We might all dream of driving around in the latest sports car kitted out with private registration plates but in these tough financial times we can’t all afford this dream. This is where this cost-cutting guide comes in – how to drive just as frequently as you do now but at a significantly lower cost.

Here are our 7 simple ways to drive down your motoring costs with the minimum of fuss:

1) Watch your speed – if you are someone who is always putting their foot down and driving fast your car will be eating petrol. By lowering your driving speed you will be saving money on fuel as your car won’t be using it up as fast. Do this and you will notice that you are spending less time and money at the pumps.

2) Check your insurance – many people will automatically renew their insurance each year without checking that they are getting the best deal. Shop around and use comparison sites to reduce your policy price. And remember, just because you used a comparison site last year it doesn’t mean that your insurance company will be the cheapest again this year. Use the comparison sites every year.

3) Rent out your driveway – if you are away during the day, at the weekend or have a large drive you can make money from it. People who live close to large towns, sporting arenas and other places that draw crowds can turn unused drives into cash. You can rent them out by the day, week or month and earn money for doing nothing. Similarly, if you’re paying a lot for parking then have a look at the driveway rental sites to see what locals are charging for private spaces. Often it’ll be a lot lower than the nearby commercial car parks.

4) Let your car slow down naturally where possible. Every time you apply the brakes you are wasting money, so where you can try to let your car slow down itself before using the brakes. Do this for a month or so, combined with our first tip above, and you will start to see the money that you are saving.

5) Check your car over before you go for an MOT – or get someone who knows what they are doing to help you. If you check your lights, your suspension and the handbrake you can avoid having to fork out for repairs when your car fails its MOT for minor faults. Get these repairs done before the MOT for a fraction of the cost.

6) Visit PetrolPrices.com where you can check the price of petrol in your area. By inputing your postcode you can find which petrol station has the lowest priced fuel. Just make sure that you don’t drive too far to the cheapest petrol station or you’ll end up spending more money in used petrol.

7) Chuck out any clutter that you have accumulated in your car. The heavier your car in, the more it will cost to run. So by binning all of the rubbish that you have in your car you will be making it lighter, cleaner and saving money at the same time.

This cost-cutting motoring guide was provided by Charles Cridland from YourParkingSpace.co.uk, the driveway rental website where homeowners can cash in from their empty of underused driveways.

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