If your household is like most, you probably have two or three vehicles in your driveway: one for yourself, one for a spouse, maybe one for a teen. Indeed, 57% of U.S. families own two or more cars, KPMG found. Between gas, maintenance, fees, and insurance, the average cost to owners was $4,375 per vehicle in 2015, AAA found—even while fuel prices plunged. That’s money that you could be using for family trips or retirement planning. (The cash you’ll get by selling won’t hurt either.)
Abandoning car ownership altogether might not be practical. But eliminating even one vehicle could pay off for many families. Follow these steps to calculate whether you would benefit by cutting back.
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