Saving Money With One Car Instead of Two

photo credit: dominiekth

For couples without children, sharing one car instead of having two is often practical and a great way to save money. Statistics suggest that you can save from $8,000 to $12,000 a year, even when you include the extra costs of public transport.

If you’re a couple who both use your own cars, considering saving this big sum of money by giving up one of the cars, here are some tips to help you decide if it’s right for you:

• Can at least one partner easily use public transportation to get to work?
• If not, do you work in a similar part of town, and at similar times? Will it be practical for one partner to drop the other at work and pick them up?
• Are you good at planning your week in advance - for example, if particular errands need to be run using the car, can they be scheduled in to the time when you have access to it?

Remember, if you can make this work you won’t just be saving on car loan repayments, but also on car insurance, fuel costs and maintenance costs, plus the added bonus is you’ll probably get a bit more incidental exercise by walking places - or at least to the bus stop. And you’ll be helping the environment too.