Good day all,
I recently discovered MMM via the Tim Ferriss podcast and am in the process of getting my life in order while still remaining on speaking terms with my wife and children (ages 12 and 9).
We recently became a two car family after 6+ years of only having one vehicle. We both work, and commuting by bike is not an option as it was at my last duty station (I am active duty military). Well, I guess it's an option, but it's not an inconvenience I'm willing to put up with.
We have a 2016 Honda Fit and a 2012 Honda Odyssey. Both are paid for. My wife's commute is longer, so she drives the Fit, which leaves me driving an 8 passenger 23 mpg vehicle 30 miles (round trip) five times a week. The inefficiency of this is killing me.
I've pretty much decided on a used Prius (possibly another Fit) to replace the van, but there are several ways to do this, and I am looking for some advice.
Option 1:
See the van on craigslist (should be able to get $14.5k or so), take out a loan to buy a used Prius via Craigslist (spending about $11k), then once the van is sold pay off the loan immediately. We shouldn't have any interest to pay if we pay it off prior to the first payment (I have no idea if this is true).
Option 2:
Sell the van to Carmax, while at the same time buying a used Prius from them. I like the peace of mind buying from Carmax provides (I am NOT handy), but I know that I won't get as much for my van as selling private party, and a used Prius will cost more.
Option 3:
Sell the van on craiglist and get another Honda Fit. I love the Fit, but I'm more interested in a Prius due to even BETTER mpgs, as well as a bit more cargo room for road trips.
Please advise. I'm sure there are even more, better options that I'm not thinking of.
Bottom line:
I gotta get rid of this van. I seemed like a great idea when we bought it as we were living in the Pacific Northwest and taking lots of road trips. We drove coast to coast in it last summer and it was super comfortable. But now I see we could've done it in a small hatchback and spent a lot less money.