To sell or not to sell that is the question? Back in May after we moved, I posted I was going to sell my car as we did not use it as much and it was sitting a lot. It didn’t make sense, but then I got cold feet. I felt as though I would be limited without the car and I couldn’t let her go.
Here we are six months later and I am still considering selling my car. What is holding me back? I know it makes sense financially, but I like the freedom of having a car.
Let’s breakdown the money side and see where we end up.
Since I started my new job in August, I rarely drive my car as the bus to work stops directly outside our house and costs $2.15 one way. We have a great new transit system with a compass card where you don’t have to worry about having change, you simply tap the car. It’s stress free and easy to use as I can add money onto the car anytime from my phone with ease.
COST OF THE CAR:
Monthly insurance: $140
Gas: $100 (average)
Parking: $60 (average)
TOTAL: $300
COST OF CAR SHARE:
Average per month: $30
TOTAL: $30
COST OF TRANSIT:
Average per month: $45
If used every day for work: $44.10
Work plus a few nights out: $60
TOTAL: $50 (on average)
Let’s recap, right now I have ALL these costs in one month. Car + Car Share + Transit for a total of $380. I am not including oil changes or any repairs on the car, this is simply an overall average for monthly known expenses. If I take away the car that is $300 per month I am saving, plus there are no extra costs. With transit and the car share programs I would never have to worry about an oil change or unexpected repairs, I could easily budget for $80 to $100 per month, and even if I went over I would still be saving money.
Let’s break it down even further. I am saving $300 per month by not having my car which is $3600 per year plus extras, so around $4500. Each year I can save an extra $4500 by simply selling my car. But wait, there is more! I am selling my car! I have kept it in good repair, it’s a Toyota and cars similar in style that are older are selling for $8000. Now I am saving $300 per month plus have $9000 in the bank to invest.
Whether I want to admit it or not I have been secretly testing this no car theory out! I started ordering our groceries online and having them delivered. Tried to order gifts, household items and other purchases online as much as possible. Realized if I had a meeting it was cheaper to drive a Car 2 Go than pay the day rate parking at work.
In every way this makes sense. It’s time. I know this is the best move for me and in the end if it is awful I can always buy another car, it’s not the end of the world.
Marshmallow/Marsha and I had some wonderful adventures together, and now it’s time for someone else to enjoy the ride.
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