The decision to become a
one-car family can be one of the most financially liberating choices for any
family to make. With the average cost of a new mid-size SUV hovering around the
$25,000 mark, the expense of owning and operating multiple vehicles can be
astronomical. Of course, the decision to downsize to one car is one that
requires careful consideration before you make your move.
What
is the Dynamic?
The first question you
need to consider is this: what will it take to make your family work with only
a single car? Many small and medium-sized cities offer plenty of transportation
alternatives to automotive travel. So, the good news is that having multiple
vehicles is not a lifestyle necessity. But you must really take stock of the
practicalities of using alternate forms of transportation, too.
One of the most
important aspects of making the transition is effective communication by all
family members. Last-minute changes of plan can throw the entire day
off-course. That means you need to keep an active calendar of events, so the
whole family always knows what is going on with transportation.
At the end of the day,
you need to have everyone on board to make the one-car plan work for your
family. If family members are resistant or holding out, it could set your
efforts back before you even know it by making everyone miserable with the new
arrangement.
Benefits
of Being a One-Car Family
There are many benefits
to being a one-car family that goes well beyond the financial benefits. In
addition to eliminating monthly payments, parking, insurance, maintenance,
registration, and more, keep in mind to include things like:
- Encouraging better communication for the entire family
since everyone is on the same page about who needs to be where.
- Enjoying more time going places together rather than
always going your own separate ways.
- Forcing greater flexibility. In fact, this may be one
of the most important lessons for the entire family to come of downsizing
to a single car.
- Helping your family pay down debt faster. Paying off
debt is one of the most common reasons families make the decision to
downsize. And losing a car note plus other car-related expenses can make a
substantial budgetary difference.
- Freeing up valuable garage space for storage, projects,
etc.
- Bettering the planet by reducing your family's carbon
footprint.
The big question most
families have when weighing this decision is how to make it work. That requires
careful planning and taking the time to measure how "on board" your
family is for the idea. Make sure they understand the potential costs and
benefits.
Other
Means for Transportation
Becoming a
single-vehicle family does not mean that other members of the family are left
out in the cold when it comes to transportation. It just means you have to plan
for specific events a little more carefully than if you were to have two
vehicles.
Fortunately, there are
many alternative forms of transportation available in communities of all sizes,
such as:
- Mass public transit (buses, trains, subways, etc.)
- Uber, Lyft, and similar services
- Bicycles and bike-share programs
- Carpooling
- Car rentals
- School buses for school children
There is also the
potential to telecommute. If one or both parents in the family can work from
home, making a move to a single-vehicle would be more comfortable.
The goal is to simplify
your finances and your lifestyle by downsizing your debt and your car
situation. Make sure you have it planned to the point that it does not cause
additional, unnecessary stress to accomplish.
Takeaway
Making the switch to
become a one-car family does not have to be a painful decision, nor does it
need to feel like a monumental sacrifice. As a matter of fact, it can be quite
freeing by doing the following:
- Encouraging better communication for all family
members.
- Forcing you to rely on each other.
- Creating a greener family lifestyle for everyone.
- Getting you to seek out alternative transportation when
schedules are too hectic.
- Freeing up finances so you can focus on things that are
more important for the entire family.
With benefits like
these, the sacrifice actually seems relatively small.
