When purchasing a car, you’re already aware of the costs you have to pay on a monthly or annual basis. From the price of insurance to filling your car with fuel, there are several mandatory costs that are owning a car brings, not only for legal reasons but to make the car function.
On top of these costs mentioned and other additional expenses, has it ever crossed your mind whether or not the overall cost of owning a car varies depending on the city you live in?
For the majority of car owners living in a city, it’s expected that you’ll pay more for owning a vehicle compared to a car owner living in a town or a less built-up area of the UK. To compare the difference in price when it comes to the overall cost of owning a car for people living in cities, Kwik Fit completed some research across 20 locations across the UK. The data looks at the price for factors including insurance, MOT, and the cost of fuel.
What does the research show?
It’s not good news for drivers living in Birmingham, as the research shows this city has the highest overall cost to own a car. The average cost to fill a car with petrol averages around £71.17, while the cost of parking for residents is a pricey £785. These figures and more all play their part in the overall cost totaling an eye-watering £2,170.19.
At the other end of the scale and therefore the cheapest city to own a car, is Exeter. Compared to Birmingham, there isn’t much difference in price when it comes to filling a car with petrol, as the average cost in Exeter is £70.90.
However, there is a considerable difference when it comes to parking costs for residents. Residents in Exeter pay around £30, which is a huge difference compared to the residents of Birmingham, with £785. An overall cost of £867.48, is why Exeter has been awarded the title of the cheapest city to own a car.
How to save money when it comes to owning a car
Whether it’s a mandatory cost or not, there are many ways you can save money on your car. One of the biggest expenses of owning a vehicle brings is its insurance. The best way to save money when it comes to renewing your policy is to use price comparison websites to obtain the lowest price.
For young or new drivers, one of the best ways to lower the cost of your insurance is to have a black box installed. This will monitor your driving and reward you for sticking to the designated speed limits and displaying good driving habits.
For any drivers who use the vehicle frequently or have long commutes, you’ll know how often you have to refuel. It’s no secret that the cost of fuel can be expensive, especially if you have to fill up on numerous occasions.
A large majority of drivers will use their nearest fuel station just for convenience, when in fact, you could be saving money elsewhere. When it comes to fuel, make sure you look at various places and how much they charge per liter. Many fuelling stations also have reward schemes where they offer money off the price per liter or use a points system which, after gaining so many, will present you with a money off voucher.