When Is It Time To Downgrade Your Car?
Posted on: 11 January 2017 by Finn Wright
As we get older and our little birds begin to fly the nest, we begin to look at downsizing our homes. But in life, this isn’t the only thing that we can downsize in order to suit are newly retired or close-to-retirement age.
As we get older and our little birds begin to fly the nest, we begin to look at downsizing our homes. But in life, this isn’t the only thing that we can downsize in order to suit are newly retired or close-to-retirement age. Your car was probably once, and may even still be, the heart and soul of your family’s transport needs. If you had children, you will probably remember ferrying them here, there and everywhere – to their friends, to the shops, to and from school, to work, to their boyfriends/girlfriends and so much more. However, once your children begin to start driving for themselves, you may find that you no longer need a large SUV to help carry all of the football kit around or ferrying the family on holiday with. In fact, there are a few indicators that you can look to that will help you to decide when it is time to downgrade your car.
You No Longer Need A Large Vehicle
One of the biggest things that you may notice is that you will no longer need to own a large vehicle, particularly when your family are all driving by themselves. In addition to this, if you have two vehicles or more in your household, you may find that you no longer really need both of them – as one or both of you no longer commute into work, and you tend to do the weekly shop when you’re both together. Whether you needed a large SUV to help ensure that your family could get to and from wherever they needed to go, or you need to transport your child and half of the school football team to and from their matches each week, you will probably find that you no longer need all of that space any more. If you have discovered this, then it’s time to downgrade.
The economy quickly rises and falls, but with rising fuel costs on a regular basis, you will find that downgrading your vehicle can significantly help you to reduce costs. Tax is also set to increase in the coming years, meaning the less fuel-efficient your vehicle is, the more the tax is going to be. While your motor car insurance premium may cost less than it would a new driver particularly if you have been driving for a number of years with no claims, you may find that a smaller car can actually help to save you a lot of money that you can ultimately put into you retirement fund.
You’ve Changed The Way You Drive
Whereas you may have once driven up and down motorways and doing a lot of long distance journeys whether it was to see family or for a long commute to work, you may no longer be doing this sort of driving on a regular basis. Your large engine diesel may have made for a comfortable, economic and fast drive on the motorways, but you may find that it will actually less fuel-efficient with the short trips that you now do on a daily basis. This means it may be time to downgrade your vehicle in order to suit the way that you drive and how often you use your car.