I started changing my life to be more mustachian recently and am LOVING it so far. I have no kids and a modest house, no car payments, no more school loans for my wife or I, and good paying jobs $150k/yr before deductions. Even so, we were spending so much that we only put away about $500/month before I found this website. Now I bring a very inexpensive (but still good!) lunch to work, cut my commute in half (now 9 miles each way), no more dumb shopping, go out to eat 1x/week instead of 3-4 (and better choices when we go out), cut cable, etc.
My car, although paid off, is pretty bad. It's a 2006 Scion XB but had been in a bad accident before I bought it (dont trust Toyota 40-point inspections!) and has a few minor issues. Also has body damage from a hit & run. I get approximately 30mpg on avg with it. It currently has 116k miles. I estimate in its current condition I can get ~$2500 for it, or fix it up a bit and get $3000 or so. Besides all of the above, it runs fine and is dependable.
I happened on a deal for a 2001 Honda Insight with 77,000 miles and in perfect condition for $5000. I test drove it yesterday and it ran great. The owner says he gets 65mpg on the hwy (also that's the EPA rating, so I believe him). I've heard of hypermilers getting over 75mpg on these! WOW! Anyways, it's manual and has new tires, new front brakes, and low miles. No lights on in the car. The guy is moving after this weekend so needs to sell it before Monday which I feel like gives me negotiating power. Kelly Blue Book said expect to pay $7600 for this car, and a dealer in my area has one for $7800 with 150,000 miles on it.
So I'd buy this car for say $4800, then sell mine for $2500-$3000.
Thoughts?
Note: My wife's car is a Kia Sorento (not mustachian) but she's not ready to give it up just yet.. we have 2 Rottweilers (also not mustachian) so it is nice to have the extra room if we're taking them somewhere. Her car is paid off and her commute is 3.5 miles each way, so that's not too bad. Ideally we'd sell her car, buy the Insight, then invest the extra $12,000 but she's not there yet.