When we moved to the Jacksonville, Florida area, people kept telling us that we'd need a car to get anywhere, since local public transportation isn't exactly plentiful. It was assumed that we would need two cars for our family of three.
However, we only had one car, and we kept it that way.
Driving our 2012 Chevy Cruze means we save thousands of dollars a year - which we funnel into savings
and other financial goals - and we've never been happier. In fact, if
we had gotten a second car, it would have sat in our driveway.
Want to know how we make it work?
Since we've moved into our first home,
I found a preschool two miles from the house. I have a bike and
trailer I use to take him to and from school, which means I get to
exercise at the same time.
Plus, my husband only works about five
miles away. Not only are we saving on gas with our only car, but it
gives us peace of mind in case there is an emergency. For example, if
something were to happen to my son while he's in preschool and we
needed to pick him up, my husband can either pick me up and we go
together, or he can drive over himself.
For those occasional conflicts, we couldn't
justify purchasing a new car - and paying for gas, maintenance and
insurance on top of it - so instead, we set aside a small sinking fund
(a purpose-specific savings account) for those times to use rideshare
services instead.
For example, our car wouldn't start one day and my husband used a rideshare service while I took the car to the mechanic. Or when I had to leave at 3 a.m. for the airport, I got an Uber instead of asking my husband to drive me.
The $10 to $20 here and there is nothing compared to the thousands we'd have to pay for an additional vehicle.
For example, we order groceries online
and pick them up at a location close to other stores we need to visit.
Or if we have doctor appointments, we schedule them one after another.
The added bonus is that we're much more efficient with our time, which
gives us ample downtime on the weekends to hang out.
We also
coordinate times to use the car. We let each other know about our
separate schedules so we can work out who needs the car and when (if
we're not doing something together). For example, I make sure to meet
up with friends after my husband comes home from work, so I can take
the car.
Gas: $50
Auto insurance:
$83 (Florida has one of the highest insurance rates in the US, but we
were able to negotiate our rate down since my husband's been with the
same company for over 10 years and we pay semi-annually.)
Maintenance: $20 (We keep money for maintenance in a separate high-yield savings account for when we need it.)
We
paid off our car back in 2012, so we've never had a car payment. All
in all, we spend only about $1,836 a year on our car. Compared to AAA's estimate
of a new car costing about $8,500 a year to own and operate in 2017
(the latest data available), I'd say we're doing pretty well.
We prioritized a home where we could bike and walk regularly
I'm lucky that I work from home so I don't have to drive to an office. However, I do take my son to preschool five days a week, so I do need to leave the house every day.
When my husband and I were choosing childcare options, we looked to
location as one of the top priorities - we wanted schools as close to
our apartment as possible. Luckily, the preschool we found had a good
track record and was less than a mile from where we lived. I'd walk him
to and from school.
We set aside money for the occasional rideshare service
When we were considering getting a second car, my husband and I took a careful look at our habits. If we really needed the second car, we would get it, we decided. But when we looked closer, we found there were only a handful of instances when my husband and I needed the car at the same time.For example, our car wouldn't start one day and my husband used a rideshare service while I took the car to the mechanic. Or when I had to leave at 3 a.m. for the airport, I got an Uber instead of asking my husband to drive me.
