Title: To Keep or Not to Keep? Weighing the Pros and Cons of Owning a Car in London
As I embark on a new chapter of my life at the age of 22, I find myself facing a pivotal decision about my car. With plans to move into a flat with a friend in East London (Zone 3), I’m contemplating whether it’s worth holding onto my vehicle. Currently, I reside in Essex (Thurrock) with my family, and my Ford Fiesta from 2018 has been instrumental in my social life and daily commuting to work via the C2C train service.
While I’m inclined to keep the car post-move, I recognize that I’ll be acquiring travelcards since I’ll be working full-time in the city. I truly enjoy driving in London—navigating around the city while avoiding congestion charges, and I’m open to covering parking fees when necessary, viewing them as parallels to tube fare. Additionally, I plan to maintain close ties with my family, which means frequent trips back to Essex.
To better understand the financial implications of keeping my car, I’ve compiled a breakdown of my current and anticipated transport costs:
- Insurance: £150 per month
- Resident Parking Permit: £70 annually
- Service: £100 annually
- MOT: £50 annually
- Fuel: £80 per month (with a possibility of decreasing)
- Travelcard: £200 per month or £2,100 annually
I often hear the adage that there’s no need for a car in London, but I can’t help but feel that my specific circumstances might support my decision to retain my vehicle. I would greatly appreciate any insights or advice on this matter. Do you think holding onto my car makes sense, or should I consider letting it go as I transition into city life? Your perspectives would be invaluable!