Author Topic: To drive or not to drive  (Read 2844 times)

MMMarbleheader

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To drive or not to drive
« on: November 19, 2017, 09:09:22 AM »
I have been lucky the past two years. I work in Boston and was offered a parking spot at work. I countered with working picking up my commuter rail pass which they accepted. So being a one car family my cost to commute is $0 as I ride my bike to the station. Door to door is about an hour with 20mins of that being on the bike.

I will be transferring to a different job site in the spring. I will have the parking or rail option again BUT it is going to be about an hour and a half on the commute each way.. If I drove it would be 45mins but I would need to buy a car. I think I could swing it all in for $200-250/mo either leasing a leaf (car insurance is expensive here for collision) or buying a Prius. This would also give me the ability to work 6 to 3 which I cannot now based on train schedules.

I hate adding expenses but the flexibility will be helpful also this is only two years so I can re set to after my next assignment

Bracken_Joy

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Re: To drive or not to drive
« Reply #1 on: November 19, 2017, 09:17:49 AM »
I think this would really depend on your whole life and financial picture. When you're in debt repayment mode, or meeting minimum savings goals mode, anything to trade time for that sorta money is generally a good option. But if you're in accumulation phase and you have kids at home, that sorta thing? It totally shifts the picture.

Definitely price out everything: car payment, car insurance, do you have to pay for parking where you live? where you work?, gas costs, maintenance, does boston require DEQ testing?, would you need to renew your license? If you take a low level of coverage, can you afford to replace the car if its totaled? Lots of questions, lots of possible costs with cars.

MMMarbleheader

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Re: To drive or not to drive
« Reply #2 on: November 19, 2017, 09:37:38 AM »
Kids at home in the accumulation phase. Having the flexibility to come and go not based on train schedules would be an improvement. Parking at work and home would be free.

Bracken_Joy

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Re: To drive or not to drive
« Reply #3 on: November 19, 2017, 09:40:00 AM »
Kids at home in the accumulation phase. Having the flexibility to come and go not based on train schedules would be an improvement. Parking at work and home would be free.

Well, then gather all your numbers and see how it fits your budget. Calculate how it affects your retirement date. Then choose =) Personally, I will always go with "more family time", but then I'm one of those "partially-FI, slow road" weirdos on here ;)

SC93

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Re: To drive or not to drive
« Reply #4 on: November 19, 2017, 10:03:43 AM »
And just remember.... used cars are as good and sometimes better than new!

nereo

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Re: To drive or not to drive
« Reply #5 on: November 19, 2017, 10:20:14 AM »
I've commuted >1hr on a train, and I've commuted via car 40 minutes each way.  Personally I vastly preferred commuting on the train, even though it took more time.  On the train I was able to read a book, answer emails or just zone out - no so much while driving.
YMMV

eta: I'd also look into whether there's any carpool options

FallenTimber

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Re: To drive or not to drive
« Reply #6 on: November 19, 2017, 12:35:10 PM »
With a family at home, those extra 45 minutes would be worth far more than the cost savings to me.

When I was in college, I used public transportation and felt like a rat in a rat race. My schedule became based around when the bus schedule ran, and if I missed the bus, Id have to sit around with the homeless folks for another 45 minutes. Once I graduated, I swore Id never give up the freedom to go where I want, when I want. And that was before I had a family to get home to.

Im not sure if you ride motorcycles, but if you do (or anyone else does), Kawasaki is bringing a new bike to the states that retails brand new at $2,999 (compared to the $10,000-$30,000 typical price).

https://www.google.com/amp/s/lanesplitter.jalopnik.com/kawasakis-z125-pro-grom-fighter-is-coming-to-the-u-s-f-1762759273/amp

Could be an affordable option. I rode to college on nice days.

Kwill

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Re: To drive or not to drive
« Reply #7 on: November 19, 2017, 12:49:42 PM »
In this situation, I'd drive. I know you said it's only for two years, but would it at all make sense to relocate to the new area? That way you could make the commute shorter.

Guesl982374

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Re: To drive or not to drive
« Reply #8 on: November 20, 2017, 08:04:06 AM »
Also from Boston here. I vote drive.

MMMarbleheader

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Re: To drive or not to drive
« Reply #9 on: November 20, 2017, 10:38:09 AM »
In this situation, I'd drive. I know you said it's only for two years, but would it at all make sense to relocate to the new area? That way you could make the commute shorter.

I work for a construction manager. I have a decent commute to the main office from my house but the job sites move around the metro area.

DumpTruck

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Re: To drive or not to drive
« Reply #10 on: November 20, 2017, 11:15:37 AM »
If you do drive your best bet is to buy any used Toyota in the 2004 range, you'll be looking for something between 100-200k miles. The prius is remarkable value, a Sienna is the most practical vehicle in the world, a Carolla could be a great option.

A nice one owner prius with 150k or 175k will do you great for around $5 or $6000.

Then you sell it after you're done for about the same price. Forget leasing.

soccerluvof4

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Re: To drive or not to drive
« Reply #11 on: November 21, 2017, 04:15:39 AM »
All things being equal and only you would know that when you run the numbers I would drive for the additional time and the flexibility the other vehicle may or may not give me. To me time is the big $ killer as I like to spend as much with my family as possible.