ditch the car retire early

[mosaic]

Obviously this is not realistic for those who have children , live in very cold climates or are country dwellers working in the city. have never owned a car and never will. Well maybe at thirty five once i have my first of several million dollars working for me. Most of my freinds ( 20 somethings) bitch about the price of gas , insurance, maintanance, car payments etc. I say ditch the car or possibly only insure a modest vehicle seasonally and invest difference. sat down with a calculator last night and tallied up the savings. I was sure to factor in my weekly taxi rides, bus fare, gas money for friends. at least 3000 dollars per yr minimum savings in my case , times 14 yrs of potential driving and before we factor in compound interest or investment appreciation I say 40 k canadian on the conservative side. Two down payments on condos where I live or the cost to build my 2000 sq ft villa in northern Bali... I will admit there have been times when i craved the social status or convenience of a sports car or suv. cheers

 

[Scrooge]

I say ditch the car or possibly only insure a modest vehicle seasonally and invest  difference.  sat down with a calculator last night and tallied up the savings.  I was   sure to factor in my  weekly taxi rides, bus fare, gas money for friends. at least 3000 dollars per yr minimum savings in my case

It depends on your circumstances. Using taxicabs to commute to and from my current client's site would cost me around $22K/y. On the other hand:

1. car insurance = around $1K
2. gas < $2K (reimbursed by the client anyway)
3. depreciation <$1.5 ($17 over 12-15 years)
4. repairs <<$1K (after the warranty expires)

So that's around $5K vs. $22K.

 

[Cal]

When I relocated to the west coast, I ditched my car. I don't think I could have done it if I lived in a climate that had extremes of temperatures but in Silly-con Valley, the weather is pretty mild year round. (Just not this week )

Everytime I get the urge to get a car, I run the numbers. Each time it comes up with putting several thousand more a year away for ER. I never thought I'd be able to go without a car, but it's coming up on five years now. I know there will come a time when I get a car again, but while I can, I'm enjoying throwing the extra money into savings.

 

[canent]

Well, as embarassing as it is...

??

 

[canent]

I wish we could ditch ours, but we meet all the reasons for having one...cold climate, small children, not-so-great public transport.

I do as much biking and busing as I can, but the gas, maintenance, insurance costs, etc still add up. sigh...maybe one day.

 

[Texas Proud]

I lived in London for a bit over a year and in New York City for two... and I did not own a car in either place and did not miss it... they had good subways and you could get to anyplace you wanted in the city... or take a train to some of the surrounding towns and take busses..

But, here in Houston... I own TWO cars... just in case one does not work I am not stuck waiting to get it fixed... and you can not get anywhere in any reasonable time without a car.. and people will say with a car you can not get someplace in a reasonable time

So, it matters where you live for this statement to be valid..

 

[macdaddy]

I lived in Boston without a car. I found zipcar to be really useful for the times when I had to run errands. Around $8 bucks an hour and they pay for gas!

 

[Arif]

I spent a summer in D.C. and I brought my car with me. Big mistake, the car got vandalized and finding a parking was a nightmare. If I had lived there fulltime the car would have been gone. Public transportation there makes a car a luxury not a nessesity.

 

[Scrooge]

I spent a summer in D.C. and I brought my car with me. Big mistake, the car got vandalized and finding a parking was a nightmare. If I had lived there fulltime the car would have been gone. Public transportation there makes a car a luxury not a nessesity.

That's true if you live and work in some areas of the District proper (and if you are willing to use public transportation when it's 100F outside), but only a small minority of the DC Metro area residents live and work there. The rest either live or work (or both) in the suburbs, where public transportation is spotty and/or slow.

Of course, if you use a car in the DC area, then you are at the mercy of the traffic gods, so make sure to keep an ample supply of chickens on hand to propitiate them

 

[mosaic]

i am lucky in that I live in down town core, exellent transit, short taxi rides, mild climate. Didnt even factor in depreciating asset( car). I must clarify that when I stay in indonesia my father and myself rent suv and driver, yet that only costs us about 8 dollars each per day including gas.

 

[saluki9]

For me cars are so much more than transportation

They're a hobby, passion, and just plain love

I think I'd rather live without heat than without my cars

 

[unclemick]

Amen to that.

An American without his Car!!! - that's heresey - like saying you don't like apple pie. High school 1958-1961 - da drive in's, rock and roll, etc. - Happy Days - not just the movie.

Actually - I didn't own 'my car' until after I graduated from college - used the family second car - I get misty eyed remembering the 1955 Pontiac Chieftain and 37 Chevy coupe.

heh heh heh - the math can be compelling though. Not as emotional now - BUT the vision of an old phart in a retro 32 Ford does recurr.

 

[Martha]

We used to have a car, a truck, five motorcycles, and two ATVs. (and a house and a cabin) A little much. Lots of insurance checks.

Sold the cabin and bought the motorhome. The motorhome will depreciate to nothing. The cabin likely would increase in value. I like the motorhome and don't miss the cabin in the least.
Gave the truck to my sister. (We miss the truck)
Sold the ATVs.
Sold all but two motorcycles, though we probably will increase our motorcycle inventory in the future.

We seem to get along ok with one car for two people, especially because I don't drive to work. I do feel at times that we have too many motor vehicles, but that ebbs and flows. I always seem to be up for another motorcycle or scooter. Because we like trying out different cycles we buy them used. Often we are able to sell them for the same price as we bought them.

All part of the ER and preER budget.

 

[LOL!]

... London ... New York City ... Houston ...

So, it matters where you live for this statement to be valid..

I lived in Houston for 7 years without a car.  I rode my bike everywhere, took the bus a few times, and maybe twice a year borrowed a car.

I lived in Europe for a few years without a car as well.

Then I lived on Long Island for several years without a car.  Even now in TX, I put less than 7,000 miles a year on my car.   Between my spouse and I, we have had a total of 4 cars in 24 years of married life ... or 12 years per car per person.

So yes, it does matter where you live, who lives with you, and how motivated you are.  But let's face it, cars do not have to be that expensive to own, maintain, and operate.  If a car is going to make or break your retirement plans, then I think you will have some other problems as well.

 

[jmcconnor]

I owned a car for a few years because my parents said it was a 'necessity'.

Don't plan on getting one now that I'm in the military, and not just because all dealerships within 50 miles of Lejeune will rip me off, heh.

When I get out, I plan on working from home, so still don't want one.

Bike and my own two feet are good enough for me.

Though I guess showing up all sweaty for a date, or saying 'how about a nice, romantic ride...on my handlebars!' isn't really that big a turn on

 

[Sam]

But, here in Houston... I own TWO cars... just in case one does not work I am not stuck waiting to get it fixed...  and you can not get anywhere in any reasonable time without a car.. and people will say with a car you can not get someplace in a reasonable time

So, it matters where you live for this statement to be valid..

Agreed.  A car is mandatory in Houston.

 

[Sam]

For me cars are so much more than transportation

They're a hobby, passion, and just plain love

Freedom too.

 

[Andre1969]

I only live 3.5 miles from work, so if I really, really had to, I could get by without a car. I like the damn things too much to ever give them up though.

 

[bow-tie]

... I like the damn things too much to ever give them up though. 

Amen to that...  they are more than just cars, to me.

 

[Scrooge]

Amen to that...  they are more than just cars, to me.

They sure are! For example, they do their part to ensure that your physician doesn't starve 

 

[Andre1969]

Plus, I guess the 24x40 garage I built last year kept food on a few contractors' dinner plates.

 

[BigMoneyJim]

Dallas-Fort Worth area public transit has come a long way in the past 10 to 15 years. I can actually catch a train and get 40-60 miles to the other side of the metroplex. It would take a couple of hours, though, and I haven't checked out how bus service is. I checked out of curiosity since the trains were pretty new before I moved away and have expanced between then and my recent moveback.

In another 10 years we may be where BART was 20 years ago!

It may be feasible to get around DFW without a car, but I wouldn't want to try it unless I lived close into one of the downtown areas. Then the price difference would probably offset the advantage of ditching a car.

Texas wasn't built with public transit in mind.

 

[veritasophia]

Cars are bloody metal leeches on wheels. I really wish I didn't have to drive, some of you are lucky. We live near my wife's job, so only one car, but it is absolutely necessary in So Cal (1 hour round trip commute).

 

[Andre1969]

I just came in from outside, sweeping out the garage floor. I was going to get it prepped and ready to paint tomorrow morning. But then I checked the weather and it's supposed to be in the damn 90's again. This epoxy floor paint is very temperature sensitive, so I'm going to have to wait for a cooler day.

Trust me though, while I was out there sweeping that floor up, sweating like a pig in heat, I was starting to question why I like cars so danged much! And I was starting to think, do I own them, or do they own me? Suddenly that "Maximum Overdrive" theme song "Who Made Who" is going through my mind.

 

[Nords]

I just came in from outside, sweeping out the garage floor.  I was going to get it prepped and ready to paint tomorrow morning.  But then I checked the weather and it's supposed to be in the damn 90's again.  This epoxy floor paint is very temperature sensitive, so I'm going to have to wait for a cooler day.

Oh, great, it's temperature sensitive, so no problems with hot tires...

You've probably already spent your money, but have you looked into polyurea?
http://www.polyurea.com/spps/ahpg.cfm?spgid=12