Would you give up your car to save money?

Keeping a vehicle going costs money, so many drivers are looking to cut costs by giving it up completely or owning fewer cars.

According to Tempcover, the average driver spends £174.95 per month on running and standing costs.

So there’s money to be saved in giving up your vehicle.

Figures show that nearly one in four motorists say they’d consider getting rid of their car completely.

And four in ten people who previously owned two or more vehicles have reduced the number they own in the last two years.

How have people adjusted to getting rid of a car?

Estimates from Tempcover suggest that people who previously owned two or more cars and now have just one have saved more than £1,500 a year.

And more than half (57%) believe they’re now in a better financial position because they made the change.

Of course, only having one vehicle when you used to have two or more can require some adjustment and changes to your life.

But those families who now run just one vehicle have found ways to make it work for them, such as:

• prioritising who needs it most that day - 39%
• discussing who needs to use the car - 25%
• putting work or school commitments first - 18%
• creating a formal daily schedule - 4%

Compromise is worth it, say drivers

Notably, nearly one in four (23%) said the fact they only have one car means some plans or social events have had to be missed or cancelled.

Nevertheless, most said they felt it had been worth it, and many said the financial savings have freed them up to put money into savings or investment.

Meanwhile, more than a third of those who now feel better off said they’ve used the money they’ve saved for day-to-day essentials like bills and groceries.

For more money-saving tips, check out our list of 50 ways to cut your fuel costs.