Poll

Should I sell my 2013 Ford Escape?

Sell all of the cars!
1 (10%)
Yes; become a one car family.
7 (70%)
Yes; and buy something cheaper.
1 (10%)
No
1 (10%)

Total Members Voted: 10

Author Topic: Should I sell my car?  (Read 2228 times)

YoungGranny

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Should I sell my car?
« on: November 28, 2017, 06:10:21 AM »
I drive a Ford Escape and it's likely the most un-mustachian thing about me. I have started biking this year and bike to work at least 25% of the time (slowly increasing this so feel free to facepunch but it's a work in progress). Anyways, my DH and I have 2 cars a 2007 Honda Civic and a 2013 Ford Escape. I bought the Escape new almost 5 years ago right out of college and paid it off 4 years ago. The Honda Civic was bought by my husband in college and he paid cash. The only debt we have is our mortgages (primary residence and rental). We have a net worth of about $500k. We've kept the cars because they're both paid off - the civic is our main driver since it's great on gas mileage and my car is used for hauling things when we do work on our properties, driving in the winter since we live in Michigan, and here and there as we need more space for whatever reason.

I paid $30k for my car and could sell it now for ~$15k - so my question is: Is it worth it to sell my car? If I were to re-buy a used car for $10k that $5k doesn't move our FIRE date all that much anyway but deep down I wonder if I'm justifying a bad decision. Any advice/facepunches/etc would be appreciated!

nereo

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Re: Should I sell my car?
« Reply #1 on: November 28, 2017, 07:41:20 AM »
When we went from a 2 car household to a 1 car household the biggest surprise was how much of a non-issue it was.  When we were debating the decision we were trying to tally up all the times that we might want 2 cars (seldom we predicted, but still a couple times/month).  In reality once the option was gone we naturally shifted our decision-making so that its a complete non-issue.
Better still, we gradually discovered a series of small perks, like having an extra parking-space for guests and not needing to pay (or take the time) to service and register two vehicles every year.

If you don't need both cars on an almost daily basis (example: two commutes in opposite directions) I'd urge you to sell the Escape.  After a few months if you discover you really miss having a second car you can shop around for another used vehicle, and get something which is more fuel efficient.  Heck, you could even re-buy another Escape if you really want.

Or put another way, right now you are losing some money each month to depreciation, registration, insurance and maintenance.  I'm guessing on a 2013 its around $200/month, or $6 - $7 day (rough estimate).  Imagine each morning you took a $5 or $10 bill out of your wallet and tossed it into the garbage disposal - would you keep doing it every day for such a small benefit?

Retire-Canada

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Re: Should I sell my car?
« Reply #2 on: November 28, 2017, 08:20:30 AM »
I paid $30k for my car and could sell it now for ~$15k - so my question is: Is it worth it to sell my car? If I were to re-buy a used car for $10k that $5k doesn't move our FIRE date all that much anyway but deep down I wonder if I'm justifying a bad decision. Any advice/facepunches/etc would be appreciated!

If you are going to sell the Escape for $15K and buy a another car for $10K that doesn't sound like a particularly significant move. You've paid for all the depreciation and presumably have a nice low mileage vehicle you could drive for 15yrs+.

If you could get rid of the Escape and not buy a new car than that sounds like a worthwhile change.

GuitarStv

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Re: Should I sell my car?
« Reply #3 on: November 28, 2017, 08:22:13 AM »
We were a 1 car family for 8 years.  We've recently had to purchase a second car (two commutes in opposite directions), and it's amazing what a money pit it is.  I'd go back in a heartbeat.

zinnie

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Re: Should I sell my car?
« Reply #4 on: November 28, 2017, 08:25:02 AM »
We went down to one car and love it. Agree with nereo about how easy it was to adapt without the car.

Why don't you give it a try? It sounds like you don't particularly want an Escape--so give it a try, and you can always buy a second car again later if absolutely necessary. A more mustachian one, of course! :)

YoungGranny

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Re: Should I sell my car?
« Reply #5 on: November 28, 2017, 09:00:40 AM »
My husband works from home so I think I know that being a 1 car family is the right answer. However, we're both having a hard time taking the plunge and the biggest reason is my car is much better in the snow. Realistically we only get a handful of large snow storms a year but it is nice to know we're not going to get stuck when we head an hour away to my in-laws for Christmas. I know, I know, I shouldn't own a car I don't need 360 days a year so I can have it the 5 days I need it. Thanks for all the advice and stories of how easy it is to be a one-car family. It really is helping and hopefully I'll get up the courage to take the plunge soon!

nereo

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Re: Should I sell my car?
« Reply #6 on: November 28, 2017, 09:06:57 AM »
My husband works from home so I think I know that being a 1 car family is the right answer. However, we're both having a hard time taking the plunge and the biggest reason is my car is much better in the snow. Realistically we only get a handful of large snow storms a year but it is nice to know we're not going to get stuck when we head an hour away to my in-laws for Christmas. I know, I know, I shouldn't own a car I don't need 360 days a year so I can have it the 5 days I need it. Thanks for all the advice and stories of how easy it is to be a one-car family. It really is helping and hopefully I'll get up the courage to take the plunge soon!

Where do you live?  We are in snowy-Quebec and drive a Honda Civic with winter tires. No joke winter tires on a Civic will beat out an Escape with 4WD and all-season tires in terms of startign, stopping and maneuvering.  The only thing the civic doesn't do well is with very deep snow (lower clearance) but those are the days they tell everyone to stay home anyway. 
Buying a second set of tires means your summer/all-seasons will last longer too, so there's a negligible cost in terms of tires.


Retire-Canada

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Re: Should I sell my car?
« Reply #7 on: November 28, 2017, 09:10:15 AM »
Yes winter tires are the solution to winter driving. If the winter driving really concerns you keep the Escape, get winter tires for it and sell the other car. Not as ideal financially, but you'll have a winter driving beast and reduce costs.

Like Nereo says if winter conditions are really that bad stay home. It's not worth risking your family's lives to visit some relatives regardless of the holidays.
« Last Edit: November 28, 2017, 09:12:50 AM by Retire-Canada »

YoungGranny

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Re: Should I sell my car?
« Reply #8 on: November 28, 2017, 09:55:21 AM »
We live in Michigan. When I was 16 I drove a Mustang year-round with snow tires so I think I'm less afraid of that option than my husband. Perhaps I should look at getting winter tires on the Civic this year and try driving it more often in snowy conditions. Seems like a good way to test the waters and if it all goes well we could sell the Escape in a few months.

nereo

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Re: Should I sell my car?
« Reply #9 on: November 28, 2017, 10:48:14 AM »
You could also show him the plethora of tests pitting all-season tires against snow tires

Comparing two Ford Escapes:
https://jalopnik.com/lets-settle-the-winter-tires-vs-all-wheel-drive-debat-1462180324

Summer tires vs. all season vs. winter tires on sedans
https://www.youtube.com/watch?v=L2wTg0l3_wI

How a small sedan can stop much faster than an SUV on snow
https://www.youtube.com/watch?v=OZQhnqe-xLc

Another test of compact cars and snow tires.  3x the stopping distance when using summer tires.
https://www.youtube.com/watch?v=elP_34ltdWI

Ice breaking and Snow traction is improved:
https://www.consumerreports.org/tires/winter-snow-vs-all-season-tires-comparison/

... you can literally find hundreds of these.  All point to better performance with snow tires relative to all-seasons, even when you compare an SUV to a compact sedan.  The Escape would probably win out if you put snow tires on it, but if you're not doing that already, a better alternative is the Civic w/snows.

YoungGranny

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Re: Should I sell my car?
« Reply #10 on: April 30, 2018, 06:12:03 AM »
Well I know it's 5 months later but I just wanted to update and say my car will be sold on Friday! It was a mistake to buy, a mistake to hold onto for so long (sunk cost fallacy IS REAL!) but I am finally ridding myself of a mistake I made when I was 22 and selling the darn thing! Thanks to everyone who chimed in and I'm excited to try being a one-car family =D

nereo

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Re: Should I sell my car?
« Reply #11 on: April 30, 2018, 06:30:43 AM »
Well I know it's 5 months later but I just wanted to update and say my car will be sold on Friday! It was a mistake to buy, a mistake to hold onto for so long (sunk cost fallacy IS REAL!) but I am finally ridding myself of a mistake I made when I was 22 and selling the darn thing! Thanks to everyone who chimed in and I'm excited to try being a one-car family =D
g'luck.
If your experience is anything like ours, there will be an adjustment period of a couple weeks, and then you'll be surprised how little you miss having a second car (and all its expenses).

LadyMuMu

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Re: Should I sell my car?
« Reply #12 on: April 30, 2018, 04:12:01 PM »
Congrats on your decision. We went 1-car six years ago (family of 4) and have been amazed at how painless it has been. It just becomes the new normal. There have been a few times when it is inconvenient, and we've rented a car or van to fill in the gaps. I think we've spent all of about $300 in those six years on rentals.

ChpBstrd

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Re: Should I sell my car?
« Reply #13 on: May 01, 2018, 10:55:17 AM »
Congratulations! Now go to https://www.edmunds.com/tco.html
and tell us how much you're saving per year. Remember to count financing costs even though the car was paid off because you have to account for opportunity cost.

YoungGranny

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Re: Should I sell my car?
« Reply #14 on: May 01, 2018, 11:40:50 AM »
So I didn't use the edmunds calculator completely because it was set to 15k miles per year with no way to change it. However based on my own numbers I'll be saving:

Insurance: $950
Registration: $139
Opportunity Cost (aka amount I will gain for investing lump sum): $980
Depreciation: $1,800
Maintenance/Repairs: $800

Total Annual Saved: $4,669*

Even if I need the occasional rental car or uber I am still coming out so far ahead!

*I left out gas since I'll still be driving the Civic my ~2k miles a year. Although fuel costs will be reduced by 50% since the Civic gets twice the gas mileage the Escape does. So really about another 100 saved but also more wear and tear on the Civic.....