We’ve been a one car family for several months now. It’s really not been too bad.
You can read about when Sea Cadet totaled his car the day I picked up our new to us car. We were a two car family again for about 1 hour.
Since then, I’ve had to drive him everywhere and lost my help/backup for getting the younger kids to their sports. But I’ve saved a lot on no extra gas for him. After the wreck, he got a part time job within walking distance and as December he is paying $25 per week towards our car insurance. (I tried to cancel his insurance, but as long as he has a license he must remain on the policy.)
He’s had a GREAT attitude about all he’s had to give up as a result of the car loss. Really great! And I would really like him to have a car again. Not just to take some of the pressure off me, but to give him some freedom again.
This is my thoughts, I am really interested in your feedback on this.
- Cadet get a job he can walk to and work steady hours – check!
- He must pay $25 per week towards car insurance (his went up after the wreck and he’s being insured against a much newer car which also affects the rate) – check!
- Sea Cadet saves $2,500 towards a new car.
When he has the $2,500 saved. All but $500 will come to me to put towards the purchase of another car. The $500 will remain untouchable to cover car expenses/maintenance starting out.
Purchasing Another Car
At that point, I would do one of two things:
- Pay the $2,000 towards our current car, which would leave us with less than 1/2 the original balance. I would then “give” him our current car (2012 Chevy Impala) to drive. And I would purchase another car for me. The reason this is my first choice is that our current car does not get the greatest gas mileage and I drive A LOT. I would have to either dip into my savings a bit or finance about the same as this car cost me, but I think my interest rate would be lower now (or rather by then.)
- Take the $2,000 and find another used car for him, older, cheaper insurance. I bought his 1996 Honda Accord for $1,900 so I assume I could get a slightly newer one for $2,000. We’ve put $1-2,000 in it over the last several years. (I bought it when the twins were 15.) Thinking of the cost of the car, probably maintenance over the next couple of years, this car would cost just about 1/2 of option #1 in my mind. But would be cheaper insurance wise.
There are lots of other considerations, cost of insurance, etc. but these are the basics.
But then I go back to, is this a need or a want? Right now, it’s probably a want. We can make it work with one car. It’s not always comfortable for either of us…
- He must stay at school all day 7am-9pm instead of getting to go home after classes;
- Just call me chauffeur, I drive to all his activities and the kids activities rather than him taking on some of that;
- I pick him up from work when he works late because it’s very cold and for safety and so on.
I must caveat this with, I anticipate saving $2,500 will take a minimum of 3-4 months if he is super diligent. This is not something I am taking on now. Just thinking down the road.
Tell me your thoughts?