June 21, 2016 by jackjanssenandcarrietrip
Long Term Vacationers Vehicles
What should we do with our vehicle while on vacation?
Your vehicle is a key concern.
Are you heading off on a long term vacation? If so, the likelihood is your car is going to collect dust while you are gone. And we all know what happens to cars and trucks – they depreciate. In fact, vehicles are the fastest item to depreciate that we can own.
So, before you head off to your next exotic destination, consider the following.
If you reside in the United States or Canada and own a vehicle, you may be able to rent it out. Turo peer-to-peer car rentals has owners list their vehicles for rent by the day, week or month. The idea behind this is for you to earn money on your quickly depreciating asset. Your vehicle depreciates whether you are using it or not, so why not make some money from it? Canadian provinces, where this service operates thus far, are Alberta, Ontario and Quebec.
Storing your Car
We used to store our vehicles in Jack’s brothers garage. It was nice not having to pay for storage. We did however still have to pay for insurance. And because our vehicles were leased we had to keep full coverage on them. If you decide to store your vehicle it’s worthwhile to check with your insurance company. You may be able to lesson the coverage which in turn will reduce your expenses.
Options to Ownership
As Seasonal Nomads living a life of long term vacationing, we do not own a vehicle. Hey, we could rent from Turo! Truthfully, people think we are strange. But to us, it makes perfect financial sense.
There are many traditional car rental companies. We rent from one of them. As repeat customers we are given long term, corporate rates for renting vehicles while we are home. Both busy people, we typically rent one from early April until the end of October and a second vehicle from May to September.
Another option to ownership is a short term lease while you are home. Lease Busters is a lease-take-over agency. Taking over the remainder of someone else’s lease provides not only an almost-new car but a great deal at the same time. Plan it so, that you lease while home, and don’t have a vehicle to worry about when abroad.
If you live in a metropolitan area you may consider using public transit or car services. Our best advice is to do your own due diligence, crunch the numbers and do what makes sense to you financially and for your convenience.
Money Saving Tips
For more money saving, car rental tips plus how to plan your perfect long term vacation read our book. Another Cocktail Please – the Essential Guide to Long Term Vacationing.