Have you ever considered being a one-car family?
If you are single, have you ever thought about living without a car of your own?
A car is often the first big-ticket item we own or go into debt for.
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But owning a car is expensive, and getting more so.
There is the price of gas, the cost of insurance and constant concern about maintenance.
During the early stages of the pandemic when so many people stayed home, the roads were empty.
No one went anywhere, so no one had to drive anywhere.
News stories abounded about the improved environmental conditions of the world at the time.
But, now we are crawling back to a normal life.
Does a normal life necessarily mean you oughta have a second car at your disposal at all times?
Use this list to assess your familys situation.
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Number of Drivers
This may be the No.
A home with two adult drivers is likely the best scenario for going to one car.
It will be easier to sync schedules.
More than two, and you will need increased patience and cooperation.
You might be able to become a one-car family.
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3.
The grocery store, naturally.
Is there anywhere else that you must go to on a daily or weekly basis?
Are any of those places within walking distance?
Think about the possibility of the person working from home driving you to an appointment on a lunch break.
Check to see how much a round-trip Uber or Lyft ride would be from the places you regularly visit.
Perhaps that will be a better deal than the prorated price of gas, insurance and maintenance.
The pandemic has pushed the average price of a new car to about $40,000.
The price of used cars has gone up by 40%.
And thats just the start of the expenses.
The price of owning a car could be one reason that you are thinking about getting rid of one.
Or the temptation of making some money on theused car marketcould also help make a decision.
The following chart includes 2021 information frommove.orgabout how much it cost a year to own a car.
The average across the country is $5,265 for payments, fees, gas and maintenance.
These are the costs in the top five and bottom five states.
Selling one of those cars is a quick way to save money.
Gas Prices
The price of gasoline is at an all-time high in the spring of 2022.
Maintenance
Regular maintenance means oil changes and tire replacement, mostly.
Wiper blades and brakes are also regular expenses.
That does not take into consideration any major repairs needed on older cars that have outlived their warranty.
Oregon has the highest car registration fees, between $268 and up to $637 for new cars.
Florida follows with a new registration fee of $225.
Registration fees are just a fraction of this in Arizona.
Parking
If you own or rent a single-family home, you dont pay to park your car.
How often you have to pay to use the roads increases your costs of driving.
Depending on where you live, you could also consider renting a car for longer trips.
According to Kayak, theaverage cost of a rental carper day jumped to $81 as of December 2021.
What is your daily average expense for the extra vehicle you have?
How often are you likely to need to rent a car?
How many times do you use that second car to pick up something that you could have delivered?
We have looked at the price of owning a car vs. depending on ride shares and public transportation.
Now, lets talk about the perceived value of those options.
Now think about how much you pay for that convenience.
Is it worth it?
Perhaps you want to eliminate one car as your contribution to the environment.
There certainly is a psychological price to pay if you give up that second vehicle.
There is a perceived lack of freedom.
The Possibility of Sharing a Car
There is another consideration.
Hopefully, you paid attention in grade school when you were taught about sharing.
to make a vehicle downsize work, it’s crucial that you create a schedule of regular driving trips.
The needs of both drivers should be considered.
Is the car going to belong to one person and be borrowed by the other?
Or maybe youll use an old-school paper calendar hung on the fridge with a magnet.
Either way, having one car will force you to get organized.
It is, depending on the size of your family.
If you cannot employ any of those tactics, it is going to be difficult.
It certainly is more expensive than owning one.
If you are paying off car loans on both cars, that is obviously a double expense.
Cars used in large metro areas are often higher to insure than cars driven in small towns.
Having two car loans impacts your debt-to-income ratio, which is a factor in determining your credit score.
Kent McDill is a veteran journalist who has specialized in personal finance topics since 2013.
He is a contributor to The Penny Hoarder.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…