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Practical Reasons to Become a One-Car Family to Get Out of Debt
If you’re considering becoming a one-car family, you may be in a good position to do so (or you may be better off financially) if any of the following apply to you:
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- You owe a lot of money on your car and it’s negatively impacting you (this is something Dave Ramsey recommends too and, while I don’t follow him 100%, this is practical advice I agree with!)
- No one will be stranded if you carpool with your spouse/significant other/or even roommate
- You have great public transportation
- If you have other modes of getting around – some cities offer Express shuttle buses for downtown workers or some offices coordinate carpools among coworkers
If most of these reasons apply to you and you can make it work, it might be an awesome idea to sell your car (or return it to the leasing agent) and save your car/insurance payments for debt pay off or savings. But there are some reasons to carefully consider not getting rid of your second car.
Why You Shouldn’t Get Rid of Your Second Car: Your City Is Ridiculously Big or Hard to Get Around
Why You Shouldn’t Get Rid of Your Second Car: If You Work in Opposite Directions from Your Spouse
Why You Shouldn’t Get Rid of Your Second Car: It’s Paid Off, You Use It, and It’s Not Worth Very Much
*Part of Financially Savvy Saturdays on brokeGIRLrich.*