Have you thought of ditching your old car? It could be the easiest way to shore up your finances by allowing you to reduce thousands of dollars in annual expenses. Of course, most people own cars because they need them, but is that still true for you? The pandemic has killed the commute for many of us, and you might be one of them—with a depreciating asset sitting on the driveway.
Should You Let Your Insurance Company Track Your Driving?
Cars are expensive
Transportation is a typical household’s second-largest expense after housing. When you include fuel prices, repairs, insurance rates, license/registration, taxes, depreciation, and finance charges, the average annual cost that people spend on their car is $9,282, according to AAA.
Of course, if you own an old clunker you likely spend much less. You’re also paying less insurance because of depreciation, but