Do you or your spouse rely more on public transportation or ride sharing and not as much on a car? Is one of your cars getting low on mileage? If you have answered yes to either of these questions, you may want to look into downsizing to one vehicle.
Downsizing into one car will help you save money that you have otherwise spent on trips to the mechanics and of course, gas. If it is in great shape, you could make some extra decent cash selling off your extra car to another family through craigslist or newspaper or even to a shop. Are you aware that owning only one vehicle can even help you save on your vehicle insurance quotes?
You may want to look into selling one of your cars if saving money is what’s important to you. This is not always the best choice for everybody; however, if the benefits outweigh the sacrifice, you may want to start looking around for a new one-vehicle policy.
How Does Having One Vehicle Affect My Insurance?
Your vehicle insurance rates are depended on a large number of factors, including driving records, age, and marital status. If you downsize from two vehicles to one, you will impact these factors, as you will be reducing the amount you drive and have one less car to insure. Many insurance providers already offer discounts to people with low mileage, as the less they drive, the less probable they are to be in an accident. Cutting down to one car reduces your likelihood of an accident in half; this makes you very favorable before your auto insurance provider.
How Do You Know If Downsizing Is The Best Option For You?
It might not be the best choice if you reside in an area in which ridesharing is hardly an option, and it’s hard to rely on traveling by foot or bike. You actually may spend more on taxis and ridesharing services than you otherwise would have spent on insuring a second vehicle. Ensure you consider what could be the best option for your location and lifestyle before you put your second vehicle on the market.
IN conclusion, if you have weighed out the choices and chosen that you want to make the jump from two vehicles to one, ensure you check your insurance rates to try to get the best deal possible for insuring one car.