My husband and I have 1 car - around $6K left on a 0% APR loan. I have worked from home the last 2 years while he goes to teach in person, and the lack of freedom is getting to me. We are thinking of getting a 2nd vehicle. Do you have advice/do’s and don’t’s? Vehicles aren’t a great investment, but they are so necessary in our car centric society for mobility.

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Facebook marketplace. Wait until this spring semester ends. Tons of students will be offloading their cars after they graduate. I grabbed a 2005 Lexus ES 330 for $1500. Took it to a Mexican detail shop and got it completely restored for another $1000. (Very very deep clean, fresh paint, and restored headlights.) Car has lasted me 5 years and the only repair required was swapping the alternator, which cost a couple hundred bucks. It looks decent, drives smooth, and has every amenity you need to get from A to B - sun roof, xm radio and Bluetooth, reverse camera, cold AC, etc. Pro tips watch the ChrisFix and Scotty Kilmer videos on inspecting a used car, invest some money in a code scanner like Scotty recommend (you can rent/borrow them too), and test drive the car in the city and on the highway.

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For the next month write down every time you want to go somewhere and where it is you want to go. Look it up in the Uber app to price getting there and back. After a month you’ll know how much you’d spend roughly every month taking Ubers. Then see how that compares to the monthly car note, gas, insurance, yearly registration, and maintenance. You’ll find out very quickly which is better for your situation. Regardless you should not limit yourself to being stuck inside. There are options. They just cost some cash

likesmart

Cars are so expensive right now. Are cabs accessible where you live? When you do the math, it might be more economical to get cabs when you need to leave the house during the week day, than buying and maintaining a car right now.

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Electric scooter

My husband and I only have one car as well, it works for us. I think the key is not letting it to limit your freedom, meaning when you need to or want to go somewhere, just Uber and call a taxi. A $20 Uber ride might seem like a lot when going to meet up with a friend for lunch, but it’s nothing comparing to the costs of owning a car (purchase price, gas, insurance and maintenance).

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Can you drive him to work?

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Was going to suggest this. Can you drop him off to work so you have the car?

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My husband and I also share a car. If I want to go somewhere in the day, I just drop him off at work in the morning and pick him up. Then I have the car all day.

Also agree with the people saying you can just Uber and it will be way cheaper than buying another car.

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I’d buy a used hybrid/plug in a few years behind. I’ve been told to skip out on all the warranties as well.

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We always rent our home and make sure we live close to work. Improves productivity, reduces the need for 2nd car and gas and gives us a lot more free time. The higher rent is 100% worth it.

I have 3 cars and I am the only one working from home, so I am left
With no car wife and kids each take
One car to work and school 😜
If I need anything I have my daughters bicycle, luckily coffee shop and other places to eat and work are within 2 miles for me 😂

Sharing one car with spouse and considering giving it up altogether. We live in a city where Uber/Lyft are plentiful (though not as cheap as they used to be). All in it seems like we could spend 800/month on Uber and come out even.

I would rather have the car then. More freedom, less time, more predictable.

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Any other debt? If not, YOLO. Get a Tesla or something. Go wild!

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Hi Thoughtworkers! Hope all well.
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Hi all,

Need 11 likes for dm to be activated. Please help

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Additional Posts in FIRE Financial Independence Retire Early

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