Reducing number of autos

[Yipper]

So I've been turning this over and over in my head for a couple of years... now that retirement is coming later this year, should DW and I narrow the investment in autos down to one that we share?

These last 5 years, even prior to COVID but including it, DW has been primarily volunteering in our town one or two days per week with an on and off side job every so often for 'mad money'. I've been primarily a work @ home professional for > 20 years prior to COVID and it's been even more since the pandemic hit.

Our current vehicles are aging (2010 Honda and 2015 BMW) to the point where they both need some attention and don't have some of the more recent safety features DW really likes (cameras all around, heads-up-display, lane departure warnings, etc.). I've been thinking about selling both and getting something newer we share and wanted to know what others have done. I figure the insurance, maintenance and headache of on-street parking would be the benefits vs. the rare times we BOTH need a vehicle - which is extremely rare, maybe 6 times per year since late 2017.

Anyone go down this path and willing to share their thinking and outcomes?

 

[pb4uski]

We share a vehicle when we are in Florida, but we have a few friends living closeby that we frequently do things with and can ride with them if needed. Tomorrow is a great example... I signed up to golf in our golf league but DW is attending a class and needs the car all day so I was able to get a ride to golf with a neighbor.

When we are in Vermont, it is way too rural for us to get along with only one vehicle. While both our cars are 2016, whatever ends up being the "second" car in Vermont will probably be older and less fancy... relaible A to B transportation is sufficient for that second vehicle.

 

[Sunset]

To me, autos are NOT an investment, just an expense. Calling them an investment is deluding oneself.

We currently have 2 vehicles. We only need one but DW is still keen on keeping her 25 yr old Camry that has 105K miles on it.

I alternate which one is driven so each get on the road at least once per week.

Our expenses of the extra vehicle is about $400 /yr insurance. Putting only about 1K of miles on the car means it's barely wearing out.

We have a garage so parking is no hassle.

Someday we will have 1 vehicle, and if we ever felt a short term awkwardness of just the one vehicle, I'd use the alternatives: walk, bike, taxi, rent a car.

That awkwardness has not happened in over 4 years. One vehicle is always sitting in the garage.

 

[Walt34]

Most of the time we could get by with one, but for example today DW is off at her niece's babysitting the three kids (which she loves doing) and I have a club meeting this afternoon/evening. The GMC pickup is coming up on 20 years old and has 106k miles on it so that suggests how often it is driven. Since everything works on it I don't feel any need at all to replace it, but it is one of those "nice to have but not necessary" items in life.

 

[Lewis Clark]

I went through these thoughts a few years ago, and spent about 1.5 years tracking our actual vehicle usage. I only recorded the times both of our cars were away from home at the same time.

Most of the time when both of our cars were in use simultaneously, the timing for one or both of the trips could easily have been moved. For example, a trip to the grocery store could usually have happened earlier or later that day, or on a different day. We averaged about eight times per year when we really needed to use both cars at the same time.

Using alternate transportation (walking, bicycling, taxi, Uber, and so on) works out to be MUCH less expensive than maintaining and insuring a second car for us, given how little we drive. We kept the second car for a while because my wife refused to give up one car. But she has come around and we will likely be going down to one vehicle later this year.

Someone else's experience won't be a good guide for you, since their lifestyle will probably be different than yours. I recommend tracking your actual vehicle usage for a few months, and then making a decision based on actual data from your lifestyle.

 

[OldShooter]

We have three. DW's Mini Countryman, my Soob WRX, and a 15YO Nissan small pickup. Many days DW and I are both out and about where sharing a car would be a pain. The truck gets less use but when we have a load of stuff commuting to our lake place, it earns its keep. It has a roller-shade type box cover, so it's easy to haul things that might be too tall for another kind of topper or cover. The truck also serves when one of our "regular" cars is having a maintenance day in the shop.

I would really like to sell the WRX and the truck and get a Suburban, but the price on those things is astronomical. My cheapskate gene keeps pulling me back from that cliff. In a couple of years the rust on the truck will be awful enough that I'll get rid of it. Then we'll probably go down to two cars but I don't see us with only one.

Investment? Nope. Expense. Buy new? Nope. I love the people who eat that first year or two of depreciation for me. Borrow or lease? Nope.

 

[Music Lover]

We're going from 2 vehicles plus a summer car to 1 vehicle plus a summer car. I haven't figured out how much we both need a vehicle at the same time but it's not very often. Plus the summer car can be used spring, summer, and fall, leaving only winter for potential overlap.

We also go away in the winter so it's really only 2-3 months at most or so with just one vehicle, maybe 6 - 8 times a year when we would need 2 cars. Theoretically less as we could plan ahead better knowing we only have one. Plus my wife can always borrow her daughter's car on occasion. It's a no brainer to sell one of them.

 

[Luvtoride]

We're going from 2 vehicles plus a summer car to 1 vehicle plus a summer car. I haven't figured out how much we both need a vehicle at the same time but it's not very often. Plus the summer car can be used spring, summer, and fall, leaving only winter for potential overlap.

We also go away in the winter so it's really only 2-3 months at most or so with just one vehicle, maybe 6 - 8 times a year when we would need 2 cars. Theoretically less as we could plan ahead better knowing we only have one. Plus my wife can always borrow her daughter's car on occasion. It's a no brainer to sell one of them.

Music lover, what is a summer car?

It sounds like you answered your own question. Needing 2 cars that infrequently, calling an Uber on those occasions when a ride is needed would be much more economical and easier than having the 2nd car.

 

[Yipper]

Someone else's experience won't be a good guide for you, since their lifestyle will probably be different than yours. I recommend tracking your actual vehicle usage for a few months, and then making a decision based on actual data from your lifestyle.

Thanks for sharing your experience. I realize there will be answers coming from all across the spectrum but there had to be some people with situations similar to mine and coincidentally, it's you.

thanks again

 

[Music Lover]

Music lover, what is a summer car?

1999 Pontiac Sunfire convertible. It's nothing special. My wife got it from her mother (gifted) 3 years ago after it sat in storage for several years. We spent about $2500 for new tires, a rebuilt motor, and a few other things. It was a very inexpensive way to get a convertible for the nice summer days.

 

[Yipper]

Investment? Nope. Expense. Buy new? Nope. I love the people who eat that first year or two of depreciation for me. Borrow or lease? Nope.

Couldn't agree more! I've done the same for YEARS and don't feel like we're too far out of date (except with my '65 Mustang with manual everything... now THAT's a car that needs both hands *and* both feet to drive safely).

At least I've been able to keep DW happy over the years with used BMWs... I get them off lease and get rid of them before 100k miles (ask me how I know to sell them 'early'). DW cannot be convinced that a German luxury car of some kind is the most comfortable/quiet highway cruiser. I'd be happy with a slightly newer Honda but I like to keep her happy.

 

[Yipper]

We're going from 2 vehicles plus a summer car to 1 vehicle plus a summer car. I haven't figured out how much we both need a vehicle at the same time but it's not very often. Plus the summer car can be used spring, summer, and fall, leaving only winter for potential overlap.

We also go away in the winter so it's really only 2-3 months at most or so with just one vehicle, maybe 6 - 8 times a year when we would need 2 cars. Theoretically less as we could plan ahead better knowing we only have one. Plus my wife can always borrow her daughter's car on occasion. It's a no brainer to sell one of them.

Interesting idea! Do you take the summer car off of insurance during the winter months? I'm guessing not but since I did that as a student my first couple of years of college (when I couldn't afford it for the months car just mostly sat in the parking lot) I did that and save $$. My college cars were essentially junk so back then i only carried liability insurance.

 

[Jerry1]

Having two cars is one of the things that rides the line between necessary and discretionary. If I needed to save money (tighten up), going down to one car wouldn’t be on the top of the list, but it would be close. One of our issues would be which vehicle to keep. We have an SUV and a pickup. We don’t use the truck as a truck very often, but it’s sure nice to have when you do.

Other options are to keep both cars but reduce the insurance on them. Probably no need for collision coverage if one of your cars is old enough. I suspect as DW and I age, we’ll lower our auto expense significantly but I think I’ll still have two cars - a nicer one and a “clunker” for me to drive when the other car is in use. Something like an old Camry with only liability insurance to get me up to the golf course or the hardware store as needed. It can also serve as the car use to haul small amounts of dirty stuff like bags of mulch or potting soil . . .

 

[Music Lover]

Interesting idea! Do you take the summer car off of insurance during the winter months?

We change the insurance to "storage". It still has some coverage (theft, vandalism, etc) but you're not allowed to drive it.

 

[brett]

When we first retired and downsized we had two cars. We subsequently downsized moved to a rental condo very close to public rail transit. Only one underground parking spot.

Got rid of one car-gave it to our son. Our feeling was that IF we ever needed a second we could always rent one. In five years....we never once needed a second car.

Now we moved again to our own home. We purchased a summer ragtop car. Keep in the garage all winter. We pull the insurance and change it to fire and theft during the winter months.

We did/do the same on our year round car pre covid when we would snowbird to SE Asia for two-three months. Pulled the insurance and went with fire/theft only. When we come home the first thing we do is call to re-instate the insurance.

No point in paying for insurance when we are not using the car.

 

[Surewhitey]

We went to 1 while living in Mexico. I also biked around (usually faster than the car). We'll probably do it again when we get to re-2...

Unless old beaters, cars can be a big unnecessary expense.

 

[Montecfo]

We have 3: 18 Sonata, 03 BMW and 07 Camry.

We drive little these days and it would make sense to cut to two, but we would spend more.

The Camry is DWs "old" car which we now use as a mule. But we also took it in a beach trip to the Jersey shore last year. It remains an excellent road car.

Pretty content with what we have at the moment.

I will say that extra car can come in handy in snow/ice or when one of the other cars is in the shop. For us the insurance is negligible.

 

[38Chevy454]

Once a car is paid off, the cost relatively cheap. Even in high cost registration states, if older it is less. Same for insurance, lot less on older vehicles.

My idea if you want to get different car is buy a nice daily driver and then buy a fun car that is also a backup. Fun car can be impractical. Like a sports car or classic for example. But the fun car may need better than parking on the street.

I live in the country so DW and me need more than one. I don't mind the small additional expense of extra vehicles, I actually have 4 daily driver type. Plus my old cars and RV. It's not a problem parking all of them at my house; only one is actually in the driveway outside, rest are in garage. We've helped family with a spare car when they needed it temporarily.

 

[aja8888]

Two:

2005 Mustang convertible with 66 K miles on it (mint condition).

2021 Hyundai Tuscon small SUV.

DW does not drive anymore as her deteriorating health condition does not make it safe (advanced COPD, a few other things, on O2 100%). I do ALL the driving. I am her caretaker, full time.

I just can't let the Mustang go as it's all I have for fun and I love the old gal.

 

[Willers]

We just went from 2 vehicles to 1. We sold our SUV and only have our Audi A4 now. We live in a small downtown that allows us to walk or bus to almost anything.

So far it hasn’t caused any issues and we don’t have the hassle of a 2nd vehicle. That opinion says a lot considering I once has 6 vehicles ranging from a 70 muscle car to an Expedition and lots in between.

I say try it and you can always buy a 2nd car or truck if it turned out to be a burden.

 

[Dreamer]

We have 3: 12 Camry, 18 Toyota Tundra and a 19 Corvette.

Since covid my DH does the grocery pickup and most other things. I am just starting to go out more, but we could probably have one, if we needed to cut back. We do not need to cut back and I have owned a car since I was 15 years old. My DH likes his truck and his corvette is his hobby. We probably spend more on gas, since we retired. He likes to drive it and that is the reason we bought it. Gotta have fun.

 

[walkinwood]

We've lived with one vehicle in Denver for over 10 years and for 3 years in NJ before then.



For the very few times that only one of us wanted to drive someplace out of town, we've just rented one. In town, if we need it, we'd just use public transport or Taxi/Uber. Much less expensive than owning.

 

[rk911]

we have three...a '46 Willys, an '03 Wrangler and a '10 Liberty. the wife doesn't drive any longer and I 'spose we could get by with just the Liberty or something else but I like all three and see no reason to change...right now.

 

[W2R]

Frank and I are not married although we have been together for 22 years. We have two cars. Mine is mid-sized SUV (2009 Venza). So a couple of years ago when his 2002 Murano cratered, he bought a small, inexpensive, fuel efficient car (2018 Fiesta).

We like having two vehicles so one can act as a backup if needed. He's a big fan of multiple redundancy in general.

 

[savory]

We have had one car for 10+ years. It works for us. We do our best to make our car our second choice for getting places. For example, Pickleball is about 2.5 miles from home. I ride my bike. While I was at PB, DW went grocery shopping with the car. It is helpful that we both bike/walk for errands. Adds flexibility. BTW, it was raining both ways today for my bike commute. I dressed to stay dry.

We have followed this pattern in 3 different cities. They ranged from big city to small town with all services within 5 miles, our rule of thumb to bike or walk. We will be moving again to a city that offers free bus service for anyone over 65. We already took advantage of this nice gift while visiting the city and looking for housing. And our search for rental housing includes a decent storage place for our bikes and a first floor entry.

One last comment. Attitude is very important. In one Midwest city we lived, we learned about an airport bus. It picked us up 2 blocks from home. Typically on time. Every 30 minutes from the airport to home. Took about 40 minutes more but passengers are dropped at the front door. Total extra time about 25 minutes vs going by car. Cost savings depended on parking costs but bus was $10 for both round trip.

We informed our close retired friends. All had the time. None needed to use it as a savings. (We didn’t either and they knew that). None of them, even to this day rode the bus. I think their car casts a spell.