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How Choosing the Right Car Can Save You Money on Motoring

How Choosing the Right Car Can Save You Money on Motoring

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The incentives to find a cheaper way to drive have never been higher. The UK is experiencing significant financial crisis, as the perfect storm of fuel shortages, rising energy bills and a considerably high rate of inflation has led to an unsustainable increase in the cost of living. The average wage cannot stretch as far as it once, did, making essential expenditures like food and transport that little bit more impactful on weekly budgets across the board.

The Cost of Fueling

With regard to transport, it is fuel costs that have seen the most significant rises, with the average petrol fill costing around £10 more in comparison to earlier months in the year, let alone years previous. This rise has serious knock-on effects for the average budget, and makes the running costs for the average car unsustainable for many.

Green Motoring

One of the biggest positive changes the average motorist can make with regard to the long-term costs of running a car is to ‘go green’. Hybrid- and all-electric vehicles represent savings in both the short and long term, with numerous financial benefits as well as the obvious ecological benefits.

It is important to note the initial cost of electric vehicles is currently higher than the average price of petrol-powered vehicles, owing to the new technology involved in their manufacturer.

Not to forget the costs of setting up a charging station in the house for those who would like to avail of this facility in their backyard. It may involve several expenses, including the cost of the EV Chargers itself. Additionally, there may be installation costs, particularly if electrical upgrades are required to accommodate the increased power demand. 

This could involve hiring a licensed electrician to ensure the setup is safe and compliant with local regulations, which adds to the overall expense. Although the initial investment may seem steep, it offers long-term benefits by providing the convenience of charging your vehicle overnight and eliminating the need to visit public charging stations, ultimately proving to be a cost-effective and time-saving solution for electric vehicle owners.

Additionally, electrical vehicle owners need to know that standard car insurance will likely not cover the full value of the vehicle, making getting a gap insurance quote a shrewd decision for protection of your investment.

Financial Benefits

The primary benefit to switching to a greener vehicle lies in the reduction in fuel cost. Hybrid-electric vehicles generate power through regenerative braking, converted energy from coasting and road resistance into stored electrical energy and subsidising your fuel usage as a result. All-electric vehicles are charged via domestic power or public charging points; the cost-per-mile for electricity is much lower than the cost-per-mile for petrol, leading to cheaper ‘fills’ and less costs.

A secondary benefit can be found in the form of road tax. Today’s road tax is calculated according to the emissions of your vehicle, with your first annual payment directly related to the average emissions of your car model, and subsequent payments at a flat rate depending on your fuel type. All-electric vehicles are fully exempt from road tax, as they do not directly produce any CO2 emissions.

Green Cars to Help Save Money

Hyundai Ioniq 5

The Hyundai Ioniq 5 is an all-electric hatchback, and the perfect entry-point to green driving for smaller families and the budget conscious.

Volkswagen ID.3

Another hatchback, the Volkswagen ID.3 builds on the pedigree of the Volkswagen brand with a four-door entry to the all-electric club – offering a rapid charge time of just 35 minutes and a range of over 250 miles.

Tesla Model 3

The Tesla Model 3 is a high-tech saloon entry for larger families or executive professionals, providing a sleek design, futuristic cockpit technology and unrivalled electric motors to create the ultimate green driving experience.

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