How drivers can save money and cut costs

Fuel prices are sky high, and the cost of living is going up too. It’s tough out there for private hire drivers right now, but these tips should help you cut costs and keep your business expenses under control.

At the time of writing on 25 March 2022, the average price of diesel was 178p a litre. Unleaded petrol was about 164p a litre, and super unleaded cost 175p a litre.

Usually, if you want to bring more money in you’d simply work more hours. But the price of fuel means you may not be better off doing so.

So what else can you do to save money and cut costs? Here we set out the kinds of costs drivers have to deal with, and some ways to manage them.

Fuel

Shop around for the lowest pump prices in your area. Comparison websites like PetrolPrices.com can help. It claims it can save drivers over £200 a year on petrol and about £150 a year on diesel.
Think about the fuel type you use – ‘premium’ or ‘super’ fuels tend to cost more, but it’s not clear whether they make much difference.
If you don’t mind filling up more often, keep less fuel in the tank – less weight means better fuel economy.
Supermarket pumps can be a good way to collect money off, cashback and discounts that you can put towards things like your weekly shop. For example Sainsbury’s runs its Nectar rewards scheme, and Tesco Clubcard also gives points on petrol.
To use less fuel, the advice is to drive smoothly and go easy on the accelerator and brakes.
Where possible, plan your pick-ups so that you’re not driving long distances between trips.
Thought about food or parcel delivery? Shorter distance deliveries might help with driving less while still earning.
Keep your tyres at the correct pressure for fuel-efficiency.
Air con and heating both use up fuel. Think about using both less if you can, while making sure riders are still comfortable.
Go electric. Switching is a big decision, but electric vehicles can be cheaper to run over the long term. If this is something you’re thinking about, this blog from us might help: What help is there for drivers who want to go electric?

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Maintenance and repairs

Shop around when replacing tyres – prices can vary quite a bit.
Do you have a service plan for your car? Having one can save money overall – ask your car dealer for information.
Some repair shops are cheaper than main dealers, but check you can use one under your vehicle lease terms (if this applies) – you’ll still want good quality repairs.

Parking fines

If you get hit with a fine you think is unfair, you can appeal it. Citizens Advice has info that can help.
If you want to fight private parking tickets, MoneySavingExpert has some useful tips.

Insurance

Clearly you need insurance for your job, but it’s also important to get you back on track if you have an accident. Think about the kind of cover you need and whether it can flex with your work. It’s also worth thinking about whether you want to pay more for cover with extra benefits, which can help if you find yourself unable to earn.

At INSHUR, we’re keen to support drivers and save you money. To see how we can help and to get a quick quote online for private hire cover, check out INSHUR today.

Sources:

RAC Fuel Watch

Petrol Prices

Confused – is it worth paying more for premium fuel