What have I done? Advice please.

[cashcowcanuck]

Hi! It's been some time since I posted here. I sort of fell off the proverbial wagon, but I am geared up to hop right back on.

Today I purchased an e-bike. I haven't been on a bicycle of any kind in over 20 years, and it was absolutely magnificent! The sales guy said him and his co-workers see that satisfied, overjoyed smile from everyone that comes in and tries one. I am HOOKED.

Now, where I live, it's actually quite a bit nicer than where MMM lives (I live on Vancouver Island). The weather is very temperate, so other than the one week a year when it snows, I can easily bike to work, since I live just 1.5km from my workplace.

So here's my question. I guilt-pressured myself into buying a 2019 Nissan Leaf SV, thinking I'd be doing my part, in helping the planet. But, then I fell down the YT hole, after seeing videos from NotJustBikes, City Beautiful, and several others. I now dream as they do, for a city that plants a ton of trees and closes off sections of downtown for pedestrian/bike traffic 24/7, a city that builds protected bike lanes, a city that cares about its residents.

Anyway, the loan was a bad one, thanks for my half-assed attempts at saving money (I thought by going from a $45k car to a $28k car with a $10k balance transfer was me 'saving money'), and then did the guilt thing and went for a vastly over-priced EV plus the $10k balance transfer a few MONTHS (yes, I'm dumb) later. Those hits to my credit meant my loan was a predatory 6.79%, the highest I've ever had on any loan of any kind.

I have found a dealership who is willing to cut me a cheque for $40k (the offer is good for 30 days) for the Leaf. The disbursement amount is $53000 total on the loan, or $13000 over and above what they're willing to pay. I'm willing to bet that in a year, I'd be lucky to get $25k were I to try to sell it, so I *THINK* this is a good idea.

Should I need a car down the road, I can always get a beater for a couple grand.

To take care of that $13k balance, I will have to transfer the money from my currently untouched LOC (3.57% interest) which has a max of $15k. Then, the $52k loan will be wiped from my record, and the crazy bi-weekly payments will be no more. I am also expecting a rather large raise (at least another $3/hr) in January, when the City decides how much my position is worth, making the paying off of the LOC a fair amount easier. I'll be using the current payments that are coming out of my account to throw on the LOC, so it won't be long before it's paid off too.

Here's the thing I'm wondering about: remember above where I said I'd fallen off the saving wagon? Well I was dragged behind said wagon for quite a while, and basically bought everything I saw on Amazon, putting my CC debt to $2000. I'll be able to pay that off by the end of next month, so I'm not TOO worried about it, BUT - I want to buy a little scooter to get around when the bike isn't appropriate.

Or, maybe I shouldn't, and I should just put up with the inconvenience of not having a car for now until I'm completely out of debt before buying a vehicle (in cash this time, I have learned from my mistakes)?

Any advice is welcome. No need to berate me for my shitty decision making, I have done more than enough of it, TYVM!

[Posthumane]

There isn't anywhere in the Victoria area that you can get to on a scooter but can't get to on an e-bike. Ditch the car, use the bike, and supplement it with public transport occasionally when the weather is crap.

[mspym]

I am with Posthumane - use the bike and supplement with public transport as needed. Take a break from jumping onto new solutions for now. To this internet stranger, the scooter seems like a variation on the oooo EV! purchase impulse energy and I think that it might be helpful to take a bit of time to see if there really is a problem that needs something bought.

[Sibley]

In addition, work on your impulsiveness, or susceptibility to sales tactics, or whatever the heck is causing you to buy all this stuff. You're flailing wildly to fix this situation when you really just need to stop and make better decisions to start with.

[Josiecat22222]

Agree with comments as above....when you find yourself in a hole, stop digging!!!

It seems like you are trying to get to "perfect" with a combination of eco friendly, but still motorized vehicular solutions.  Really, the ebike is the best financial and health answer to a 1.5km commute in a temperate region. 

Agree with keeping the ebike, selling the car.  No need to jump right in on a scooter right now.  Take your time and keep a journal documenting how often you'd like to take a car or scooter.  Then figure out the monthly ownership cost of either, including the insurance, upkeep, property tax etc.  You can take a lot of Ubers before you even approach the monthly cost of car ownership.

Best wishes.  Everyone has missteps.  You are asking the right questions and can absolutely regain your prior path.

[Tester]

1.5 km, you don't need an e-bike, you don't even need a bike, you walk to work in 15 minutes??????
I mean it.
Buy a normal bike, not an e-bike.
Hmm I saw you already bought it.... How much was it???
Sell it and buy a normal bike, you don't even get to sweat in 1,5 km on a bike, let alone an e-bike...

Still, I am serious, you should walk to work.


After walking and riding your non electric bike for one year you should be in better shape than after riding on the e-bike.

[darknight]

We all screw up. Use these lessons the right way and you'll be just fine.

I'd say ditch the car. Especially while fuel is so expensive. Where I live (PNW-ish) you can't find electric cars or hybrids. Get out of it while the market is hot and lose that debt/mental space that a nice car takes up. Besides the financial implication, you'll find that not owning an un-needed car will help your mental well-being. Fuel prices will come down and electric cars won't have nearly the demand. It happens every time gas prices surge, take advantage of the high gas prices now and sell that thing!

A couple years ago I fell off the wagon and was getting lazy with my MMM tenets - One of the best things I did was re-read most of the blog posts by MMM himself, it was a great refresher and helped me get back on track. Don't add any more changes. You'll be amazed with how versatile the ebike can be. I lived with only an ebike for transportation (and public transportation) for 2 years. A garbage $2000 honda accord looks amazing after not having a car and you'll understand that you don't need anything that fancy. If you bought a $7000 specialized ebike, maybe consider selling it and buying something like a RAD power bike ($2k usd). I know how amazing those specialized ebikes are, I don't test ride them for a reason.

I personally like to feel little "wins", try to not shop for a week and find things in the pantry to cook. Take the ebike or just walk from here on out and you'll realize the car is likely un-needed. Don't fall into the "well I have the car I'll just use it for a few more days then sell it..."- that gets slippery really quick!

[cashcowcanuck]

There isn't anywhere in the Victoria area that you can get to on a scooter but can't get to on an e-bike. Ditch the car, use the bike, and supplement it with public transport occasionally when the weather is crap.

Good point, however I don't live in Victoria :)

[cashcowcanuck]

I am with Posthumane - use the bike and supplement with public transport as needed. Take a break from jumping onto new solutions for now. To this internet stranger, the scooter seems like a variation on the oooo EV! purchase impulse energy and I think that it might be helpful to take a bit of time to see if there really is a problem that needs something bought.

I have briefly thought that possibly I'm just spending on stuff because it's on sale or is available in my town, rather than waiting until I actually need it. I think I will actually sell the car. We have a good 3 'good weather' months left before things start to get dicey, so that's enough time to experience live without a car/car insurance payment.

[cashcowcanuck]

1.5 km, you don't need an e-bike, you don't even need a bike, you walk to work in 15 minutes??????
I mean it.
Buy a normal bike, not an e-bike.
Hmm I saw you already bought it.... How much was it???
Sell it and buy a normal bike, you don't even get to sweat in 1,5 km on a bike, let alone an e-bike...

Still, I am serious, you should walk to work.


After walking and riding your non electric bike for one year you should be in better shape than after riding on the e-bike.

Walking isn't all that safe in the area that I'd have to use. We have a bridge, but it's an attractant to the homeless/drug addled population, so it's actually safer to bike on the main road while crossing the bridge than it is to walk on the side, away from traffic. Too many unsavoury characters.

[cashcowcanuck]

We all screw up. Use these lessons the right way and you'll be just fine.

I'd say ditch the car. Especially while fuel is so expensive. Where I live (PNW-ish) you can't find electric cars or hybrids. Get out of it while the market is hot and lose that debt/mental space that a nice car takes up. Besides the financial implication, you'll find that not owning an un-needed car will help your mental well-being. Fuel prices will come down and electric cars won't have nearly the demand. It happens every time gas prices surge, take advantage of the high gas prices now and sell that thing!

A couple years ago I fell off the wagon and was getting lazy with my MMM tenets - One of the best things I did was re-read most of the blog posts by MMM himself, it was a great refresher and helped me get back on track. Don't add any more changes. You'll be amazed with how versatile the ebike can be. I lived with only an ebike for transportation (and public transportation) for 2 years. A garbage $2000 honda accord looks amazing after not having a car and you'll understand that you don't need anything that fancy. If you bought a $7000 specialized ebike, maybe consider selling it and buying something like a RAD power bike ($2k usd). I know how amazing those specialized ebikes are, I don't test ride them for a reason.

I personally like to feel little "wins", try to not shop for a week and find things in the pantry to cook. Take the ebike or just walk from here on out and you'll realize the car is likely un-needed. Don't fall into the "well I have the car I'll just use it for a few more days then sell it..."- that gets slippery really quick!

Yeah we were dry in the EV department as well. I had to camp out on the Nissan site, refreshing over and over until I saw one appear. I made an appointment to test drive it that same day, and drove it home a few hours later.

My bike is not specialized, it was $3000, like a typical e-bike is for a larger person like me in this country. The tune ups are $70 once per year, and that's about it. There is some sort of insurance you can get, so I'm looking into that to see what the monthly cost is. I'm also going to check with my renter's insurance company to see if they can add my bike on.

And I have assumed I'd get a beater at some point, maybe a really old Leaf or a Bolt/Volt once the prices go back down to regular territory. Or maybe I'll get an ICE vehicle like you said, a Honda or something that takes forever to die. The point is, I should pay cash for it. Then if the bike is stolen or damaged in an accident, and we're approaching the time of year when it's dark at 4pm when I'm off work, I'll at least have a backup. ICE cars can sit for a fair amount of time longer than your typical EV without being driven, so that's one plus. As well, since I am not planning to drive it really at all, gas won't even be something I have to consider.

[BNgarden]

I wonder if you have the energy to post and sell the car yourself?  If a dealership is offering $40k it's worth more than that.  Or is because of financing ties?

If you (or a friend of yours) could get another $6k out of the sale, you'd have to put in less of your LOC funds and pay it all off sooner, for the cost of a commission to a friend and the advertising.

AFAIK, the car will be in demand so you could even just commit to trying this for 14 days so the dealer offer doesn't run out?

You may need to have paperwork that you don't have just now?

[cashcowcanuck]

I wonder if you have the energy to post and sell the car yourself?  If a dealership is offering $40k it's worth more than that.  Or is because of financing ties?

If you (or a friend of yours) could get another $6k out of the sale, you'd have to put in less of your LOC funds and pay it all off sooner, for the cost of a commission to a friend and the advertising.

AFAIK, the car will be in demand so you could even just commit to trying this for 14 days so the dealer offer doesn't run out?

You may need to have paperwork that you don't have just now?

I thought about that, however it is a financing issue. I don't WANT to take on $13k, but I should be able to pay it off quite quickly by taking all the payments that would have gone to the car and putting it on that.

[Tempname23]

1.5 km, you don't need an e-bike, you don't even need a bike, you walk to work in 15 minutes??????
I mean it.
Buy a normal bike, not an e-bike.
Hmm I saw you already bought it.... How much was it???
Sell it and buy a normal bike, you don't even get to sweat in 1,5 km on a bike, let alone an e-bike...

Still, I am serious, you should walk to work.


After walking and riding your non electric bike for one year you should be in better shape than after riding on the e-bike.

Seconded, 1-1/2 miles is a short bike ride, you should opted for at least a little exercise!

[Just Joe]

If you keep the ebike (we have two, love them) spend a little time on YouTube watching bike theft videos.

Get a decent lock. Not a cable. Perhaps a good lock plus a cheap lock too so the bike is double locked. Also, ebikes often give you the ability to switch off the battery and lock the display as well with a combination code.

Take your bike inside with you at home. If you need to leave it outside somewhere for any length of time take the battery with you - that's a fair bit of the bike's value. Also see if your homeowner's insurance will cover it if stolen. Take the time to not the serial number found somewhere on the bike. Take a picture of the bike as a whole and the serial number up close.

At work I bring my bike inside. At home it is stored in a locked garage. If I'm out shopping or eating I lock it well but keep an eye on it. Never lock it and leave it for very long. We have a small population of thieves here bold enough to steal it when locked to a hard object.

I'm with everyone else here - sell the car. Bike, walk and transit.