Here's How My Family of 4 Gets By With Just One Car

The other day, I rode my bike a few blocks to a spot downtown to get some work done. On my way back, there were two instances where I was forced to slow down and nearly stop because two drivers didn't see me or weren't paying attention.

I don't always bike around town, but I share a car with my wife and that means I'm frequently walking or biking around. It's generally safe, but I've begun thinking about having two cars again since that day.

We're able to get by with just one car right now, despite living in a small city that doesn't have an extensive public transportation system, by planning our driving schedules. Here's how we get by with one car right now -- and why I'm preparing for a car purchase soon.

How we get by with one car right now

The two main reasons why having just one car works for us is because I work from home and we homeschool our two kids. This means that the car we have is mostly up for grabs on any given day.

In addition to our flexible schedules, we also live in a fairly walkable area. Our home is in a small city with coffee shops, restaurants, breweries, and parks within walking or biking distance. We're also just a few blocks from a pharmacy, grocery store, and medical clinic, giving us access to the essentials even if the car isn't available.

But like any family, we still have schedules to work around. For example, we have to plan out grocery store runs, book clubs, and occasional trips when one of us is out of town. Our kids also attend homeschool cooperatives two days per week, participate in a Lego robotics league, have baseball practice and games, and go to other social activities.

We'll probably need a second car one day

While our one-car lifestyle has worked out for several years, we're nearing a time when we'll need two cars. Our kids are getting older, and soon they'll need even more time with their friends and after-school activities -- all of which will require more scheduling.

We're also considering buying a house, which may or may not be downtown. If we move farther outside of town, we'll likely need another vehicle so one of us isn't stranded at home when the other is using the car.

Why I'll buy used vs. new

The average transaction price for a new car is $48,528, up 25% from May 2020. And the average cost of a used car is $27,256. That's not exactly cheap either, but it's certainly moving in the right direction.

We paid off our car loan a couple of years ago, and I really don't miss having a car payment. I don't have a specific car fund set up for this right now, but I'll likely budget for the payment as we get closer to the purchase time.

I've never bought a new vehicle before, and considering that new car prices are more than double what I paid for my current vehicle, I doubt I'll change strategies now. I still have some time before I need to buy a car, but I'm beginning to loosely plan for it now because setting financial goals ahead of time helps make them a reality.

If you're in the market for a new or used car, boosting your credit score as much as possible can help you get a car loan with a better interest rate. And with car prices and rates still elevated, snagging a lower interest rate is a good way to keep your monthly car payments lower.

I'm hoping to stash some money away before I need to buy a second car. But until then, I may begin budgeting for a reflective riding vest.