Apparently, the latest automotive trend is to… get rid of your car.
About 20% of millennials don’t own cars and even older generations are increasingly going this route, according to research by the Wharton School of Business at University of Pennsylvania.
If you own a car, it’s still a good time to sell it — no matter what make and model, even gas-powered ones. So with that in mind, here are 12 good reasons to get rid of your car now.
Reasons to Get Rid of Your Car
- You save money on both the interest on an auto loan along with the overall price of the car
- You save money from not having to buy gas
- You save money on insurance
- You no longer have pay for parking spots
- All of the money you free up might enable you to upgrade your living situation, contribute more money to your retirement plan, or fund your child’s 529 plan
- Your credit score might go up from any reduction in outstanding debt when you no longer have an auto loan
- You can read or do work while taking mass transit but not when you’re driving
- Your risk of having an accident plummets
- Related to #3, you no longer have to waste time and get agggravated by the search for parking
- Frustration over traffic jams diminish considerably when you’re not in the driver’s seat — of course, when in you’re in a taxi, rideshare or bus, you still have to contend with traffic but it’s less direct
- Your overall stress level might go down from not having to deal with traffic directly, and reduced stress can improve your health
- Selling your car will most likely give you cash you could put toward savings or other expenses; if you decide to donate your car to a charity, then you get a tax writeoff while doing something altruistic
- You dramatically reduce your carbon footprint if you go from driving your own vehicle to taking mass transit or even cabbing
Readers, does this list inspire or motivate you to get rid of your car? Or do you already not own a car?