Is Downsizing to One Car in Retirement the Right Move for You?

We decided to downsize to one car in retirement. You might be considering this as well. There are pros and cons to living with a single car. Hopefully, this article will help you make an informed decision if you are considering downsizing to a single vehicle.

My Exact Reasons for Downsizing to One Car in Retirement

Here's why downsizing to one car in retirement was the right thing to do for us. Your reasons might differ, but I wanted to share what my thought process was.

One of Our Vehicles was High Mileage

I drove a two wheel drive Ford F150 as my primary vehicle. It was approaching 140k miles and I knew I was reaching a point where the truck was going to get more expensive to maintain (while it's realibility was lessening).

Plus, the area we relocated to gets quite a bit of snow in the winter. This meant my truck would be essentially useless for at least three or four months a year.

Our other Vehicle Was Small (a Honda Civic)

Our other car was only a couple of years old, but small and only front wheel drive. We really needed an all wheel drive vehicle given the winter driving conditions. I really loved the Honda Civic, but if we were going to have one car it needed to be bigger and all-wheel drive.

My New House Has a Small Garage Too

The house we relocated to has the typical small two car garage. When we had both vehicles in it there was no room to do anything. I new I needed a workbench, a place to work on my mountain bikes and some general storage. There was no way I'd have room for that with two vehicles (one being a full size truck).

What We Decided to Do

My wife and I decided to sell both vehicles and get an SUV. In this case, a new Honda CRV. It does everything we need it to do, has ample storage room and so far (knock on wood) 40k trouble-free miles.

What I Like About Having One Car

I like having room in my garage to work on things and to gain more storage. Before I was continually backing one car out to be able to do anything meaningful in the garage. Of course, having an all wheel drive car in the winter has been a big plus as well.

What I Don't Like About Having One Car

This section should have probably been title "I miss my truck." While I can load my fly fishing pontoon boat and mountain bikes in the Honda CRV, having my truck would have made this easier. 

Occasionally, there are times when a second vehicle might have been nice to have due to some scheduling conflicts. For example, I've wanted to go fishing or maybe golfing on a day when my wife has an appointment. 

Will I Save Money by Having One Car?

The obvious answer is yes. You'll save money on gas, insurance and vehicle maintenance. How much you'll save will vary based on where you live and other factors. For example, a high-end BMW probably cost more to maintain than a Ford.

Downsizing to One Car in Retirement: Key Considerations

If you're thinking about going down to one car in retirement here are a few points to consider before you downsize to one car.

First, you need to think about your daily routines. Being a one-car family works when your not commuting to separate jobs. But what if one of you wants (or needs) to work part time in retirement? That means someone is stuck at home while the other is working.

"We decided to go down to one car after realizing we rarely used both at the same time. It's been a year, and we haven't looked back!"

Another thing to consider is your health and mobility. When you get older your transportation needs will probably change. For example, my dad (who is 85) drives much less when compared to how much he drove at 65.

Other Lifestyle Factors That Influence the Decision

Your lifestyle is key in deciding if one car is enough for retirement. Do you live in a big city? Do you live out in the country where driving long distances is the norm? You just have to realize that if your spouse needs to drive long distances for services, shopping, etc. you may be stuck at home with no transportation.

Activity Levels and Social Life

Consider your daily life. Do you and your partner do things alone? If yes, sharing a car could be hard. But if you like doing things together or can plan around each other, one car might be enough. My wife and I do most things together, so one car has been no big deal. But, for some couples one car could be a big deal if they do many things separately.

Making the Transition: Practical Steps

Have you decided to downsize to one car in retirement? Here are some tips to make this transition smoother.

If You Have To Choose One Car to Keep

When deciding which vehicle to keep, consider these factors:

• Reliability: How old is the car you plan to keep? Does it have a good long-term track record of realiability?
• Fuel efficiency: Lower fuel costs can significantly impact your budget.
• Maintenance costs: Research potential repair expenses for each car.
• Lifestyle fit: Does the car meet your current needs?

Living with one car might feel a little challenging at first. But many retirees are happier once they do it. It can reduce stress, save money on vehicle maintenance, and simplify your life.

Emergency Transportation Plans

What if you need your car and it's not working? Do you have friends or family that can help you? If not, do you have access to public transportation?

When One Car May Not Work

Downsizing to one car might be wise for many retirees. But, it's not always the best choice.

Rural living also makes a two-car household essential. With long distances and few transportation options, an extra car could be crucial. It keeps you mobile, even when one car is in the shop or you have different appointments.

Active retirees might also need two cars. If you and your partner have different hobbies or volunteer roles, managing with one car is hard. Having two cars might be more convenient, even if it costs more.

• Caregiving responsibilities
• Frequent long-distance travel
• Living in areas with extreme weather

There's no single answer for everyone. While saving money by downsizing is tempting, your lifestyle needs to be considered.

Conclusion

Downsizing to a single car in retirement doesn't have to be a tough decision. You just need to think about all of the scenarios where only one car might be a problem, particularly if you have a spouse that might be using the car as well.

Here's some food for thought - now that you are retired (and I'll assume your spouse is as well if you have one) my experience is one of your two cars gets driven much more than the other. Typically, we like to drive our newer car far more than our older one. So automatically one car gets driven 75% of the time and the other 25% of the time. Keep that in mind when you make your decision.

Why have a car that primarily sits in the garage that you have to license, maintain and keep insured? I preferred to simplify my life with a single vehicle in retirement. I prefer to save some money, while simplifying my life. So we went with a single vehicle. Good luck as you make your decision.