Anybody Considering A 3rd Car?

[BigRed79]

I love my truck. I will always have a truck as long as I can afford to drive one. I use it for boating, hunting, fishing trips, and hauling stuff around. I don't think I would ever be happy with just a car. But my wife and I were recently considering getting me a little commuter car just for driving back and forth to work. Here are the numbers I ran.

 

I drive an average of about 1200 miles a month

 

I am getting about 17 MPG average on my truck right now. I am assuming a 3rd car would get about 30MPG.

 

My Monthly gas cost, at $4 a gallon = $280 for the Truck

 

Monthly gas cost , at $4 a gallon for a car = $160 a month for a savings of $120 a month.

 

At that point, it looks like a no brainer. But assume I would spend $6k for a decent car in good shape, $400 a year on insurance, $200 a year on taxes (Nebraska taxes are crazy), and $200 a year min on maintenance. By my calculation, it would take several years before any savings is really experienced in this situation. The fact that I still have 4 years of payments on my truck plays into this as well.

 

I just can't justify a 3rd car. The only way to really save money is one or the other, and right now the truck is not going anywhere.

 

Am I just not looking at this right. It seems like alot of people are going this route, but I just can't get the numbers to work.

[omegafiler]

That's just something everybody needs to figure out on their own. Problem is, not everybody is all that good at math. Gotta figure out how much you drive, current and estimated future gas prices, insurance, cost of car, maintenance, if going for a trade how much negative equity do you have, etc.

 

For some it's cheaper the keep their truck, some need to trade in for a car, others may buy a 3rd vehicle, maybe take it easier on the throttle, drive less, make sacrifices in other areas, etc. Nothing wrong with any of those options. But they just have to remember to consider more than MPG when buying another vehicle. And it looks like you have.

 

But for me, there is no way another vehicle would make sense. I drive less than 12k a year. Even with paying for 93 octane @ $3.75/g (or more!) with 12.5MPG, I'm still better off keeping the truck and paying it off.

[Neutron]

My wife and I carpool 4 days a week now in her Corolla.

[BigRed79]

My wife and I carpool 4 days a week now in her Corolla.

 

 

I wish that was an option for us. However she really can't start going to work at 6AM and we work on opposite ends of town. But I do have several friends that have gone that route.

[omegafiler]

My wife and I carpool 4 days a week now in her Corolla.

 

 

I wish that was an option for us. However she really can't start going to work at 6AM and we work on opposite ends of town. But I do have several friends that have gone that route.

 

 

Yeah, I know a few folks that live sorta far from work who have started to carpool. I know they've said it saves them a whole lot of gas $$ every month. Of course there are some obvious negatives there, but if they're OK with it, then that's definately an option worth considering.

[asilverblazer]

I sold my third car, it wasn't saving me any money any way. I didn't buy it for that I bought it to save miles on my truck, but it was costing to much to keep up several cars. So I ditched one.

[unit731]

I've had up to 4 vehicles at one time.

 

No sales tax in my state.

 

Mostly older vehicles - so registration/insurance is lower.

 

I am down to two vehicles now.

 

New 2008 GMC 1500 4x4

 

and

 

a 1992 Mercury Grand Marquis. Not the best gas mileage but better than my truck. And I obtained the car for free/barter. No rust. Runs great. Clean.

 

But previously, I was looking for a good used 4 cylinder anything (but a Korean or Mexico) car. These used cars have gone way up in price now though.

 

It really is sad. Those that have to use the truck for long commutes to work. We need more trains and more public transportation.

[BigRed79]

But previously, I was looking for a good used 4 cylinder anything (but a Korean or Mexico) car. These used cars have gone way up in price now though.

 

Yup, looking in the paper just for cars around here, if you want a civic or a corolla in the MY 2000-2003 range with less than 100k on the clock and has been well maintained, be prepared to pay as cars like this are obviously in very high demand right now. The only sub $5k cars I could find usually had some type of damage or 125k plus on the clock.

[VMax2007]

That's just something everybody needs to figure out on their own. Problem is, not everybody is all that good at math. Gotta figure out how much you drive, current and estimated future gas prices, insurance, cost of car, maintenance, if going for a trade how much negative equity do you have, etc.

 

For some it's cheaper the keep their truck, some need to trade in for a car, others may buy a 3rd vehicle, maybe take it easier on the throttle, drive less, make sacrifices in other areas, etc. Nothing wrong with any of those options. But they just have to remember to consider more than MPG when buying another vehicle. And it looks like you have.

 

But for me, there is no way another vehicle would make sense. I drive less than 12k a year. Even with paying for 93 octane @ $3.75/g (or more!) with 12.5MPG, I'm still better off keeping the truck and paying it off.

 

+1 I have run the numbers several times and it never adds up to being a beneifit to own a 3rd car.

 

Also, I have a 15 yr old who will be driving soon, so I will reconsider and maybe get one then. That way I can use it for commuting and she can use it in the evenings and on weekends and we can share the expenses.

 

Space is also an issue as we are not allowed to park on the street overnight here during the winter months (city code). And I have a boat that sits in the driveway in front of the 3rd stall. So, 2 cars in the garage and only room for one more in the driveway at most.

[music]

That's just something everybody needs to figure out on their own. Problem is, not everybody is all that good at math. Gotta figure out how much you drive, current and estimated future gas prices, insurance, cost of car, maintenance, if going for a trade how much negative equity do you have, etc.

 

For some it's cheaper the keep their truck, some need to trade in for a car, others may buy a 3rd vehicle, maybe take it easier on the throttle, drive less, make sacrifices in other areas, etc. Nothing wrong with any of those options. But they just have to remember to consider more than MPG when buying another vehicle. And it looks like you have.

 

But for me, there is no way another vehicle would make sense. I drive less than 12k a year. Even with paying for 93 octane @ $3.75/g (or more!) with 12.5MPG, I'm still better off keeping the truck and paying it off.

 

I second that opinion. I ran these numbers BEFORE recently replacing my older truck with a new Sierra. I have an old car that gets ~30 mpg that I drive to work, but it only marginally makes sense to do it, even with a car that's only worth ~$3k. Your truck is depreciating whether you drive it or not, and to drive an older, smaller vehicle while your newer, safer truck sits in the garage is a near break-even ($) proposition until gas gets closer to $6/gal. If you were driving 30k miles per year... the numbers would work out in favor of driving a small car, but you would still have to consider other factors. Afterall, riding a motorcycle would be the cheapest, but also the most dangerous and would have the least amount of aditional utility.

[Wingnut]

The only "3rd vehicle" I'm considering right now has 8 cylinders and 400 horsepower.

 

Fred keeps me at sane gas levels and out of the speeders hall of fame.

[Draenor]

What is your 2nd vehicle?

Another things to consider is, how far and often your wife drives. Maybe you can take her vehicle(depending on my ?) and use it while your wife drives the truck. If you mechanically inclined, you do not need to spend 6K on a car. I got by purchasing a small car for only $1200. Need some TLC and its not as luxourious as the GMC, but it gets me back and forth to work for a 1/3 of the cost.

 

Also the way gas prices are..and how they will stay...a small car will benefit in the long run.

[BigRed79]

What is your 2nd vehicle?

Another things to consider is, how far and often your wife drives. Maybe you can take her vehicle(depending on my ?) and use it while your wife drives the truck. If you mechanically inclined, you do not need to spend 6K on a car. I got by purchasing a small car for only $1200. Need some TLC and its not as luxourious as the GMC, but it gets me back and forth to work for a 1/3 of the cost.

 

Also the way gas prices are..and how they will stay...a small car will benefit in the long run.

 

She drives a Malibu. But it would not make that much a difference as her commute is really not much shorter than mine. We live in the middle and both our jobs are on the opposite ends of town.

[music]

She drives a Malibu. But it would not make that much a difference as her commute is really not much shorter than mine. We live in the middle and both our jobs are on the opposite ends of town.

 

You'd probably save a lot more money if you sold your wife instead of the truck

[Wingnut]

She drives a Malibu. But it would not make that much a difference as her commute is really not much shorter than mine. We live in the middle and both our jobs are on the opposite ends of town.

 

You'd probably save a lot more money if you sold your wife instead of the truck

 

 

You haven't looked at the rates for alimony and/or child support lately have you?

 

H1's are CHHHHEEEEEEAP compared to those