American households own an average of 2.28 vehicles, notes a 2008 Experian Automotive report found that the national average for car ownership is 2.28 vehicles per household. Meanwhile, nearly 35 percent of U.S. households own three or more cars.
But rising insurance, fuel and maintenance costs, plus a paradigm shift triggered by an uncertain economy and a growing desire to live a greener lifestyle, has led many Americans to ditch that second and third car. If you and your family are ready to take the one-car ownership plunge, here’s what you’ll need to know and what to expect:
Reasons for One-Car Households
Believe it or not, a significant number of households choose to live the one-car lifestyle. Recent statistics from the U.S. Department of Energy note that 33.8 percent of households own just one vehicle. Most one-car households want to reduce costs for insurance, maintenance and upkeep, vehicle registration and, in many cases, fuel consumption. According to the AAA’s 2013 “Your Driving Costs” survey, the average mid-size sedan costs approximately $9,151 per year in maintenance, fuel and insurance costs.
A number of households have also made the move from far-flung exurbs and suburbs, opting for economically-sized homes closer to downtown areas and closer to work, entertainment venues and other activities. These areas have also been traditionally easier to move about on foot or on bike. With recent infrastructure upgrades in many areas, walking to and from school and stores is much easier and safer. Some families have discovered they can live with only one car as a result. As a completely car-less lifestyle is anathema to some, a one-car lifestyle works as a viable compromise.
What to Expect
Having only a single car can be economically and environmentally liberating. With just one car, you’ll minimize your carbon footprint and keep more money in your wallet. If you’re used to having a versatile second or third car around for certain tasks, downsizing to a single car can be quite an adjustment. It’s easier in areas where you can simply walk around to get ordinary errands done and harder in places where having a car is an absolute necessity.
How to Prepare
Many cities have implemented or are in the process of adding pedestrian and bike-friendly infrastructure. You might also want to check out your city’s public transportation options and find out where the routes go. You might also want to see if your employer offers a rideshare program.
If you choose to downsize your current car, Chapman Hyundai in Phx is one of several dealers offering fuel-efficient alternatives. For starters, you can easily find more information on the latest eco-conscious and fuel-friendly Hyundais available, including the Accent and Sonata Hybrid.
Photo of a 2013 Hyundai Sonata Hybrid Limited via Hyundai Phx
If you find yourself in need of a car, Zipcar is just one of several car sharing programs that offers an alternative to traditional car rentals. Available in Phoenix and other major cities, Zipcar offers 24-hour-a-day access to its vehicle fleet through a unique high-tech subscription and reservation system. The company also offers its own smartphone app for finding and reserving Zipcars.
This is a guest post by Carl Romito
Carl shares his insight on auto, life and home insurance after spending more than a decade in the industry.