Hi all,
First post and I know this type of scenario is sort of played out, but I hope this instance is unique enough to warrant a discussion.
This site has inspired me over the last year of so to really buckle down and start on a path towards early retirement (currently in my late 20's). Now, it's time to focus on my vehicle situation.
I currently own a nice, expensive truck (paid off). I pay around $700 per year on insurance and LOTS on gas. It's a Toyota and resale prices for these trucks are ridiculous. In our local market, it would sell for around $27k (paid a little over $30k for it).
I commute 20 miles per day 3-5 days a week (riding a bike 0-2 times a week). I would love to tell you that 'I can just ride to work everyday!' But it's not happening as the 20 mile commute has no bike lanes and is an intense experience every time. 2 days a week is all I can offer currently.
The fancy truck gets 16 mpg if I'm lucky, and I'm paying $100+ at the pump every month. There has to be a more efficient way to get myself to and from work.
Finally, I use the truck as a truck most days. In fact, I need a truck bed to be happy. Sparing you the details, I require it for my hobbies (bikes, skis, camping gear, volunteer work). A car/SUV/crossover simply won't cut it. But, I think I'm being foolish and wasteful for owning this thing.
I have 3 scenarios playing out in my head:
1. Sell the expensive truck and get a cheap commuter (older Honda) AND a cheap (beater) truck (old Toyota). I am mechanically competent, and have always worked on my own vehicles, so I'm not scared of older car/truck problems. Bank 15-20k and use it more wisely.
2. Sell the expensive truck and buy a cheap truck and a cheap motorcycle (been riding for years, sold the old bike for what I paid). Bank around 15-20k and use it more wisely.
3. Keep the expensive truck. It's paid for, it has basic maintenance included for many more miles, be happy with it... But still get a motorcycle or commuter. Spend 2-4k on a motorcycle that is capable of highway commuting... Spend more for said motorcycle/cheap insurance ($100 per year). Also, save lots of gas $ and pay less for insurance on the expensive truck.
The fancy truck has zero issues and maintenance costs are little to none. Older vehicles, based on their ownership history, can have persistent issues if you're not careful. So there's an inherent risk of spending money on repairs, especially when you're maintaining 2 vehicles.
Are any of my options a good idea? Am I missing the real solution entirely??
Thank you for your help.