A little while back, my husband’s vehicle reached an unserviceable state after crossing the 200,000-mile mark, compelling us to switch to a single car lifestyle. This acted as an impetus to our long standing idea of becoming a one-car family and saving money. Now we have just one car between us, and the cost savings have been substantial.
Owning two cars is becoming an onerous financial burden for many, hence the idea of a one-car family has always intrigued me. While sharing a vehicle can be slightly inconvenient, it has led to substantial monetary savings that are now being utilized in other important areas. Let’s explore some of the broad areas where we have realized savings due to our short shift to a one-car household:
FUEL COSTS
With the escalating fuel prices, we’re saving significantly as we now only have to refill a single car. Previously, my husband spent $80 to $100 per month on gas. That amount is now repurposed in our budget and is able to cover some of our smaller bills or contribute to our savings. Moreover, with less driving, we are realizing savings in all associated areas.
TOLL FEES
Our toll costs have reduced significantly as well; earlier we had to replenish two passes. Now we are saving on those expenses as we mainly use the toll road when visiting our families.
REPAIR AND MAINTENANCE
Our single largest saving comes from the reduced repair and maintenance costs. When we had two cars, we were spending at least $800 annually on brakes, while a slew of problems with my husband’s car rung up over $1,000 in repairs last year alone. Sharing my car now also means fewer repair needs and setting aside less money for the same. We are also able to start allocating some money for the purchase of a new car in the future.
AUTO INSURANCE
By removing my husband’s car from our coverage plan, our auto insurance premium was cut in half. This is yet another area where we’re saving money that can be used for other expenses and bills.
ANNUAL REGISTRATION
The recent upward revision of the annual registration fee in our state means we are saving half this amount by owning only one car.
In totality, we are saving well over $2,500 per year by having one car instead of two. While managing our schedules requires slight adjustments, the financial benefits make it entirely worthwhile. For those deliberating on how to make the one-car household model work, here are some tips based on our experience:
Maintaining a one-car household is much simpler when one person works from home. Having telecommuted for the last 5 years, I really only need a car for errands and school drop-offs, which can be arranged easily. Also, with homeschooling our son this year, we didn’t need two cars.
If you have access to a vehicle via work, like my husband does, it becomes even simpler to manage with a single vehicle. As this allows one person to be mobile while still leaving a car for needs at home.
Lastly, we have greatly improved our logistical planning and communication, coordinating our trips to ensure optimum efficiency. Whenever someone goes out, we ensure all necessary items are listed to avoid multiple trips.
In our experience, transitioning to a single-car arrangement hasn’t been challenging. In fact, it has strengthened our planning abilities and facilitated more family trips. We still have public transit as a backup option, although we haven’t had to use it yet. The key takeaway is that being a one-car household allows us to save money and increase our savings, and that is of paramount importance to us.
Would you ever contemplate becoming a one-car family? What are your views on this?
