Tip #8 - Park your car... for good

I recently got my driver’s license from the UK. On my arrival back in Canada, my Mum gave me a car – a yellow convertible no less! It’s still in its box,  and it's only an inch and a half long, but the sentiment was nice.

There’s a point here, I swear. The reason I got my driver’s license was not to get a car, but to allow myself to drive or rent one when necessary. Owning a car is, put simply, expensive and unnecessary unless a) you require one for your job (it’s part of your contract or serves a useful, tax deductible business purpose), b) you live in the absolute middle of nowhere (like my Mum who is half an hour’s drive from the nearest store, and a 45 minute’s drive from the nearest bus into town), or c) you or a family member have severe mobility issues which make other modes of transportation extremely difficult.

If you don't fall under any of the above categories, the costs of running a vehicle are prohibitive. Purchasing the car in the first place aside, the monthly costs of insurance, taxes and gas, let alone emergency maintenance fees and two sets of tires for people in cold weather regions can mount exponentially. And what’s the point when there are other ways to get from A to B?

Have you ever made note of exactly how much your car costs you per month?

Here’s a challenge. Next month make careful notes about how much your car is costing you. Be sure to include:

- monthly car payments or car loan payment (NOT the minimum payment)

- average monthly cost of insurance

- any taxes which you have to pay yearly, averaged per month (for example, road tax)

- cost of yearly inspection (if applicable, averaged per month)

- cost of gas (note down the amount paid at each fill-up)

- add $100 for unexpected costs, such as breakdowns, mechanical checks, etc. This would make about $1200 for the year.
-  monthly parking fees (if applicable, include parking costs at home as well as at work or recreational activities)

What’s your car cost "number"? How does that compare to the cost of the same amount of travel using public transportation?

It may be hard to go cold-turkey, I understand.  But here are some ideas which you could use to cut down on the amount you use (and spend on) a car, perhaps leading towards ditching it altogether.

1 – Carpool This can be to and/or from work, activities or school. Really, what’s the barrier to carpooling with colleagues? Are you afraid you might make new friends? You could also arrange carpools for your children if you live near any children who do similar after school activities to your own. Payment can be either in kind (i.e. take turns driving the carpool in) or compensation towards fuel consumption. 

2 – Take public transportation I will never understand excuses for not taking public transit. People who claim they can’t take public transit because it’s dirty/smelly/hot/cold/full of people need a reality check. People who claim that buses are too expensive, so they drive instead, are in serious denial. How much is a monthly ticket in the city you live in? One, maybe two tanks of gas? And how many tanks of gas will you use in a month commuting to and from work? I think I’ve made my point.

3 – Exercise I know this is incredibly innovative, but exercise CAN take place outside a gym. In fact, for those who are able, walking, running, or biking to work is just as effective as a weekly half-hour run on a machine with the added bonus of NO car costs and NO gym fees. What’s not to like?

4 – Investigate rental options Many large cities now have car-share options for when you need a car for just a few hours. Equally, rental companies offer monthly rental schemes for times when you need to have a car handy for a longer period of time. Sit down and figure out how many trips genuinely need you to provide your own transportation, and compare prices of car rental options for that number of trips. You may be surprised with how much you can save by renting – and as a bonus you can get loyalty points from your chosen car rental company.

5 – Reduce your car usage Even making one day a week a “no car day” will reduce your monthly transportation costs.

6 – Be realistic Do you live in a city? You don’t need an SUV. Enough said.

I don’t regret getting my license. But getting my own car? Ha! Not until I win the lottery. Which, seeing as I don’t play the lottery, won’t be for a very very long time.