From car payments to insurance, registration fees and gas, owning a car is expensive, even if it’s in perfect running condition. The annual cost of owning a typical car is $8,698, according to the AAA. And those numbers don’t even include the cost of insurance, which usually goes up for drivers over the age of 65.
Once you retire, you won’t need a vehicle to commute to work. If you live in a city with public transportation or need to fall back on taxi or Lyft rides, there’s a good chance you can save money by getting rid of your car.
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