In couples or families, the need for two cars is often taken for granted. If you really want to save money, consider the nuclear option: get rid of your second vehicle.
Photo by jaimekop
As financial blog 20 Something Finance points out, getting rid of your second car can save you thousands of dollars. Moreover, if you live close to work or if your schedules can accommodate it, you can skip the second vehicle with minimal inconvenience to your daily schedule:
5 years after giving up a car, I haven’t looked back at all. We never have to play “musical cars” in the driveway, we’ve saved time on maintenance and cleaning, I’ve rediscovered my love for biking, I’m in much better shape and have found a good stress release in biking, and we’ve been able to easily coordinate transportation needs to the point that an occasional scheduling conflict has never had us seriously re-consider the the move.
But the best part of all has been the cost savings. In fact, I cannot think of another cost cutting measure I’ve made that has saved me more money than getting rid of a second car.
The author estimates (very roughly) that skipping the second car can save a few thousand dollars per year, assuming that the amount of driving doesn’t change at all. Of course, if you end up cycling or walking instead, you will actually reduce travel costs. It may not be for everyone, but if at least one member of a two-person household lives near work or can use public transport, that second car may be more of a burden than it’s worth.
Serious About Savings? Get Rid of your Car [20 Something Finance]