Retirement is a beautiful time for many people. It’s a chance to finally relax after so many years of working, and truly do what you want to do on the schedule that works for you. With that said, there is a lot of planning that goes into retirement regarding your financial portfolio, where you plan to live, the lifestyle you want to lead, and many other changes. One thing you may want to give thought to is what to do with your car once you retire. If you’re not dealing with a daily commute to and from work, your car may not be essential any more.
So, let’s take a look at some practical advice regarding what to do with your car once you retire.
Sell Your Car
One of the simplest solutions is to sell your car. Perhaps you are a household with two cars, and you both will be retiring in the near future. If that’s the case, the odds of needing both cars aren’t very high, so at the very least, why not downsize and get rid of one of them? Sites like Carmax offer a great online tool that will provide you with a free offer based on the year, make, model, and current miles. You may be surprised to learn what your car is worth, giving you a little extra money for retirement.
Downsize to a Smaller, More Cost-Effective Model
If you aren’t ready to sell your car, and you enjoy having the freedom to jump in the car and go where you want, when you want, then another option can be to downsize your vehicle. You can look for something smaller, more fuel-efficient, cheaper insurance rates, and a smaller price tag.
As another tip, make sure to shop for a vehicle that is low on maintenance, and doesn’t require import parts that will hike up the price of repairs.
When picking that perfect model, just make sure you like how it handles on the road, is easy to get in and out of, and offers all the top safety features.
Park It for the Season
Plenty of retirees will use the retirement years to finally fit in all the traveling they missed out on during their working years. Whether you’re just traveling in the country, or internationally, it could be that you are gone for many weeks or even months at a time. If that’s the case, you can speak to your insurance provider about parking the car for the season. You may be able to get a discount on your insurance rate.
Of course, while it’s parked, you also won’t be spending money on gas, repairs, and maintenance, again saving you money.
Plenty of Options When it Comes to Your Car
So, as you near the age of retirement and you start to make plans regarding your lifestyle, giving thought to what you want to do with your car makes sense. You may decide it doesn’t hold that same place of importance in your life moving forward, so you’ve got options you can choose from.