In August 2020, at the height of California’s stay-at-home order, one CSULB employee sold his vehicle and leapt into a greener way of life, traveling instead by bike and bus. Chad is an employee at CSULB as well as a student in the evening MBA program. Chad made his decision knowing that he was not quitting cars cold turkey. He could sometimes use his wife’s vehicle or take Uber and Lyft as needed, but this made his transition less daunting. Nine months later, Chad and his wife are still enjoying being a one-car family. “I have been able to get 90% of everything I need done with my bike and riding the bus. I have yet to order a Lyft or Uber. We are saving a ton of money and I am in so much better shape,” Chad said.
Chad’s decision may seem shocking to some people based on our California car culture and our affinity for independence, but a reduction in personal vehicle ownership is actually part of a growing trend. More and more individuals are letting go of their cars and adopting a different approach to personal transportation. Business Insider projects an 80% reduction in personal vehicle ownership by 2030 (Business Insider, 2017). In 2019, vehicle ownership cost an average of $9,282/year (or roughly $774/month) according to AAA research, and the need for personal vehicles has decreased drastically in the past year due to the shift towards telecommuting and working from home.
It is anticipated that by 2030, most families will be down to a single vehicle or no vehicle at all. By making this choice now rather than waiting until 2030, Chad and his wife will be saving roughly $93,000. This number includes everything from car payments, gas, and insurance to the more hidden fees of vehicle maintenance, annual registration, smog checks, depreciation, parking tickets and auto club memberships.
How much could you save by ditching your car for alternative transportation? Learn more about becoming a one-car family from an article posted by The Art of Simple.