Case Study - Car Help

[Beck]

So I am new to the MMM world, but I am learning, so don't roast me too much...

My wife and I bought a 2012 Honda Pilot, but we have since seen the error of our ways.  We are looking to sell it and pay it off (hopefully we don't take a bath).  I drive a 1993 7.3 liter F-250 Diesel truck as well (I know, I know, but to be fair it was given to me for free).

So, basically, my wife and I need a car or two and we have no cash to spend.  I have a scooter and a bike that I can ride to work on most days, but my commute is pretty long (one step at a time).  I have looked on Craigslist and for around $10K I can buy two cars - A Prius and CRV or something along those lines and save money monthly and get the cars paid off faster.

I am looking for advice, thoughts and ideas.  Here is some other facts about our family that can be taken into consideration:

--Family of 4
--We travel a lot on weekends
--We are very active (hiking, biking etc...)


Thanks in advance, and feel free to ask more questions if it helps.

[neo von retorch]

Hondas hold their value relatively well. Do you know what you own on it, and what others are paying (private party) for similar vehicles (age, trim/options)? Try to find "your car" on cars.com, vehix.com, etc and see what others are asking.

[acroy]

best might be to keep the 2012 Pilot forever, sell the Ford.

Kudos on bike/scooter to work!

[frugaliknowit]

Why do you think you need 2 cars?  Do you both work where it is required?  Is your wife not a SAHM?

[tstache]

How much could you get for that big gas hog?  Because this right here sure looks like a fantastic commuter car in your area.
http://austin.craigslist.org/cto/4757013646.html

But a bike rack on it and a family of 4 could cruise in style.

[Beck]

Nobody technically NEEDS two cars, but it is always nice to have.  My wife is a SAHM but she is pretty busy during the day (piano lessons, play dates etc...).  This is not an excuse, just giving more facts. 

I bet I could get about $1500 for Ol' Blue, which could go towards a cheap car. 

I would love to keep the Pilot, but I want to get out from under the monthly bill.  We owe about $27k on it and I think I can sell it for that.

Other thoughts?  I really appreciate the feedback.

[StartingEarly]

If you like the truck it might be worth switching it over to biodiesel or waste vegetable oil.

[Beck]

If you like the truck it might be worth switching it over to biodiesel or waste vegetable oil.

I love that idea, but how feasible is it?  Do you have experience with this or was it just a suggestion? 

[trasko]

I agree with OP. Lose the Pilot if you can get your money out of it. I've had 4 vehicles and 3 motorcycles over the past 8 years and all together they cost under 20k.  No one needs a vehicle that expensive.

I had 2 different 8th gen ford trucks (including a 7.3 - my favorite of all my past cars). 

Get something cheaper and more fuel efficient the wife won't feel resentful about. 

If you like the truck and feel like it is reliable I would keep it (assuming you want the 2nd vehicle).   Thise trucks are cheap to fix, cheap to insure and their mpg reminds you not to drive them much. Do as much commuting by bicycle or moto as you can. If the truck isn't reliable or you don't like it then just trade it laterally for a cheap car or give it a shot being a one car family.

I think I found a sweet spot with a 2004 4 door car. 100k miles at $4k. Just like that Corolla in the ad above except a VW.  Keep it for 3 years and look for a 2007.  ;-)

[TheThirstyStag]

How much could you get for that big gas hog?  Because this right here sure looks like a fantastic commuter car in your area.
http://austin.craigslist.org/cto/4757013646.html

But a bike rack on it and a family of 4 could cruise in style.

Second something like this. 

You'd be surprised how much fun a 4 cylinder econobox can be when it's mated to a proper, do-it-yourself transmission

[surfhb]

Sell the truck and get a $4000 Honda or Toyota

But we cant give you much advice when you don't post your financial situation.....it all comes down to where you are.     

What do you mean you have no savings?    Your car issue comes second to that.

You need to set up a budget to get some savings going....then you can get ride of the Pilot

[StartingEarly]

I have no experience with the alternative fuels.  I am sure many on here do.  Your location will play a big part.