Borrow a Car - ever think about it?

Are you comfortable enough to ask to borrow a car from a friend or neighbor? Some folks say "never buy what you can borrow." A car is a personal thing, kind of like borrowing someone's tooth brush, so this will require a special relationship to work right.

The relative difficulty or cost of this tip is rated 1 to 10. A rating of 10 suggests that this tip is the most difficult or most costly. Expected savings are also rated 1 to 10. A rating of 10 suggests that this tip will provide substantial savings in fuel, money or both.

Pay to borrow a car. Here is another idea to save money on gas that we don’t think about very often. It could work well for those who choose not to own and use a car full time.

Many people have more than one licensed vehicle. I have four. Who says you can’t strike a deal with your neighbor to use an extra vehicle on occasion for a per mile cost, or simply fill up the tank after you're finished? It’s like renting, but between friends.

The advantages are that the car will likely be very cheap to use on occasion, it makes good use of an asset that otherwise is not used often, and your neighbor can make money. It is alternative transportation with an up side for both parties.

If you don’t think a per mile charge can make money for the vehicle owner, then consider this story. I paid for my Saturn in 5 years through mileage charges to customers when I drove to their locations for work.

The reimbursement cost per mile was about 33 cents, and I put about 90,000 miles on my car going to job sites in 5 years. That’s about $30,000 in reimbursement.

When you subtract the $18,000 purchase price of the car, that leaves $12,000 for insurance, gas and maintenance, which is probably a little on the heavy side at that. So, the mileage reimbursement paid to me covered all costs for purchasing and operating the car, and then some.

Why wouldn’t something like this be attractive to a neighbor that has an extra car? Pay someone per mile for using their car, and you negotiate a reasonable mileage charge. It puts extra money in their pocket and lets you live without a car.

If you can't borrow a car, then perhaps you could hire your friend or neighbor as a driver. That would work just as well, but might be a bit inconvenient.

The longer you stay without a car, the more you save money on gas and other related expenses.

This idea won’t be appealing to everyone as one of the great gas saving tips, but it can be a way of getting low cost alternative transportation if you choose not to own a car.

Cost or difficulty: 4
Savings: 7

Done with Borrow a Car, take me back to Save Gas

There certainly is a broad scope of topics here at Frugal Living Freedom. When you think about it, money permeates so very many activities in our lives, therefore, being frugal encompasses a wide range of interests, from being employed to taking a vacation, and just about everything in between. Enjoy the variety, pick up some new ideas, and start making frugality a part of your signature.

I'm a big proponent of being debt-free, and I mean entirely debt-free - no mortgage payment. It's not essential for financial freedom, but you'll love the feeling once you get there. If you didn't have a rent or mortgage payment, how much more could you do for yourself with your current level of income? I suspect plenty.

If you ever hope to see an abundance of wealth, you need to plug the hole in your boat. The wealthy don't necessarily make lots of money, instead, they know how to hang onto what they make, and make it work for them.