- by T.Z.
Mistake 13: Holding on to Your Second Vehicle
Although many retirees don’t travel much anymore or rely primarily on public transportation — which you likely can get at a discounted rate — they still make the mistake of holding on to their second car.
Maybe it is for sentimental reasons, maybe you just can’t picture downsizing after having two cars for so long or maybe there is some other reason that is making you hold on to that other set of unnecessary wheels.
Why This Is a Mistake
Having a vehicle you don’t use parked in your driveway is like having a big bag of cash sitting there unopened. If you’re not using it, it’s a waste.
Not only does keeping a second vehicle take up space — space you could be using constructively — but it is depreciating in value every day you let it sit. That means if you’re not using it, you’re not just leaving money on the table — you’re losing it.
Consider selling your vehicle if you think you can swing it. You might find that by downsizing to one vehicle (or none), you’re forced to change your habits for the better, including walking more and taking fewer frivolous trips, reducing both your spending and your carbon footprint. Plus, you’ll save all the money you’re currently spending on insurance and maintenance.