The article highlights the financial burden of car ownership on American households, with costs surpassing annual savings and educational expenses. With 92% of families owning cars, the average cost of ownership has reached $12,182 in 2023, impacting those who own multiple vehicles significantly. The article emphasizes the shift in travel habits, as most trips are short and commuting patterns have changed due to remote work. A movement toward a car-lite lifestyle is emerging, encouraging families to abandon extra vehicles and explore alternative local transit options.
Families are hemorrhaging money through car payments, insurance, fuel, maintenance, depreciation, parking, and registration, often exceeding annual savings or college costs.
The average annual cost to own and operate a new vehicle climbed to $12,182 in 2023, with households owning two cars facing nearly $25,000 in expenses.
In 2021, more than half of daily trips in the U.S. were under three miles, with almost 30% less than one mile, showcasing a mismatch between costs and usage.
A growing number of families are experimenting with a car-lite lifestyle by ditching extra cars and rediscovering local travel through bikes, transit, or walking.
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