Driving a vehicle is an intensely personal choice.  Where we live, and our financial situation dictates more about our transportation choices than we would like to admit.  You may not even own a car if you live in a city with public transportation options; however, if you live in a rural area of the country, you may not have a choice but to drive. 

I recently became the guardian of a close family friend who has dementia.  This experience inspired me to write the Estate Planning Series and create a few Estate Planning Tools, which I thought I would share.  This series explores some of the key elements I’m thinking about as I grow older.  Hopefully, some of this information will be useful for you as well.  This series is not intended to be comprehensive or all-inclusive but rather a reflection and lessons learned from my own experiences.  Feel free to use this as a foundation for conversations with your own family, friends, or professional service providers.       

As we age, our reaction time slows, our muscles and joints become stiffer, we begin to have trouble seeing, especially at night, our hearing gets worse, and some medications can impair driving.  Deciding when to stop driving is a very personal decision.  It shouldn’t be taken lightly, especially given that operating a motor vehicle affects more than our own lives and can potentially affect everyone driving near us.

Whether you’re considering transportation options for yourself or a loved one, there are more options today than ever.  Many vehicles have a full complement of safety features, such as lane departure warning, automatic emergency braking, blind spot warning, rear cross-traffic alert, adaptive cruise control, rear-view cameras, forward collision warning, large windows, and minimal blind spots.  Meanwhile, other cars are all but capable of driving you to a specific address.  Commercial rideshare options like Uber and Lyft, as well as community resources, are also potential options.  In addition, many assisted living facilities provide free transportation to local attractions.  The cost of transportation is a factor for many of us.  Individuals and families may want to compare commercial rideshare and personal transportation costs.  In some situations, commercial ridesharing may prove to be a more cost-effective solution than owning a car.  According to a 2020 study, people who drive less than 10,000 per year should consider replacing their vehicles with commercial rideshare options (3).

There are obvious and hidden driving costs that must be considered.  Obvious costs include Car Payments + Automobile Insurance + Annual Maintenance + Vehicle Depreciation + Fuel (Gas/Electricity).  Hidden costs include Financial Opportunity Costs + Safety Considerations = These are some of the factors that go into the Total Annual Cost of Vehicle Transportation.  Financial opportunity costs can be thought of as: the average cost of a car in 2023 is $34,876, not including tax and registration fees, and on average, people pay 7% over 70 months for their vehicles.  Instead of paying for a car, if that amount of money were to be invested over the same period, it would be worth approximately $47,000.00.  AAA is a great source of transportation information and estimates new car ownership costs now exceed $1,000 per month (4).  Financially speaking, owning a vehicle is the most cost-effective option for a young family with kids.  However, the older we get and the less we drive, we may find that other transportation services like rideshare may become a more viable option.    

Every situation is different and may change over time, but being open-minded about nontraditional transportation services is essential for keeping us active and engaged in our community.

Please feel free to share your own experiences and lessons learned in the comment box below.  Your shared thoughts may help someone else going through a similar experience.  Thank you.

1. Do you feel safe driving day or night, or is your loved one safe driving on their own day or night? Operating a motor vehicle safely at any age is essential.  If, at any point, safety is a concern, steps should be taken to reduce and mitigate risks. 
2. Are you or your loved one open to feedback on your ability to operate a motor vehicle? Trust is paramount in any relationship, and being open to feedback is essential to us being the best versions of ourselves.   
3. Have you calculated your total cost of vehicle ownership? Knowing your total cost of ownership is the first step in determining the most cost-effective form of transportation for your situation.
4. Have you explored alternative forms of transportation? Most communities have a variety of transportation options.  Depending on your situation, exploring options in your community may be worthwhile.
5. Does your car have modern safety features to make you feel safe? Modern safety features have come a long way in assisting in preventing accidents. 

Do not complain about growing old.  It is a privilege denied to many (Mark Twain).

Good Luck and Stay Ready, My Friends.

RuReady Resources:

1. Estate Planning Organizer
2. Estate Planning Readiness Review
3. Estate Planning Series Resource List

 AARP Resources:

1. Driver Safety. If you’re buying a car, looking for expert advice on auto repairs and safe driving techniques or the latest on electric vehicles, AARP has you covered.
2. Free Online Seminars. Here are some great free online resources to use.  The Driver Safety section is most relevant to this article.

1. AAA Foundation for Traffic Safety (2017, June). https://aaafoundation.org/rates-motor-vehicle-crashes-injuries-deaths-relation-driver-age-united-states-2014-2015/#:~:text=Risk%20decreases%20rapidly%20with%20age%20through%20the%20teens,increase%20slightly%20for%20drivers%20age%2070%20and%20older.
2. Robert H. Shmerling, MD (2023, November 13). A tough question: When should an older driver stop driving?  Harvard Health Publishing, https://www.health.harvard.edu/blog/a-tough-question-when-should-an-older-driver-stop-driving-202311132992#:~:text=Per%20mile%20driven%2C%20the%20rate%20of%20motor%20vehicle,Safety.%20Only%20the%20youngest%20drivers%20have%20higher%20rates.
3. Kyla Scanlon (2020, January 21) Ride or Drive: A Financial Model Comparing Ridesharing to Car Ownership. Medium, https://towardsdatascience.com/ride-or-drive-a-financial-model-comparing-ridesharing-to-car-ownership-a0e53d660bb
4. Brittany Moye (2023, August 30) Annual New Car Ownership Costs Boil Over $12K. AAA Newsroom, https://newsroom.aaa.com/2023/08/annual-new-car-ownership-costs-boil-over-12k/#:~:text=Based%20on%20the%20latest%20figures%2C%20the%20average%20cost,yearly%20cost%20was%20only%20%2410%2C728%2C%20or%20%24894%20monthly

Disclaimer: The information provided in this document is informational only and does not constitute professional advice or recommendation.