Math on having a second vehicle

[davisenvy]

I'm thinking about getting a little run around car instead of driving my Duramax as a DD. I drive about 200-250 miles a week and am looking as spending around $5000-$6000 on a little car. I would like to hear from those who have been in the same/similar situation and have done the math on weather it would be better to pocket the $5k and put towards Dmax maintenance or better with a run around car.
I can afford to keep driving the Dmax, but seems like a waste using a truck like that for errands and short commutes.

[carl2591]

Lantley wrote:

Bionic Man wrote:

jus2shy wrote:
Any 2nd vehicle of mine will be a fun mid-life crisis kind of car (Corvette, Alfa-Romeo 4c, Porsche Cayman, etc...). Otherwise, I really would be just a little beyond break-even if I added something like a Toyota Prius to my family fleet and I really don't feel like having the hassle of maintaining another motor that's just an appliance. It really would need to be something I can feel some passion for.

I have an 07 Cayman S. It does not make financial sense, but it is oh so fun to drive!

I think we have come full circle in this thread.
This whole discussion of a 3rd vehicle is really an extension of the price we pay to RV.
RV'ing in many cases does not make sound financial sense, but it is lots of fun to escape the rat race and create memories.

I tend to agree with you on the Rvs don't make financial sense in some cases but in a lot of cases it make better sense, especially when you are not just traveling around but doing such stuff like camp host, workamper or other activites that result in money in your pocket.

The second vehicle a lot of RVers recommend is a result of fuel prices that have jumped 3 fold in the past few years so buying something that get 30 MPG and uses gas can be less expensive to operate over a period of years vs a f-250 diesel truck daily driver.

I know for me I would not drive a large truck every day unless my job dictated the need for it. I have down sized from a Chev g-20 v-8 305 CI van that as an 11-12 MPG deal to a chev astro van that get a avg 17 mph.. yes that is only 5 mpg but when you do 50 to 70ish miles a day it adds up.

[time2roll]

I went with an electric Nissan LEAF to avoid driving the gas guzzling F150 every day.
Now I have moved on to a Toyota RAV4-EV. Combined with home solar and TOU rates the electric company pays me to drive.

[Huntindog]

When doing the math, don't forget to factor in the reduced maintainence costs of the TV.

[eluwak]

I sold my F150 and replaced it with a Prius and an older Suburban. I was spending ~$1000/month in gas, payments, insurance, etc. Now I spend ~$500/month for everything on both vehicles. The savings has already paid for the Suburban 🙂

Everyone has a different situation.

[wilber1]

Oops, wrong button.

[wilber1]

I've never done the math and I doubt owning a second vehicle makes sense financially for me but I've never enjoyed a HD truck as a DD. Too big, awkward and don't handle or ride worth a damn.

[redsb3]

I have a 3rd vehicle. The GMC is a garage queen but it's because I only drive 4.7 miles to work. The truck never got up to operating temp and I didn't think the short drive was doing it any good. Bought the wife a 1 year old Vibe I got a good deal on and I took her old 97 Honda Civic. 30 mpg, license is $22 a year, insurance is $160 for a year. I do all my own maintenance and any work I can still do but it hasn't been in a shop in 7 years. 17 year old car with 89K on it. Still runs great and the A/C is ice cold. The truck will be 10 years old this coming April and has 59K on it. I expect it would be the last truck I would ever have to buy if I was so inclined. Only comes out to tow the 5th wheel and if I happen to need the bed to haul something. Plus like 2112 stated, it's sure nice to have a spare vehicle.

[2112]

Hopped in the Ranger this morning and headed off to work. I got a block away and it started to sputter and loose power as if the fuel filter is clogged. Turned around and limped back to my driveway.
Roads are wet from an overnight shower so the motorcycle is out. I hopped in the F150 and made it to work on time like nothing happened.

Having multiple vehicles does have its benefits.

I hope it is a clogged filter 😞

[milo]

Very interesting reading about what everyone's justification is for their decision for buying that 2nd or 3rd vehicle or for not getting one.

[Lantley]

Bionic Man wrote:

jus2shy wrote:
Any 2nd vehicle of mine will be a fun mid-life crisis kind of car (Corvette, Alfa-Romeo 4c, Porsche Cayman, etc...). Otherwise, I really would be just a little beyond break-even if I added something like a Toyota Prius to my family fleet and I really don't feel like having the hassle of maintaining another motor that's just an appliance. It really would need to be something I can feel some passion for.

I have an 07 Cayman S. It does not make financial sense, but it is oh so fun to drive!

I think we have come full circle in this thread.
This whole discussion of a 3rd vehicle is really an extension of the price we pay to RV.
RV'ing in many cases does not make sound financial sense, but it is lots of fun to escape the rat race and create memories.

[Bionic_Man]

jus2shy wrote:
Any 2nd vehicle of mine will be a fun mid-life crisis kind of car (Corvette, Alfa-Romeo 4c, Porsche Cayman, etc...). Otherwise, I really would be just a little beyond break-even if I added something like a Toyota Prius to my family fleet and I really don't feel like having the hassle of maintaining another motor that's just an appliance. It really would need to be something I can feel some passion for.

I have an 07 Cayman S. It does not make financial sense, but it is oh so fun to drive!

[love2tow]

I went back and forth on this for a long time as well. I crunched the numbers, did all the different scenarios, made spreadsheets etc... When it came down to it, I wanted the truck because I love driving a truck and I love towing. To test it, I drove my wife's Toyota Corolla for two weeks. I hated it 🙂 That convinced me that the extra price I pay to drive the truck is worth it for the enjoyment I get. Plus, if it took me 3 years to break even with a small car, how long would that $3,000 or $4,000 car last beyond that?

[carl2591]

Lantley wrote:
Good discussion but this is a very subjective topic. Everyone commute is different. Everyones lifestyle is different. Everyones finances are different.

Do you buy a 40K-60K tow vehicle so you can park it vs. driving it.
Do you ride around in a small commuter car vs. a large roomy truck.
Do you want a vehicle you actually enjoy being in vs. driving a vehicle that is less enjoyable/comfortable but provides savings.
WE all have different perspectives. I did not invest in my truck to park it, however I don't have a long commute.
I understand there is a tipping point were savings can be had via a commuter car. That savings can be real or imagined. The tipping point is different for each individual.

ALL good points.. but i bet you if diesel was $1.89 and gas was $3.50 like it is now then all this is moot.. but diesel is $3.80 with gas at $3.50 and most TV truck get at best 15MPG around town where as a small 2001 hyundai elantra 4 door loaded is like 3K or so and get 26 MPG around town..

in the end it less costly to operate a smaller car vs a large truck. Now if you go buy a 10K cars the number are not going to work.

the whole point of this thread is buy a cheap nice smaller gas efficient car for putting around town, short out to town trips and keep the miles off the hauler till it needed.. plus you have a spare if needed.

[carl2591]

mbutts wrote:
The thing that stops me from doing this is the cost of insurance. With two teenagers at home, it costs more than the car and fuel.

have you looked at getting a older 2001-06, I like elantra's, and putting the teenagers and you on that policy only.. after about 3 yrs with no accidents etc the rate will go back to normal.

this is what is did for my teenager and the rate was better as the older car, a 1992 sentra with 85K miles, was not covered for comp and collision keeping the rate lower.

or just have the separate car on it own policy without them (teenagers) on the insurance.. low cost and you get the fuel savings.