Author Topic: 3 cars and a motorcycle  (Read 2419 times)

Icecreamarsenal

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3 cars and a motorcycle
« on: July 13, 2017, 01:07:44 AM »
Help me, I have three cars (and a motorcycle).

I drive 23 miles, one way, to work.  I commute to work 5-6 times per week, depending on my schedule for the week.

My wife drives my school-age 3-year-old to school 5 times per week, and drives to Costco once/week, as well as our business once/week.  Costco is 7 miles away, business is 10 miles away.

Here are the offenders:

Purchased new, March 2017, 2017 Honda Ridgeline, for 40k, 10k down, 30k loan at 1.9%.  Monthly payment is 525.7. 10k miles.  RTL-E, meaning it has all wheel drive.  There have been a couple of blizzards that I would not have been able to get to work without all wheel drive.  Iíve read all the articles, and yes, these were all the exceptions.  I donít have a job where calling out is an option, unfortunately.  What I can do, and have done in the past, is stay at work and sleep over the nights where blizzards are expected.

My wife rehabs and fixes up old furniture and sells it, we use the pickup bed to haul stuff in to the workshop.  Funny enough, this dropped off dramatically after the purchase of the pickup, which coincided with the birth of our second (and final) kid.

2007 Honda Odyssey touring with 120,000 miles, purchased for 12.5k cash in 2012.  Itís the bomb.

2009 Honda Fit with 100k miles, purchased for 6.5k cash in 2015.  I purchased the 2017 Ridgeline expecting to replace this car.  I kept the Honda Fit after a neighborhood friend fell into financial hardship and lost his car.  His pregnant wife was dropping him off at work before heading off to work, then picking him up after she finished.  The wife then lost the pregnancy at 23 weeks.  Heartbroken and soft in the head, I offered, unsolicited, to rent him the Honda Fit, for $75/mo.  I pay for insurance, he pays for any repairs and maintenance.

2013 Ducati Diavel with 6.5k miles.  Seldom used, perhaps 3k miles in the past 2 years.  An occasional weekend ride up to the mountains, perhaps once a month with my wife to Manhattan for a dinner date, occasional rides to work.

I had a small car accident 6 months ago; the insurance has gone from 196/mo to 212/mo for the three cars.

Tolls: 370/mo

Gas: 240/mo.

Here is my plan.  We live in a walkable town in New Jersey.  The local supermarket costs more than Costco, but is 2.5 blocks away.  My wife would be able to shop for groceries just by walking and bringing a cart.
She is also willing to walk my daughter to school, about a 25 minute walk or an 8 minute bike ride.  We have a cargo bike with a bike seat.  Somewhat difficult considering the bike is 75 pounds without any people on it and the road is a major busy thruway; doable.

That still leaves the task of my wife driving to our business.  Weíve made our business as hands-off as possible, but once/week is the bare minimum the boss has to show up, for now.  There is not much (read: any) public transportation connecting our towns.

We also have some rental properties that she may need to visit occasionally, and theyíre dispersed.

This has led me to the conclusion that she needs a car.

As for my situation, 23 miles is ludicrous.  We recently moved to our town and have fallen in love with the damned place.  I am more willing to change my job than move again (weíve moved 6 times in the last 5 years).  There are job prospects within biking distance, hallelujah (secular hallelujah for its mellifluousness), but I have not yet seriously considered them, as Iím involved in several lawsuits that are pending, that will be an impediment to the hiring process.

Iíve come up with three situations.

1.   Probably the most logical.  Sell the ridgeline back to dealer, hopefully not underwater, keep the odyssey, reclaim the Fit from friend.
2.   Sell Odyssey and Fit, keep Ridgeline, buy used Prius. 
3.   Keep all 3, wait for Fit or Odyssey to die, see whatís up then.  The procrastinatorís choice.  I wrote this down becauseÖIím weak.

Iím not one to ask for help and then say itís impossible to make changes, so I breathlessly await any suggestions.  Any combination of the above, or an unconsidered choice, anything, to get out of this facepunch-worthy debacle.


gggggg

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Re: 3 cars and a motorcycle
« Reply #1 on: July 13, 2017, 08:32:17 AM »
This is just me, but I'd sell the Ridgeline and the Ducati. Commute with the Fit, leave the van for you wife to run her errands in.

dycker1978

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Re: 3 cars and a motorcycle
« Reply #2 on: July 13, 2017, 08:44:05 AM »
I noticed that you have put 10k miles on since March on the Ridgeline.  Your commute adds up to maybe 5k.  You are diving as much for pleasure in this care as to work?

I would sell the Ridgeline and the bike.  This should free up significant cash flow and deprecation costs.

BlueMR2

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Re: 3 cars and a motorcycle
« Reply #3 on: July 13, 2017, 04:21:10 PM »
For me the one clear thing is that the Ridgeline would go.  That's the worst part.  The Odyssey is a bit questionable in my eyes too.

If you really must have something fun too, I might keep a motorcycle, but those Ducati's are a bit much.  You could probably save a good chunk of change swapping that out for something else...

The Money Monk

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Re: 3 cars and a motorcycle
« Reply #4 on: July 14, 2017, 02:40:19 AM »
holy shit, $370 a month for tolls is insane!


Icecreamarsenal

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Re: 3 cars and a motorcycle
« Reply #5 on: July 14, 2017, 04:06:38 PM »
Thanks all, this confirms what I kind of already knew.  I'll have to get an estimate on the Ridgeline.

Icecreamarsenal

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Re: 3 cars and a motorcycle
« Reply #6 on: December 17, 2018, 07:59:49 AM »
Just as a followup, the Ridgeline is sold,  the Ducati is sold, the Odyssey is ticking along fine.  I do have a Tesla Model S in the driveway since 11/2017 though...

Home Stretch

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Re: 3 cars and a motorcycle
« Reply #7 on: December 17, 2018, 09:36:10 AM »
Are you still renting the Fit to your friend for $75/mo? At this point he's probably paid you between $1200 and $1500 in rent, right? What's the Fit worth? Could you get him to buy it from you for a fair price, just to get out of a potentially awkward situation?

Also, I'm not one to judge since I'm a bit of a car nut myself, but you're in the MMM forums, not a car web site, so this is what you get: if you're trying to make the optimal financial decision, how did you end up with a Tesla Model S?!?! Please tell me it's at least a used model that you got for under $55k. But DAMN, those things are expensive.

Good work on selling the inefficient Ridgeline and parting ways with the Ducati even though it was a fun toy, but it sounds like you still have three cars and (presuming you didn't pay cash for the Tesla) a car payment.

fell-like-rain

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Re: 3 cars and a motorcycle
« Reply #8 on: December 18, 2018, 09:32:51 AM »
This kinda seems like a 2 steps forward, 2 steps back situation. You sold the overpriced truck and the toy and bought... an overpriced toy. Also doesn't sound like there was any progress on finding a job closer to home and biking.

Home Stretch's suggestion about selling the Fit to your friend seems reasonable, if there's no other way to end this ongoing deal. And I don't think you need me to tell you that swapping the Tesla for a Civic or something would be vastly more reasonable.

Syonyk

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Re: 3 cars and a motorcycle
« Reply #9 on: December 18, 2018, 10:04:11 AM »
This forum has gotten away from face-punching, yes?

Let me help bring it back.

A Model S?  Really?  Face.  Punch.

One thing that I would suggest for your wife with a cargo bike is an electric assist kit.  They radically increase the capabilities of a cargo bike, especially with a smaller rider and a lot of weight.  Some friends of ours in Seattle have an electric cargo bike they use with two kids - the wife is not exactly a large person, and Seattle has some impressive hills, but she's got no trouble hauling two kids and a week of groceries in the bike, because the assist helps with the hills.  I need to get some of mine running again...

Is your friend still renting the Fit?  If so, he's basically driving the car for the cost of insurance.

Seriously, though, WTF.  If your goal is to have a ton of expensive vehicles and you're fine with that, then... good, you're on track?  If your goal was to save money, I struggle to see how a $50k+ car solves anything.

Scandium

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Re: 3 cars and a motorcycle
« Reply #10 on: December 18, 2018, 10:27:13 AM »
Seriously, though, WTF.  If your goal is to have a ton of expensive vehicles and you're fine with that, then... good, you're on track?  If your goal was to save money, I struggle to see how a $50k+ car solves anything.

Hey, don't be so hard on him huh? He wants those expensive toys, but he's willing to sacrifice; he'll making his wife bike their children to school along a busy highway. Isn't that's something??!
/s
« Last Edit: December 18, 2018, 10:47:29 AM by Scandium »

Syonyk

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Re: 3 cars and a motorcycle
« Reply #11 on: December 18, 2018, 10:39:11 AM »
Hey, don't be so hard on him huh? He wants those expensive toys, but he's willing to sacrifice; he'll making his wife bike their children to school along a busy highway. Isn't that's something??!

Hey, he asked.

Quote
Any combination of the above, or an unconsidered choice, anything, to get out of this facepunch-worthy debacle.

Unfortunately, motorcycles in NJ seem to count as identical to cars in terms of tolls, though at $370/mo, I might be inclined to invest in a license-plate-flipper-upper gizmo for a motorcycle... whoof.

I just can't wrap my head around buying a Tesla after complaining about a clown car garage of vehicles.  I wouldn't have been terribly surprised if he'd replaced the Ridgeline with a real truck, but a Model S?

I mean, I own a fuckall huge truck, but it's an older one, I put on relatively few miles, and I do the work on it myself.  Plus, I've got a proper bed - I can haul plywood, long lumber, or about 2 yards of material.  I'm not asking for advice on how to get rid of it, though, because it's well suited to our needs out here, and it's not a commuter.