A lot of people these days think it’s necessary to have two cars when you have a family. In some cases this may be true, but in most, this just isn’t the case. There are several reasons why your family may be better off without a second vehicle, especially if you’re facing financial hardship. Here are five reasons why our family decided to give up our second car in order to save a little money
1. No More Car Payment
When it comes to the benefits of getting rid of your second car, first there’s the obvious: no more second vehicle means no more second car payment! That is, of course, if you haven’t already paid it off, which is even better if you decided to sell. When we decided to get rid of our car, we had already paid it off. The nice part about that was when we sold it, we got a large chunk of cash that we were able to use to pay off some of our other debts.
2. No More Car Insurance
Along with the no more second car translating to no longer having to make a second payment, there is the decrease in insurance. For some, depending on what insurance company you go through and what your driving record looks like, this saving could be huge. For us, this saved us around a few hundred a year.
3. Less Money on Gas
Again, another obvious way you save when you only have one family vehicle is on your spending towards fuel. Both me and my husband commute to work about 40 miles each way, and because we have two kids under five taking each other to work is, to say the least, inconvenient. For this reason we work opposite schedules and whenever possible we carpool.
4. Fewer Impulsive Spending Trips
You don’t realize how much money you spend when you have a car till its gone. It’s so easy to just hop in it and go somewhere where you’re likely to spend money on things you don’t need. Unless you’re a big fan of shopping online, it’s kind of hard to spend money when you stay at home. For us only having one car forced us to get organized when it comes to shopping. It meant no more impulsive trips to the grocery store, where you go in for one item and come out with five other things you didn’t need. It also meant eating less fast food.
5. More Exercise
When we got rid of our car, our stroller and my Moby baby wrap carrier became my best friends. Anytime we need something from the mini-mart down the road, I strap my 6 month old to my chest, I put my toddler in the stroller, and I head on out. Getting rid of our second car, also freed up a lot of time for me to spend with the little ones. Instead of making unnecessary trips to the store, we started making more trips to the park. As a whole, getting rid of our second car just made our family happier, healthier and more financially sound.