A car can be a large expense, especially for a growing family. Between fuel, car payments, insurance costs, repairs, and maintenance, the costs of owning a vehicle can add up quickly. The number exponentially goes up when you considering the purchase and maintenance of two. These expenses have many families asking the question, could they possibly survive with having only one family vehicle? To help determine whether you can become a one car family, consider the questions listed below.
What Are Your Weekly Transport Needs?
The most important part of determining whether or not you could make due with one vehicle is determining your average weekly travel needs. Things to take into consideration are:
- Do you need to take your children to school or daycare?
- Do one or both of you need to get to and from work?
- Is altering the schedule to share a car feasible?
The last question may be one of the most important. With some families having two working parents, it is essential to make sure your work schedules can be altered to accommodate shared rides before you make the commitment to one vehicle.
Are There Viable Public or Co-Transportation Options?
Many people do not make this assessment in the area where they live until they are forced to, and many are surprised by what they find. If you live in a larger city, you may want to investigate the feasibility of utilizing public transportation for work.
If you live in smaller areas, you might want to find out if there are any ride share programs or co-transportation options for school drop-offs or transportation to work. If you employ a sitter, you might want to ask what they would charge for using their vehicle for transporting children or running any necessary errands.
Do You Have an Emergency Backup Plan?
When depending on one vehicle for all of your family’s transportation needs, it is important to have a backup plan in the event your vehicle is in the shop or involved in an accident. This could be as simple as having a family member willing to help or loan you a car if you have an emergency to having rental reimbursement on your insurance policy.
What Are the Total Costs of Operating a Second Vehicle?
Before ruling out having a second family vehicle, you may want to drill down on the costs the second vehicle will incur. Determine what type of vehicle you would purchase for a second car and the costs for fuel, insurance, maintenance, and basic repair. Calculate this on a monthly basis and see how it might fit in your budget.
If it is not too much of a stretch to your monthly income, you may find that the cost is worth the added convenience. When considering the calculations, you may also want to determine any additional costs for running the first vehicle for all errands. The extra mileage and wear on the vehicle may cause more frequent maintenance and repair.
Image by DomAlberts, used under CCO 1.0
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