Hardship Recovery

How Getting Rid Of Your Car Can Save You Major Money Every Month

Is getting rid of your car in favor of other forms of transportation a good idea? It could be if you’re looking to make significant room in your monthly budget.

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Do you squirm when making your car payment every month as you watch it drain dollars from your budget? Does filling up your gas tank hurt too?

If so, it may be time to say goodbye to your automobile and hello to another form of transportation.

Affordable Alternatives to Cars

What are your options besides owning a car? The most obvious is public transportation.

This may be your best bet if you live in a big city, such as New York City, where the cost of owning a car is too high due to tolls, parking, expensive gas, and more. With so many options like the bus and subway at your disposal, you may find going carless as being the easier route.

If the thought of depending on public transportation doesn’t tickle your fancy, you could choose a car alternative.

For instance, bicycles can be a great way to get from point A to B while making you healthier via exercise. If you like adrenaline, a motorcycle may be the way to go. Scooters could be viable too, or, if you live close to everything, your own two feet may suffice.

Does getting rid of your car seem too drastic? It may not seem so severe once you realize the costs of owning one.

In 2018, the United States Bureau of Transportation Statistics found that the average cost of owning a car was approximately $9,000 per every 15,000 miles.

Does that seem high? Know that it doesn’t even include things like your car payment, tolls, and parking fees.

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How can owning a car be so expensive without including your car note? Because there are other automobile-related expenses such as finance charges, depreciation, insurance, taxes, license fees, registration, tires, maintenance, and fuel.

Seeing that the cost of car ownership is so high may have you jumping at the bit to say goodbye to yours. While it may make sense in your situation, there are a few things to remember:

The Costs of Ditching Your Car for Other Forms of Transportation

1. Alternate vehicle costs.

Does transitioning to a bike, scooter, motorcycle, or even walking sound like a smart move? Know that each carries its own costs, including walking.

You’ll have to maintain a bike, scooter, or motorcycle with tires and the like. You’ll even have to maintain your own two feet with new shoes.

2. The cost of convenience.

A car gives you the power to go where you want when you want, even if the weather is terrible. Without one, you may be calling a taxi or Uber to haul you around if its stormy outside.

What about when you shop? How will you carry all of your groceries home? A car may be your only way, meaning that taxi or Uber might be necessary once again.

In short, you may have to use a car at times. Since it won’t be yours, you’ll have to remember that potential cost in your calculations.

3. Public transportation costs.

Buses, trains, trolleys, shuttles, subways, and any other forms of public transportation will probably require a ticket.

Will it be free? That’s not likely, so find out how much your preferred method of public transportation will cost you before unloading your car for good.

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