It’s officially been 2 years since we sold off one of our vehicles and became a one-car family. I can honestly say it was one of the best financial decision we have made and has saved us thousands over the past two years. Are you thinking of becoming a one-car family? If so, I hope this gives you the push in the right direction for your family.
Being a one-car family will not work for everyone. I want to share how it has worked for us and why we decided to sell one of our vehicles in hopes that it will help you make this big decision.
Why?
- We moved to a new area and my husband’s new job provided him with a vehicle. Our second vehicle was driven 1 time in the 4 months it sat in our driveway after we moved.
- We had some debt we wanted to pay off. We knew the money we made from the sale of our car could make a substantial dent in this debt.
- We were paying for insurance and maintenance on a vehicle we weren’t using which seemed fruitless.
- The second vehicle we did have was not family-friendly. It was a 2 door Altima coupe. My husband had purchased it when he was single just 9 months before we met.
- The car was in excellent condition so we knew it would provide a decent amount when sold.
How?
- I have been a stay-at-home mom for 4 1/2 years, 2 1/2 at the time we sold the car. After moving, my small part time job went from being an on location job to being all online so I could work from home. I don’t need a vehicle to get back and forth to work.
- My husband’s job provides him with a vehicle. He doesn’t need to use our van to get back and forth to work.
- We combine our trips when running errands.
- If we are all home, we often go places as a family. I know this isn’t for everyone, but if my husband is home he usually goes with me and vice versa.
- We stay home a lot. We are both homebodies and would much rather be home than just about anywhere else.
- We have family that lives just about 45 minutes away. If we need to borrow a vehicle because our van is having maintenance work done, we can work it out. I realize we are very, very blessed to have this option.
- My husband usually takes the van to get the oil changed by himself. This way we aren’t sitting in a waiting room for an hour or two with a baby and toddler.
What We Have Saved?
Sold 2nd Vehicle: $11,000
2 Years of Maintenance (oil changes, windshield wipers, the basics): $180
Tires: $500
Scheduled Maintenance: $400
2 Years of Car Insurance: $1440
TOTAL: $13,620
I didn’t include gasoline as a savings because I figured we probably spend more on the one vehicle we do have which probably equals out.
This also doesn’t include anything that might have come up like a new battery, belts, tire rotations, balances, etc. This could add several hundred dollars more to our savings.
Has It Been Worth It?
Yes! Yes! YES!!!
We have been able to pay off debt, save even more each month, and it has brought us closer together as a family as we travel around town together. If we had the option to do it all over again, we would.
Are there times I wish we had a second vehicle? Yes, occasionally, there will be an instance when we both say that it would be nice if we had another form of transportation. However, we are always able to work out the kinks and it’s never enough to make us sorry we sold the car.
Will we ever buy a second vehicle?
ABSOLUTELY!
I know we will eventually add a second vehicle back to our family. I will eventually go back to teaching, our income will increase, and having a second vehicle will make more sense than the savings we are seeing now. That will be a different season of our lives. That’s fine.
We could buy a second vehicle next year or it could be another 5+ years before we add a second vehicle to our family. We are just taking it day by day. When the time comes, I know we won’t hesitate to purchase another car (or truck as my husband has informed me :)).
Are you considering becoming a one-car family? Here are some questions you should ask yourself before jumping in.
- What sacrifices would we have to make if we sold one vehicle?
- Is the money we make from the sale of our vehicle going to make enough of a difference in our budget to warrant the sacrifices of being a one-car family?
- Is the money we save each month from not having a second vehicle going to make enough of a difference in our budget to warrant the sacrifices of being a one-car family?
- Do we have alternate forms of transportation if there was an emergency? (Family, friend, neighbor, work vehicle, motorcycle, etc.)
- Is the vehicle we plan to keep reliable?
- Do we live within walking distance of grocery stores, our bank, the library, parks, etc. in which case a vehicle would not be necessary for many trips around town?
I know for some, the sacrifices outweigh the cost and a second vehicle is necessary. I completely understand. There are seasons of our lives that I would never have even considered getting rid of one of our vehicles. However, I believe there is a time and a place for everything.