Once your kids leave the household, it can seem awfully quiet. For many parents, it’s a bittersweet time – you miss the bustling activity that goes along with raising children, but you also now have a lot more time to yourself. Many changes necessarily go along with becoming an empty-nester, from finding new hobbies to occupy your free time to buying a new car that better matches your needs.

Just as you might consider downsizing your home when you no longer need the extra bedrooms and bathrooms for your kids, it might be the right time to consider a smaller new car. Many parents invest in vans or SUVs that can accommodate kids, their gear and their friends, but once those factors are out of the equation, you might have a lot more space than you need. In many cases, those bigger automobiles may consume a lot more gas, which could end up feeling like an unnecessary expenditure for a two-person household.

If you’ve decided to make the switch, you’ve got a lot to consider. Start by researching new and used cars. If you want a bit more luxury, it might be time to consider a new vehicle with amenities that you might have considered extravagant in the past, but which now complement your new lifestyle. However, if it’s going to be a more functional purchase, a standard vehicle could be the way to go. Another thing to consider is whether you want to consolidate to just one vehicle. For some couples, it can be a good cost-saving idea, but it’s not always plausible for those who are still working at separate jobs.

You should also take the time to spruce up your existing vehicle. If you get it sparkling clean and in good working order, it can be a valuable asset as a trade-in and could cut the cost of your next car purchase. Take it to a trusted mechanic for a tune-up and thorough check, and look into having it detailed so that it looks its best. Particularly if you want to upgrade to a more luxurious vehicle, getting the best trade-in value for your existing car is important.

If trading in your existing car isn’t something you feel is necessary, you may want to consider offering it to your grown children. Whether you decide to ask for payment in exchange is entirely up to you. But even if you choose to ask for a modest amount, it could be your son or daughter’s best financial option for getting a car.

There are more ways to save money on your car-related costs than simply buying a smaller or more fuel-efficient automobile. Before you make a purchase, you should go to your insurance agent and discuss changes to your car insurance policy. Many factors determine insurance rates, from the neighborhood you live in to your car’s make and model to the distance you drive to work and other policies you hold with the company. You might find that with the kids gone and a new, different vehicle in the garage, you could be eligible for a car insurance discount.

One thing to remember is that buying a new vehicle after the kids have left should be a mutual decision. If he wants a sports car and she wants a small hybrid sedan, it’s important to talk it out. Decide what you can afford, what your practical needs are and how you want to use the vehicle. Even if you end up with two cars, you should agree on the reasons for buying each vehicle to avoid future conflicts.

As you start this new chapter in your life, there’s a lot to enjoy. With more free time to yourself and a bit more cash in your pocket, you can indulge in new activities like a new car or a long awaited vacation after years of putting the primary focus on your kids.