs.
Glass of wine in hand, my wife and I weaved through several groups, waving to people we knew and patting a few others on the shoulder as we passed en route to our ‘team table’, ready to participate in a quiz night last Friday, a fundraising event organised by a neighbour who sits on the school’s PTA.
Fortunately, questions regarding Z-list celebrities no one had ever heard of were conspicuous by their absence. Instead, we were served with posers such as ‘Which country boasts the world’s greatest number of pyramids?’ and ‘What is the one letter that doesn’t appear in a US state name?’ Our team of six finished in a very creditable third place.
Back in the office on Monday morning, a quiz question-style statistic emerged as I sorted through emails, an eye-catching number which would not have been out of place the previous Friday.
The email arrived from the car leasing specialists, Leasing.com, who calculate that on average the cost of running a car in the UK has soared by a staggering 175pc over the past four years and now stands at £3,400 a year, or £283.33 per month. In 2018, by contrast, motorists were spending a monthly average of £161.90.
Commenting on this astounding increase in the cost of keeping the once humble car on the road, Leasing.com chief executive David Timmis said: “With prices for general day-to-day goods on the rise, keeping motoring costs down is more important than ever. Leasing could be the most cost-effective route for those who need a new vehicle.”
He could be right and it’s certainly worth visiting the Leasing.com website to compare costs.
As every motorist knows, it’s not only fuel costs that have soared – a direct consequence of Russia’s invasion of Ukraine. The cost of repairs, maintenance and other motoring expenses such as new tyres are also caught in a swirling inflationary spiral affecting the whole world.
Last Monday’s email comprised useful figures and analysis designed to help drivers combat the seemingly endless increase in motoring expenses. Here’s a handful of selected, money-saving points made by the analysis.
Fill your vehicle’s tank after you shop
Supermarket fuel is usually much cheaper than at other outlets (especially on motorways). Many supermarkets offer discounts or customer loyalty schemes which are worth having because even small savings can soon mount up. If, for instance, your average fuel consumption is 42mpg and you travel 10,000 miles a year, paying 10p more for a litre of fuel means you’re spending an additional £ 100.82 over 12 months.
Know your entitlements
If you use your car for business or work-related travel, you could be eligible for a reimbursement of your costs, either by your employer or HMRC. Using the approved mileage allowance payments scheme entitles you to claim up to 45p per mile for the first 10,000 miles and 25p per mile thereafter.
Insure for what’s on the move
Ken Carter, head of insurance services at personal finance website Moneymapp.com, concurs with this advice. “If you’re driving 5,000 miles a year or less, there’s absolutely no point paying for insurance that covers you for driving 10,000 or 20,000 miles annually,” says Mr Carter. “In other words, insure your car for the time when it’s on the road, not when it’s unused in your garage or on your driveway.”
Shared insurance
This is an area younger drivers, in particular, should consider,” says Mr Carter. “Including a more experienced driver on your insurance policy can often result in a much-reduced premium. In recent years, the pay-as-you-go car insurance option has become popular with those who drive fewer than 5,000 miles a year.”
Travel light
Reducing the weight of your vehicle by emptying the boot or removing the roof rack saves money. On average, every extra 50kg your car carries will increase fuel consumption by 2pc.
Switch off unnecessary functions
Turning off heated seats and steering wheels helps reduce your fuel consumption.
The huge rise in motoring costs is having an impact on drivers’ purses and wallets. It follows that “Do you want to explore ways of saving money?” is not a question you’re likely to hear posed at a quiz night anytime soon.
For more financial advice, check out Peter Sharkey’s regular blog, The Week In Numbers.
This column is for general information only and cannot be relied on as financial advice for individuals. Consult your professional adviser.
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