I’M sure many of us have used our cars a lot less in lockdown. I’m equally sure most would want to increase their disposable income. More so if you have debts to pay or your livelihood is affected as a result of the pandemic. Here’s how you could quickly give yourself a pay rise.

For most of us, owning and running a car is the second biggest household expenditure. Costs vary quite a bit depending on what car you have and how much you use it, but typically it costs over £2,000 a year in running costs alone.

Add in depreciation or finance costs and the total cost of ownership may well double. There’s a useful calculator on the AA website to work out what your car is actually costing you each year, but keeping a car on the road typically takes up 10-20 per cent of your total income. Certainly, market research undertaken in 2020 suggested the average cost for a car bought with finance was £5,750 a year.

Even in ‘normal’ times the average car is only used for five per cent of the time and usually when 75 per cent empty. Basically for many they’re a nice to have, but expensive, underutilised and rapidly depreciating asset.

As 40 per cent of car journeys are less than two miles and 60 per cent are less than five miles, these are distances that a reasonably fit person can walk or cycle in about 30 minutes.

Indeed, at congested times in Worcester its often nearly as quick and sometimes quicker to walk or cycle such distances than driving. You’ll also benefit from the healthy exercise and be doing your bit for the environment too.

As Worcestershire has one of the highest car ownership levels in the country, with close to two cars on average per household, the decision is probably easier if you have more than one car parked on the drive.

So, if you want to give yourself a pay rise, it really does make sense to consider whether you can get rid of the car and use leg power for most of your journeys.

Trading your car in for a decent bicycle could save you £3,000 or more a year.