Multi-car households are the norm for many families as each partner, and sometimes even each child has their own car. How can you save money on your car expenses in a multi-car household?
Sell One of the Vehicles
One way to save money on your car expenses is to sell one of your vehicles. Do you really need four cars? If each family member has their own car to get back and forth to work and school, can you make some adjustments and car pool as a family rather than continue to run so many vehicles? Selling just one vehicle will save you a lot of money on car insurance, vehicle registration, smog checks (where applicable) as well as fuel and general maintenance costs. The money saved from the car expenses, as well as the money made from the car sale can be set aside in a CD, bond or savings account.
Declare One of the Vehicles Off the Road
Declaring one of your vehicles off the road will save you almost as much as selling the vehicle, except for the fact you will not have a cheque to deposit in the bank. In California, you can declare your vehicle off the road (PNO) for just $18 and enjoy the immediate benefits of lower car insurance, as well as no running and maintenance costs.
Car Pool as a Family
Some families are able to get by with just one vehicle between them by car pooling. As an extra precaution, they will continue to operate one vehicle and then declare a second vehicle off the road, unless they need a back-up in an emergency. If you decide to car pool, you will need to co-ordinate your day-to-day travel arrangements so that everyone can get to work and school. The benefits are well worth it for many families who have struggled to keep up with the expense of running multiple cars.
Multi-car households often spend a great deal of money on running more than one vehicle, when they can make do with two or just one vehicle, as a family. Start by selling one of the vehicles, which will lower your car insurance payments, vehicle registration fees, smog checks, fuel and general maintenance costs, and to add the proceeds from the sale to a CD, bond or savings account. Another method is to declare one of your vehicles off the road, or to car pool as a family.