Money saving tips for student drivers

As students flock back to university for another year of study, we take a look at ways student drivers can save some cash.

Don't dismiss the classic 'piggy bank'!

As a student, getting by can be tough, and for many, getting used to managing your own finances for the first time can be daunting. With outgoings such as rent, expensive textbooks, and an endless supply of energy drinks to get you through those late night library sessions (read: partying), maintaining a car can be another unwanted weight on your shoulders.

There are certain aspects of your car’s running costs that will be fixed, while others will vary from person to person. But, fear not! There are ways to help you minimise all of these costs in the long run.

Fixed costs

Insurance

Forget the modifications and choose your car wisely. A modified vehicle can up your insurance premium by hundreds of pounds.
Cars in insurance groups 1–5 are the cheapest to insure, so consider these when car shopping. Examples of cars from these groups are Vauxhall Corsa, Fiat Panda, Citroen C1 and Ford Fiesta/Ka.
Put someone else on your insurance. As younger drivers are statistically more likely to be involved in a car accident, car insurance companies tend to up their premium. It can help to add an older person on to your insurance quote to counteract this. (Do be careful to avoid ‘fronting’, however, which is when a younger driver cites himself or herself as a named driver, when they are actually the main driver – this is illegal.)
Consider doing your ‘Pass Plus’ test. This is an additional course following on from your driving test, which covers areas such as motorway driving and driving in adverse weather conditions. While it may seem like a big chunk to pay upfront, it can help you get a car insurance discount.

MOTs

Your car will need an MOT examination once every 12 months. These can be annoying extra costs that you sometimes forget about. Why not start putting your spare coins (say, anything under £1), into a coin jar in your room – you never know, when MOT time comes around, you might have saved enough to see you through!

Car tax

This is another fixed cost, which you need to renew every six or 12 months. Whilst there’s not much you can do you to minimise the standard cost for your car, our top tip is to pay for the whole 12 months instead of spreading your payments. Although it costs more upfront, you’ll pay less in the long run. (Loan day!)

Variable costs

Fuel

There are several things you can do to reduce your fuel consumption, saving you money.

Only use your car when you really need to. Long commute to university or college? Of course, take it. Short walk into town for lunch? Give your legs a stretch! They’ll probably thank you after those long hours in the lecture theatre.
Drive more carefully. Accelerating and driving at consistently higher speeds uses more fuel.
Travel light. Keeping heavy items in the boot also increases fuel consumption.

Maintenance costs

Unfortunately things do go wrong from time to time, and you have to fork out a little to keep your car in tip-top shape. For those emergency payouts, make sure you keep a ‘rainy day’ fund to one side, and try not to dip into it on a night out!

Parking

Plan where you’re going to park before you set off. Take a note of all the free parking areas and take advantage of them. (Top tip: park and rides could be your new best friend!) Where free parking isn’t available, suss out the nearest cheapest alternative and give yourself enough time for those last minute ‘WHY IS THERE NOWHERE TO PARK?!’ moments. Yes, they happen to all of us.

Now, stop procrastinating!

Best cars for students