So I got a question for you folks who FIRED and do not drive more than 6,000-8,000 miles per year. I only drive about 5000 - 6000 miles per year - most vacations are by air travel. Would you keep 2 cars, or just keep 1 car and sell the other and keep the Money + save on insurance and car property tax?
I have an Audi station wagon that is 5 years old (2013 - 2018) and only has 29,800 miles and I barely use it anymore. I plan to keep this until it hits 150,000 miles. I reckon it will probably take me another 10 years to hit 80K-85K miles.
I got this other sporty BMW car with 22,000 miles, which I am using mostly at work. I plan to fire in 3 years and will be mainly using the Bimmer to and from work. DW does not drive. It's me driving these 2 cars, but the wagon is only for reserve now, if we really have to haul tons of stuff and bulk groceries from Costco. In 3 years, the bimmer will probably have 32K-35K miles. If I retire, I was thinking of probably selling the bimmer and just keep the cash.
Cars are depreciating assets so .. I always have that on the back of my mind money-wise.
Would you keep the second car for emergencies ? Or if you only had 1 vehicle, and your "one and only vehicle" needs to be repaired, would you just rent a car from Enterprise or Budget or Avis ?
If I sell the bimmer in 3 years when I hit 57 years old, I could get another car once I get Social security at 62-64. By then, my station wagon would have probably 60-65K miles.
I have an Audi station wagon that is 5 years old (2013 - 2018) and only has 29,800 miles and I barely use it anymore. I plan to keep this until it hits 150,000 miles. I reckon it will probably take me another 10 years to hit 80K-85K miles.
I got this other sporty BMW car with 22,000 miles, which I am using mostly at work. I plan to fire in 3 years and will be mainly using the Bimmer to and from work. DW does not drive. It's me driving these 2 cars, but the wagon is only for reserve now, if we really have to haul tons of stuff and bulk groceries from Costco. In 3 years, the bimmer will probably have 32K-35K miles. If I retire, I was thinking of probably selling the bimmer and just keep the cash.
Cars are depreciating assets so .. I always have that on the back of my mind money-wise.
Would you keep the second car for emergencies ? Or if you only had 1 vehicle, and your "one and only vehicle" needs to be repaired, would you just rent a car from Enterprise or Budget or Avis ?
If I sell the bimmer in 3 years when I hit 57 years old, I could get another car once I get Social security at 62-64. By then, my station wagon would have probably 60-65K miles.
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