Why You Should Consider A 1 Car Household or No Car At All!

There have been many things that I evaluated in my life as to whether or not it is a need or a necessity.  Some of those things that I have determined are a necessity is one, internet and two, Netflix - with an occasional Domino's order.  One of the things that I tried to do without was my car - more specifically, reducing to a 1 car household.

Why did I try to get rid of my car?

I had bigger goals.  I want to have extra money to save and to put towards the things that will help my life the life I want to live - this blog and future endeavors.  I decided that sacrificing my vehicle, along with convenience, would help me get there.  I know that saving for the things that are part of my dream is what will really make me happy in life.

It's no secret that society is moving towards eco-friendly solutions.  This has allowed alternative transportation businesses to thrive.  Car sharing programs are bigger than ever and government funding has allowed public transportation to expand and become cheaper - both of these trends are on the rise.    

Having two cars is excessive. I can understand that in some situations it is almost a necessity, especially with kids. But if you are able to, try and get rid of it!

Think about how much you spend in a year.

1.     Car Payment: If you don't already own it, this would be about $300/month on a decently affordable vehicle.  $3600/year.  Noting that paying for a car with cash also has costs.  If you spend $20K from your savings to buy a car you're losing out on the interest that the $20K can be generating for you.

2.     Gas: $40/week with normal travel to work and home (generous), $2080/year.

3.     Maintenance: I looked up the costs of maintaining a vehicle over 10 years organized by brand; the average was about $10K.  $1k/year

4.     Insurance and fees: In Ontario, Canada, the average is about $2K/year. For fees you're looking at: License plate sticker, ($120/year), possibly an emissions test ($40/year - this will be removed soon in Ontario, Canada - but I believe the cost of your license will be going up so I will include this still).

5.     Any repairs that happen to your car, those dreaded mechanic costs.  This can be anywhere from $0 to $5K depending on how bad the repair is.

Without taking into consideration any repairs, you're looking at costs of over $8K/year.

Taking into consideration the costs of using buses, car sharing programs, trains, subway, Uber etc. to get around since you have no vehicle, you're looking at savings of around $4k a year (about $350/month on other forms of transportation).  I only spent about $200/month.  

Depending on what your goals are, that $4k can be better used, like on your dreams - travel, business, a house, anything you want and that will truly make you happy.

My Thoughts

I have always looked at a vehicle as my freedom. With a car I can go anywhere, whenever I wanted. But I did give it a fair shot. It was going well, I was taking the bus to work and commuting everywhere when I didn’t have access to the car. Eventually, I was forced to get my car back when my ex and I had broke up - my car was only in the garage, I didn’t sell it. If I ever am in a position to only have one car, I would definitely jump on that opportunity! Luckily my car is paid off and it’s not costing me too much at the moment but seeing the amount that I could be saving is very attractive!

If you can, try not to drive your car for a couple weeks and see how it goes!

Please share this with your friends and family on social media by clicking the "share" button below! Please also subscribe to my email list and follow me on all social media to stay up to date on exclusive information and tips! I greatly appreciate it!