You may wonder how having 3 vehicles was the right choice for us. So Let me explain.
I drive a small SUV. Nice dependable vehicle, great for hauling around kids in carseats (I’m a nanny) and very nice to have for snowy/icy roads in the winter. The gas mileage isn’t the best, but I feel it’s worth it.
Jason drives a ’99 F150 truck with upwards of 200k miles on it. Having a truck is wonderful. Great for snowy/icy roads, but also for hauling stuff. We use the truck part of that vehicle enough to justify having one.
However, the truck was starting to need some repairs. We thought to just take care of the worst problems and hopefully get a few more years out of it. Then we learn the extent of the truck’s problems and realize that unless we put more into the truck that it is worth, we will very likely be buying another truck within a year.
So Jason did his research and determined the best choice for a new truck (new to us). The problem was, no matter how we looked at it, we would be completely emptying our savings and still have to take out a loan. And after my SUV was paid off a few years ago I had determined that we wouldn’t take out another loan like that.
And here is where having 3 vehicles was the right choice for us:
While scratching our heads and wondering if we could save enough before the truck died, so we wouldn’t need to go into debt, a solution presented itself in the form of a co-worker selling his car. The price was peanuts compared to a truck, and it had low mileage with no big problems.
So why would we buy a 3rd vehicle?
- Jason drives the car to work now, which saves his truck for “trucking” purposes. (He continues to drive the truck once a week to keep it running nice)
- We now drive the car instead of my vehicle when going places together. Thus saving my vehicle.
- The car gets excellent fuel mileage. We save an average of $150 a month in gas now.
- Our insurance didn’t go up any. We dropped our coverage to collision only, because if something happens to one vehicle, we still have the other two.
- We paid cash for the car and still had the bulk of our savings left. Thus leaving us debt free. (other than our mortgage)
- In the end we expect to get at least a couple more years out of the truck, giving us time to save a little bit more. 🙂
At first glance it seems to be a bit extravagant to have 3 vehicles but when looking at the big picture; having 3 vehicles was the right choice for us financially.
The moral of this story is this: If you plan ahead and think outside of the box, going into debt isn’t always your only choice. Usually the answer will come in an unexpected way and you can remain debt free. Isn’t that “the dream”? 🙂