Loving cars as much as I do, it’s hard to imagine living with just one of them.
My lovely wife, though, brought up an interesting point the other day: We could save a considerable amount of money by cutting back from two cars to one.
My initial response to the idea was a firm “not in a million years.” The more I think about it, though, the more I’m seeing that in our current situation, it just might work.
Should I do it? Have any of you CarGurus readers done anything similar? If so, which car do I sell? Here’s my situation:
My wife drives a 2004 Lexus RX 330. It has just under 40,000 miles on it, and we owe about what it’s worth. It was purchased as certified pre-owned and has warranty remaining. Average DealFinder prices are between $22,000 and $25,000.
I do most of my work from home, so the Suzuki doesn’t go out much. My wife works every weekday, but is home by 1:30 in the afternoon. We could certainly plan our trips around that schedule with one car.
We have two kids and take at least one long road trip every year. Taking a 3,000-mile road trip in the SX4 would be one cramped and cranky affair, but getting rid of the Lexus car payment would really help out the monthly budget.
So our options are:
- Sell the Suzuki and pay down the Lexus balance
- Sell the Suzuki and put the money in the bank
- Sell the Lexus, pay off the loan, and live with a small car
- Do nothing and keep both cars
I’d much rather buy cars than sell them, but I want to make a smart financial decision based on my situation. As much fun as cars are, they are also financial tools, and I don’t want to let emotion guide a decision like this.
Have you ever downsized the number of cars in your family? What’s my smartest move here?