Motorists have been warned of a potential £256 increase in motoring expenses in the coming year, as revealed by research conducted by Motorpoint. It has been estimated that car owners may have to spend more to keep their vehicles on the road in 2025 compared to the previous year. The study indicates that up to 5.3 million motorists could face challenges in maintaining their cars, with young drivers being particularly affected. A survey of 2,022 car owners across the UK highlighted that drivers under 25 were most likely to feel the impact of rising car-related costs, with 46% considering selling their cars due to the increasing expenses.
According to the research, drivers aged 17 to 24 are most concerned about the rising costs of fuel, car insurance, and car payments. To assist motorists in managing the escalating expenses of driving, Tim Rodie, Motorpoint’s resident driving expert, has offered some valuable tips. One of the recommendations is to thoroughly compare insurance options when it’s time for renewal. Rodie suggests using price comparison websites to explore different insurers’ rates for the same coverage level and potentially negotiate with the current provider to secure savings. Taking out a new policy up to 29 days before the current one expires could lead to significant cost reductions.
Additionally, Rodie advises utilising technology to minimise fuel costs, emphasising the importance of good driving habits and employing tools like Waze to identify potential traffic delays that could impact fuel efficiency. Apps such as PetrolPrices can help locate the cheapest fuel stations nearby to avoid overpaying. Moreover, considering cashback and loyalty schemes can also contribute to reducing overall car-related expenses. Loyalty schemes offered by supermarkets often include discounts on insurance and fuel vouchers, presenting an opportunity to save on driving costs.
As the cost of vehicle ownership continues to rise, experts suggest exploring these cost-saving strategies to alleviate the financial burden on motorists. By being proactive in managing insurance renewals, utilising technology to optimise fuel efficiency, and leveraging cashback schemes, drivers can potentially offset the anticipated increase in motoring expenses for the year ahead. As individuals strive to navigate the challenges posed by escalating car-related costs, adopting these cost-saving measures could prove beneficial in ensuring financial resilience on the road.