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Are Used Car Prices Going Up or Down?

The past few years have shaken the economy in ways we’ve never seen before, and the used car market hasn’t escaped the tremors. Brits are paying more than ever for second-hand cars, with the latest data from Auto Trader revealing asking prices for used vehicles have risen consecutively for 29 months. Are used car prices going up or down? The answer is complicated.

Despite the market cooling down over the past few months, prices are 15% higher than this time last year. Currently, the average cost of a used car sits at just over £17,000. So, while prices for used cars are no longer climbing, they’re significantly higher than usual. Unsurprisingly, the price increase has put pressure on household budgets and pushed car ownership out of reach for many Brits.

So, when can you expect relief? Read on as we provide answers to the question, “are used car prices going up or down?”

Unpacking the used car price spike

Before we explore when used car prices might drop, let’s take a moment to unpack the price spike. This is important as it helps motorists understand why used car prices are so high and what’s driving the trend.

A ‘perfect storm’ of factors

Are used car prices going up or down? Over the past few years, the answer has been a resounding “up”. Market analysts blame a ‘perfect storm’ of factors for the unprecedented spike in used car prices. A global shortage of electronic components, in particular semiconductor chips, is a major contributor. During COVID lockdowns, many electronic factories were forced to shut down or significantly reduce production capacity. This wasn’t an issue at the time as the closures corresponded with shutdowns in the auto manufacturing sector.

The global semiconductor chip shortage

When production started up again, demand for electronic components surged. The average modern car contains thousands of semiconductor chips, which are used to power everything from fuel injection systems to driver-assist features and infotainment platforms. Factories have been unable to keep up with the immense demand, which has forced car manufacturers to curb production.

This has led to a global shortage in new cars. For example, Ford was recently forced to pause orders on best-selling models like the Focus and Fiesta in the face of semiconductor supply issues. In the United States, some automakers have taken a creative approach to the semiconductor chip shortage. Porsche has vetoed the microchip-powered adjustable seats usually featured in its luxury Macan SUV, while Peugeot has started to replace digital speedometers with traditional analogue dials in some models.

New buyers switching to used

In response to stock shortages, many motorists who would usually buy new are browsing the second-hand market. Naturally, the increase in demand has driven up prices. If you’re wondering “are used car prices going up or down”, this is one of the key drivers. While it’s good news for sellers, buyers are struggling to not only afford used cars, but track them down.

Public transport fears

A downtrend in public transport use has also increased demand for used cars. People who would usually ride the bus or train are now worried about the increased risk of infection from COVID and other viruses. While confidence in public transport isn’t as low as it was during the height of the pandemic, many Brits have made the switch to driving and don’t plan to go back.

The rising cost of living

If you’ve noticed your cash doesn’t stretch as far lately, you’re not alone. The cost of living is on the rise, with everything from groceries and petrol to energy bills and interest rates on the rise. Experts warn this trend will continue to fuel demand for second-hand cars. Why? In the face of rising living costs, buyers who would usually purchase new will discover a newfound appreciation for the savings associated with second-hand cars.

A gradual return to normalcy

So, are used car prices going up or down now? While they’ve been on the rise for more than two years, they’re finally starting to fall. So, what’s the magic number? Arno Antlitz, Chief Financial Officer at Volkswagen, predicts the semiconductor chip shortage could continue to plague the industry until 2024. When production returns to normal, the second-hand market will once again enjoy a steady supply of vehicles. This is ultimately what will push down prices and make second-hand vehicles more affordable in the UK and around the world.

Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA) agrees with the prediction that second-hand car prices will remain high for several years to come.

“Current new car volumes are restricting the number of part-exchange vehicles reaching the market that would normally help supply dealer forecourts, and at the same time some consumers needing a car quickly are turning to the used market to source a car.”

Relief is on the way

The good news? While instant relief isn’t on the horizon, analysts do expect used car prices to fall eventually. It’ll just be a gradual drop, as opposed to a dramatic downturn. As factories continue to ramp up production and manufacture new cars, the second-hand market will gradually return to pre-pandemic levels.

Are you thinking of buying a second-hand car? Now you know the answer to the question “are used car prices going up or down”, let’s talk about finance. With car finance, you don’t need to lower your expectations or feel priced out of the market. Instead, we match your application to trusted lenders who will spread out the cost of your car over several years. All you need is a good understanding of your responsibilities as a borrower.

Speaking of which, most lenders will check your credit score before approving your application. Wondering if you’re eligible? Check out our complete guide to Will I Get Accepted for Car Finance to find out more about how the process works.

We’re always here to help, so don’t hesitate to give us a call to chat about car finance options and get behind the wheel of a new car in a flash.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

A Beginner’s Guide to Electric Car Insurance

Electric cars are growing in popularity. As of May 2022, around 77,000 new EVs have been registered in the UK this year, of which about 39,000 were in March alone.

It may be that you’re looking to upgrade to an EV (electric vehicle) for your next car, in which case, you’re going to need to wise up on the still relatively new electric car insurance. This article is here to address any questions that you may have.

Do insurers cover electric cars?

Most significant insurance companies – think Aviva, Direct Line, and Admiral – do cover electric cars. However, if you find that your go-to insurer doesn’t offer premiums on EVs, then you may be able to research specialist electric car insurance companies instead.

Be aware that insurance for electric cars may be more expensive than that for non-EVs. This is because electric cars have greater specialist components and servicing costs.

However, with the coming 2030 petrol ban, as well as the rising number of EV buyers, insurance for electric cars is falling – and is only likely to fall further.

Why can an electric car be more expensive to insure?

There are a number of reasons why EVs may be more expensive to insure than conventional vehicles. EVs have specialist parts and expensive batteries. As such, they need to be serviced by specialist mechanics, all of which drives the cost up.

However, it’s important to remember that you will benefit from gas and tax incentives with an EV, and could even take advantage of government grants that reduce the total cost of eligible vehicles by £1,500.

What extras can you secure on an electric car insurance policy?

Car insurance for EVs will offer standard coverage for incidents like accidents or breakdowns, but you may also want to see if your policy can cover items like batteries and charging cables.

EV insurance that covers batteries and portable charging cables and/or adaptors will typically safeguard them against accidental damage, fire and theft while in the car, in use at a garage or at home. If you lease your battery on a separate contract from that of the vehicle, you need to advise your insurance provider too, as this may impact any claim you might open.

You may also want to investigate what kind of legal coverage your policy offers, for example, in case someone trips over your charging cable whilst it’s in use and injures themselves. These issues are complicated, but it’s best to establish your liability cover in advance, so that you know what you’re covered for.

Affordable car finance with My Car Credit

If you’re looking to secure an electric car but don’t want to break the bank, contact My Car Credit today. We’ll check your car finance eligibility and help you plot your path toward affordable EV ownership.

Want to learn more about our services? Get in touch with our friendly team today on 01246 458 810 or enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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Electric Car FAQs – How Much to Charge?

Most owners of EVs prefer to charge their cars at home, but it can also be done via workplace or public charging spots. The amount that it costs to charge an electric car inevitably varies between these locales. As such, the numbers provided below are a guideline rather than a hard-and-fast rule, but this article provides a good overview for how much it costs to charge an electric car..

How to charge an electric car

There are three main ways that an EV can be charged. Each one will impact how much it costs to charge an electric car.

Home

This is the easiest way to charge an electric car. It can be done via a three-pin domestic socket, but it’s more energy efficient to charge an EV with a dedicated home charger, as these are three times faster than a three-pin socket. As EVs become more popular, there are increasingly flexible at-home charging options available.

At-home charging is contingent on being able to install a unit for EVs, which can be pricey. You may be able to secure on OZEV grant in order to fund this, however.

Workplace

Check whether your employer has workplace EV charging, which is being introduced as a scheme to encourage commuters to switch to electric cars.

Public

The public EV charging network is vast, and it may feel overwhelming. Units can be found at locations including car parks, retail parks and service stations.

How much does it cost to charge an electric car?

Be aware that it’s difficult to provide an exact costing for how much it costs to charge an EV, because this will depend on energy providers, amongst a whole host of other factors, including the location, tariff, charging speed and the vehicle’s battery capacity.

Home

Exactly how much it costs to charge an EV at home will depend entirely on your energy tariff. It also depends on the car that you’re charging up. Smaller vehicles will cost less than larger SUVs.

However, as a general rule, it’s cheaper to charge your electric car at home than either at a workplace or public charging spot. Charging your EV to full capacity generally ranges from under £5 to around £15, depending on factors such as battery size and tariff.

If you’re looking to purchase an EV and are thinking about changing your energy provider, it might be an idea to look for tariffs with more affordable off-peak hours. You can take advantage of these off-peak hours to charge your vehicle, making use of the lower electricity prices.

Workplace

If your company provides workplace charging, you may benefit from discounted or even free charging, depending on their offering.

Public

There’s most variation in terms of how much you can expect to pay for charging an electric car via public infrastructure. Assume that charging your car to 80% capacity will cost anywhere from £7 to £10.

Rapid chargers tend to be the most expensive, but also the most time efficient, as they’ll charge your EV quicker than alternatives. Pod Point report that 30 minutes of charging at one of their rapid charging points at Lidl will cost around £6-7 and give approximately 100 miles of range. It’s slightly more expensive on their rapid chargers at Tesco.

There are also public charging networks like BP Pulse, which has over 9,000 public charging spots UK-wide and works via an app or membership card, offering either pay-as-you-go or subscription-based payment. Ecotricity is a greener option that operates via an app-based membership service, but there are others like GeniePoint and Shell Recharge, too.

Can you charge an electric car for free?

If you’re savvy about it, then there are ways to charge your electric car for free. Some retail parks and car parks offer the chance to do so – but be aware that you may need to pay for parking or conform to other regulations.

Tesco has partnered with Volkswagen and Pod Point, providing free charging on its fast charge points – but be aware that rapid charge points still require payment.

You can also use the Pod Point app and Zap Map to check for UK chargers near you. Use the filter tool to look out for free charging points, or opt for paid ones according to your need.

Cost-effective finance for electric vehicles

If you have doubts about how affordable owning and using an electric car might be, My Car Credit’s team of specialists can advise. We’ll give you an EV car loan quote and help you to find ways of driving more sustainably that won’t break the bank.

Get in touch today on enquiries@mycarcredit.co.uk and our helpful team will get back to you.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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What to Do If You Can’t Pay Car Finance Because of COVID-19

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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How to Reduce Your Car Running Costs

With cost-of-living prices rising, using your car regularly can seem like a financial burden. But there are key ways to reduce your car’s running costs – and we’ve consolidated eight of the best.

8 tips for reducing car running costs

Choose your fuel wisely

Avoid opting for premium fuel. Whilst premium fuels advertise benefits for a car’s performance, unless the vehicle actually is a performance vehicle, these are broadly negligible, but you’ll still end up paying more for the privilege.

Apps like the AA’s can help you to find the nearest cheap petrol stations, and you may benefit from supermarkets or fuel retailers’ loyalty cards, which can help you save money on fuel over time. Be sure to make use of technology and other savvy tricks like these in order to reduce car running costs.

Keep your car properly maintained

Getting your car serviced is an outgoing cost. But doing so will actually reduce overall car running costs, as you’re ensuring that the vehicle is kept at optimum efficiency.

It’s far better to send your car in for a regular service, which might set you back a relatively small amount, compared to having a major malfunction which incurs a significant expense.

Check tyre pressure

Keeping on top of your vehicle’s tyre pressure is one of the best ways to reduce the car’s running costs. Tyres that are underinflated will tend to use more fuel as a result of greater drag, which can leave you with higher costs over time.

Check your vehicle’s tyre pressure every fortnight. You can typically find the correct figures for your car on the inside of the driver’s door, but consult the handbook if you’re in doubt.

Drive carefully

There are many good driving habits that can help to reduce car running costs.

When the car is cold, drive gently, as this is when they’re less efficient. Accelerate gently too, and aim to drive at a steady speed. If you see red lights or a queue, ease off the accelerator. Keep your engine revs down – revving causes the engine to spin faster, which consumes more fuel.

You can also follow other good habits like keeping the windows up for minimal drag. Remove any excess weight in your vehicle’s boot, or any roof racks for the same reason. If you can go without aircon, then do so, as AC drains fuel. You can also avoid wearing heavy or thick shoes to drive, as these are less sensitive to small changes in the clutch and accelerator.

Learn what hypermiling is and practice it, as this will help you to maximise your vehicle’s MPG (miles per gallon).

Know your car finance caps

Certain kinds of car finance can have usage and mileage caps for vehicles. Be sure that you stick to these, otherwise you may end up overspending on surcharges.

Choose insurance wisely

Car insurance can be expensive. Shop around and haggle before settling on a policy or premium.

Consider getting a black box, which will reward careful drivers, or add a more experienced driver onto the policy to push costs down. You could also choose a car that typically resides in a lower insurance group in order to secure a cheaper premium. Remember that sophisticated trims (special equipment or features) add to a vehicle’s overall cost and will, therefore, impact any payout.

Be sensible about parking

Use apps to search around for cheaper parking, and always adhere to local guidelines so that you don’t incur a penalty.

Park your vehicle away from others, too. That way, you minimize any risk of damage, which might impact its resale value or result in expensive repair fees.

Ensure you’re on the best possible car finance deal

If you’re in the market for a new vehicle, then finding the best possible car finance is a sure-fire way to make the purchase more financially manageable. With car finance, you’ll pay a series of pre-agreed monthly instalments, making the process of owning and using a vehicle more accessible.

Take care to do your research and you should be able to make your monthly repayments more affordable.

Cut your costs with affordable car finance

There are many different types of car finance to suit your needs and requirements, and even ways of securing car finance with poor credit.

If you’re looking to drive down car running costs, be sure to contact My Car Credit today. We’ll provide you with a no-obligation quote and help you find an affordable deal.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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Electric Car FAQs – Where to Charge?

Electric Car FAQs – Where to Charge? If you’re thinking about switching to an electric car, “where to charge” is one of the most common concerns. After all, you can’t drive an electric vehicle that’s not powered up.

Thankfully, infrastructure has improved vastly over the past decade. Nowadays, there’s a long list of options for choosing where to charge your electric car. Read on as we discuss each of them with their pros and cons.

Where to charge your electric car

At a fuel or service station

We’ll start with the most obvious – the place all drivers go for their petrol and diesel. Service stations and fuel stations offer the fastest way to charge an electric car. That’s because most of them are equipped with rapid or even ultra-rapid chargers providing 43+kW of power.

These chargers have DC connectors, meaning they convert power before feeding it into your car’s battery for faster charging. As a result, they can typically charge up to 80% within 30 minutes. That means you don’t have to wait around or hold up the queue when you’re “filling up”, so to speak.

One downside, compared to the options we’ll go on to discuss, is that this rapid-charging service comes at a premium. As well as the cost of electricity, you’ll be paying a little more for every kW of energy you use at a fuel or service station.

At home

Even with rapid or ultra-rapid charging, it’s not ideal having to go out and wait for 30 minutes every time you need to power up your car. Where better to charge an electric car than at your own home?

It’s no surprise that at-home charging is becoming more and more popular as people switch to electric. To be clear, we’re not talking about a standard 3-pin plug socket. While they can be used for emergencies, they only provide around 3kW of power. That means they can take anywhere between 15-40 hours to fully charge a car. Not to mention the issues with weather and trip hazards if you don’t have a suitably located and protected outdoor socket.

Instead, the majority of people who purchase an electric car will also look into getting their own home charger. These typically come with 3.6kW or 7kW ratings, which are referred to as slow and fast, respectively. With a 3.6kW charger, it can take between 10-20 hours to fully charge a car. That’s cut to 5-10 for its 7kW counterpart.

Charging at home with a dedicated charging unit is undoubtedly the most convenient option. Many people choose to charge overnight so their car is powered up and ready to go in the morning. That may also allow you to take advantage of cheaper off-peak energy prices, depending on your tariff. Either way, your home is the cheapest place to charge an electric car – excluding the odd free charging opportunity we’ll cover below.

In car parks

As electric cars become more and more popular, car parks are having to adapt to meet demand. From supermarkets, retail parks and shopping centres to gyms, cinemas and town centres, electric charging facilities are being installed as a way to modernise car parks and attract customers with electric cars.

Needless to say, this is just as convenient as home charging because you can charge while you shop, exercise, eat or even watch a film. In some cases, businesses or councils will even provide charging for free as a way to incentivise using the nearby facilities or attractions.

As an example, Tesco has rolled out free 7kW charging at some of its stores, with the option to pay for a faster service. That can give you up to 50 miles per hour while you shop. It’s worth noting that these car parks will have a maximum stay – usually 2-3 hours for Tesco – so you can’t rely on them for anything more than a top up.

At work

Private business car parks are another place where electric charging units are popping up. There are a variety of reasons behind this, including:

Convenient charging for their own electric fleet
Making chargers available to visitors and clients
Providing an additional perk for employees
Boosting a company’s green image

Since 2016, businesses have also been able to claim back some of the installation cost. With the Workplace Charging Scheme, they can claim up to £350 per unit for as many as 40 chargers. This has no doubt made them more appealing to businesses throughout the UK.

So, if you’re wondering where to charge an electric car, your own workplace could be the answer. Some companies will provide charging to employees for free as a perk, others will require payment.

Which is best for you?

With the four options above, there’s plenty of choice when you’re wondering about where to charge your electric car. In terms of which is best, it depends on your requirements, nearby facilities and how you use your vehicle.

In most cases, a home charger is a smart investment as it will always be available when you need it. If you have electric vehicle charging at work and mainly use your car for commuting, however, you may be able to get by without a home charger.

Thankfully, you don’t have to decide between the different options. It’s perfectly normal to have a home charger but use supermarkets, work chargers and even service stations for a top up whenever it’s needed while you’re out and about.

Upgrading to an electric car

“Where to charge” isn’t the only query from people who are looking to make the switch from petrol or diesel to electric. With electric cars relatively new on the scene, tackling the up-front cost is another area of interest. Thankfully, car finance can help you surmount that hurdle by spreading the cost over several manageable monthly payments.

At My Car Credit, we’re dedicated to helping drivers across the UK upgrade their ride – including those keen on green electric cars. Use our car finance checker to get a better idea of how much it will cost, then let us compare deals from a large network of trusted lenders to find you the best rate. You’ll have an estimated monthly cost quicker than you can say “ultra-rapid charging”!

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Evolution Funding Ltd T/A My Car Credit

I want to buy a car on finance, how much can I borrow?

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Can You Pay Monthly for a Used Car?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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5 Fuel Saving Tips to Combat the Cost of Living

Man filing up his car with petrol to save on fuel

If you regularly use your vehicle and need it for work, then major increases in fuel prices can cause real problems for your monthly finances. However, there are ways of being economical with fuel in order to make your purchases go that little bit further.

Remember, when you’re shopping around for a car, look for one that’s fuel efficient. A car’s fuel efficiency is determined by its MPG (miles per gallon), and it’ll make a big difference to your regular fuel expenditure.

Fuel saving tips – the top 5

Go easy on your speed and accelerator

Sometimes you may just need to put your foot down (within the legal limits), but speed and use of the accelerator are two of the biggest factors that impact fuel consumption.

Go easy on the accelerator, and try to keep your driving smooth. If you’re in the highest gear possible, you’ll be using less fuel, but you need to ensure that you’re safely in control when doing so. Keeping revs down is also key, as revving causes an engine to spin faster, which guzzles fuel.

Practice good driving habits

If you’re approaching red lights, ease off the accelerator as you get closer to gently slow down. This is known as defensive or anticipatory driving and is a sure-fire way to save on fuel. It also typically means you’re more alert to your surroundings, making you a safer driver overall.

Vehicle maintenance

Keeping your vehicle well serviced will not only ensure that it’s safe to drive, it’s also one of the best fuel saving tips. Why? That’s because it guarantees the vehicle is working at optimum efficiency.

Monitor tyre pressure

Keeping on top of your tyre pressure makes a significant difference with fuel efficiency. The lower your tyre pressure, the more fuel the car will need as a result of resistance.

As such, it’s best practice to keep on top of your tyres between services – every fortnight or so is best.

You should be able to locate figures specifying your vehicle’s optimal tyre pressure on the inside of the driver’s door, but consult the handbook if this is tricky to find. Keeping on top of your tyre pressure can also help maintain your brakes, as tyres that are wrongly inflated will impact their wear and tear.

Maximise aerodynamics

This sounds a tad technical, but it boils down to minimising any drag or interference on your car. Roof bars and racks will result in higher fuel usage as a result of wind resistance – even if the rack’s empty.

Reducing the load carried by your car is also a top fuel saving tip. Clear out your car boot whilst you’re removing the roof rack, bicycle carriers, or any other bits and pieces.

Update to a new fuel-efficient car

If you’re concerned about your vehicle’s fuel efficiency and are looking to purchase an alternative, My Car Credit can help you to get car finance on a variety of cars from new or used dealerships – or check out our approved list of nearly-new vehicles to choose from.

Our easy-to-use car finance calculator will also ensure you find affordable financing options. Have more questions about buying a fuel-efficient car on finance? Get in touch with our friendly team on 01246 458 810 or enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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