In the last 50 years, we have all come to believe that anyone who drives needs a car; but it is really necessary today. With more and more people working from home, just maybe one car is enough for a family. This certainly could be true for retired couples. Aside from the cost of the car, insurance, license, repairs etc. owning a car cost a lot of money. And, cars depreciate the minute you take them off the lot. So investing in a car is not going to provide any return unless you need the car to do your job.
Maybe it is time to rethink the car for every driver strategy and instead focus on other places you can put that money. Home renovations particularly related to kitchens or bathrooms increase home values so there would be a return on that investment. Buying a rental property can be a great investment. Putting money in the stock market in moderate risk investments over time are likely to go up in value so again a return on that investment.
So, if once and a while you need a ride to go someplace there is always Lift or Uber. Even if you spent $1,000 a year buying rides, you would be way ahead of the cost of owning a second or third family car. Pencil it to see what you are spending now. Subtract $1,000 to buy rides and see where you end up. You might just find that owning one family car is the way to go.
