Want to Save Money? Consider Losing the Car

For generations the automobile has been an absolute necessity for a regular American life. The car is an icon of the American culture; we’ve built miles and miles of roadways to travel on and we’ve connected almost all of America with them. There’s not another country in the world that loves their cars as much as we do here in the states. But as families and individuals tighten their belts when it comes to the tough economy, we’re seeing more and more young people ditch car ownership.

Owning a car can be very expensive. Of course there is regular maintenance which ranges throughout the year but it does put a dent in your budget and is often unpredictable. Then there’s car insurance premiums that are often pretty expensive. Another huge expense to owning a car is gas. With gas prices likely never returning to the lows we used to have 10 or 20 years ago, gas is now a serious expense to consider when owning a car.

Imagine having all of these expenses disappear. It’s easy. Just make your car disappear. That’s what millions of young Americans are now doing: going without a car. There’s an interesting article on CNNMoney that discusses this issue. According to Steve Hargreaves, the author, “the share of new cars purchased by those aged 18-34 dropped 30% in the last five years.” That’s a very significant drop!

If you live in an urbanized area you might want to consider losing the car. “The advent of Zipcar and other car-on-demand businesses are eliminating the need to own and insure an expensive vehicle that often isn’t driven much.” That, in addition to the slow economy, is why young people have decided to give up car ownership. Most of what we used to rely on the car for can be accomplished online for much cheaper. So if you can, you might want to consider selling your car and embracing a car-less life and save hundreds every year that you can spend on something else you enjoy!

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