Does Your Budget Need A Lyft? Why It Might Be Time To Ditch The 2nd Car

If you don’t use your second car that much, replacing it with a ride sharing service could save you time and money.

Here’s a quick tip that may help you save money if you’re retired or not actively commuting to work each day.

It costs about $8,469 on average to own and operate a new vehicle in 2017 (or $706 each month), according to a new study from AAA.

It may be cheaper to ditch the second car and use a ride sharing service like Uber or Lyft to get around, especially if you live in a more urban setting.

Here’s a few more reasons to consider rethinking the second vehicle:

Your gas bill is expected to take a hike in 2018, so the cost of operating that second car will keep climbing.

Car insurance will also be higher, on the heels of an almost 8% hike in 2017 and a prior 7% rise in 2016.

Ride sharing services like Lyft and Uber are making it easier to get around without a car. Short-term rentals like Zipcar are yet another option, and don’t forget about walking or cycling for the fitness-minded.

And here’s the best reason of all: It’s better for the environment!

 

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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