One of the biggest burners of money in our life, after our home, is our car. We don’t quite realize it when we first begin our journey on the road, but because it’s a necessary part of life for many, we just end up putting more and more money into maintenance, new cars every so often, not to mention the fuel. Financially speaking, there are transport options in retirement to save us all money, but before we get to that point where we have a more leisurely approach to life, should we consider giving up our car?
The Natural Savings
The first thing we have to look at is just how much we would save. This is all relative, depending on the number of years you’ve been driving, if you’ve had no insurance claims, and so on. But when we are looking at the bare bones of it, and we are working a Monday to Friday, 9 to 5 job, we will spend so much money on the fuel. For many, the car is a lifeline, it gets us to our jobs, and it provides us with that freedom on the weekend. And when it’s one person driving the car, they end up putting the money in, regardless of whoever else is using it. For those who have children that use the car, but don’t fill up the tank after them, this still puts the onus on the owner to ensure that the tank is topped up.
While these are all domestic quibbles, if you got rid of the vehicle completely, and utilized public transport, yes it would take longer in many ways to get your shopping done, go to work, and so forth, but with the money that you save, can this be invested in more lucrative pursuits? Vacations, education, an early retirement for example.
The Cost Of The Modern Car
The contemporary vehicle is full of numerous gadgets and safety features that, on the face of it, are beneficial for those that have families. But with this, comes incredible expenses. It’s something that’s hardwired into us; we need to look for a bargain. And when we have a car that has all of the modern configurations, this inevitably bumps up the price. So if we buy a car, we’re going to run the risk of getting something that could potentially get us into more accidents.
That’s why there are so many varying factors to consider, like the skill of the driver and so on. Safety features can provide additional peace of mind. Dash cams, for example, can provide that supporting evidence if car accident lawyers have to get involved because somebody ran into you. And while this piece of equipment is worth the investment if an accident happens, when we look at buying a car, cost will always trump practicality. But this is also something that we have to think about, especially when we look at our insurance policies.
The Unnecessary Policy Products
You may get a better deal if your car has the latest in safety features. But so many car insurance policies come with the additions that you may not consider to be necessary. For new drivers, you may look at it as essential, just in case the car gets totaled. But if you are an experienced driver, you can shave off a few thousand off your policy by removing any unnecessary coverage or at the very least increasing your collision deductible. As insurance policies are slowly creeping up in price, and the responsibility is on us to find a cheaper policy, convenience appears to be the name of the game where we blindly accept what is offered. In many ways, insurance providers are just salespeople. We may well ask ourselves, is this just another unnecessary stress for something that’s going to drain us of our money anyway?
The Modern Costs And Concerns
Financially speaking, the younger generations aren’t able to even afford driving lessons. While we consider driving to be a rite of passage, because there are so many people who can’t afford to learn, let alone buy a car, this really hits home how much of an investment a car really is now. It’s not just about the general maintenance, but it’s also the fuel efficiency, and when you tally this up with the rising prices of fuel, there are so many out there that can’t physically afford to keep the vehicle on the road.
As transport becomes more comprehensive, especially in inner cities, we can view our vehicle as a hindrance. It’s something that we only use on evenings and weekends, especially if we make that commute into work on public transport. But to counteract that, there are more cars than ever before on the roads. This leads to more congested roads, which gives way to road rage and turns driving into a more stressful experience. And from a personal perspective, it’s hardly a surprise that there are many people who are put off by driving.
In this respect, as driving becomes expensive, and people are viewing it as paying to get stressed out in rush hour, it’s logical that we see more people taking public transport. And when you throw into the mix the environmental impacts and the fact that the electric cars and hybrids are so expensive now, the modern world, and its limited financial scope means that people physically cannot afford to own a car.
Should We Give Up Our Car To Save Money and Lower Our Stress Levels?
So many of us need our car to get around. We view it as our lifeline, either because we have family, or there is just the fact that we have immediate access to something that can get us to the store, to our relatives, and is a way to free us up. Despite the fact that many cars are fuel pigs, especially where I live and everyone seems attracted to owning trucks and SUVs, many people don’t feel ready to give up their car just yet. When should we give up? Lifestyle is the biggest dictator of this. But there are people who gave up their car, despite the obstacles it posed and found themselves happier as a result, not just financially better off. Until we get into a position where we see our car as being a detriment to our lives, it’s unlikely that most of us will give it up at this point.