MM Milestone!

LillibetteV · May 2016

Last year we sold my [fully paid off] car and became a one car family. Keeping DH's vehicle was the more practical choice because it was newer, a 4-door instead of a 2-door (important with the doggy and future kiddos) and had a roof rack for extra storage space, but it still had a loan on it. Car loans drive me crazy and he isn't really bothered by them (because the interest rate is only 2%) which drives me even more crazy. I've been bugging him to just pay the darn thing off already since the balance was just sitting in a savings account and after a few months of dragging his heels - he JUST did it! Without me even nagging anymore! Ding dong the witch is dead! That was our LAST interest-bearing debt (besides our mortgage) and I feel so relieved.

short+sassy · May 2016

Congrats on paying off the loan! It's a great MM milestone to have debt just down to a mortgage.

Although not as recent, also congrats on being a one-car family. I'm sure that also saves on insurance and gas.

LillibetteV · May 2016

short+sassy said:

Congrats on paying off the loan! It's a great MM milestone to have debt just down to a mortgage.
Although not as recent, also congrats on being a one-car family. I'm sure that also saves on insurance and gas.

Thanks! We did the math and it was costing us $2,200 a year to keep the old car that was only driven.....2,000 miles/year. And most of that driving wasn't because we couldn't use the other car, but just to make sure it didn't sit for too long. It was just a tad ridiculous how wasteful that was. I'm glad I sold it when I did too - nobody is buying VWs anymore!

als1982 · May 2016

LillibetteV said:

short+sassy said:

Congrats on paying off the loan! It's a great MM milestone to have debt just down to a mortgage.
Although not as recent, also congrats on being a one-car family. I'm sure that also saves on insurance and gas.

Thanks! We did the math and it was costing us $2,200 a year to keep the old car that was only driven.....2,000 miles/year. And most of that driving wasn't because we couldn't use the other car, but just to make sure it didn't sit for too long. It was just a tad ridiculous how wasteful that was. I'm glad I sold it when I did too - nobody is buying VWs anymore!

This is funny, as I just bought a VW and we bought VW as our most recent stock!

cbee817 · May 2016

LillibetteV said:

Last year we sold my [fully paid off] car and became a one car family. Keeping DH's vehicle was the more practical choice because it was newer, a 4-door instead of a 2-door (important with the doggy and future kiddos) and had a roof rack for extra storage space, but it still had a loan on it. Car loans drive me crazy and he isn't really bothered by them (because the interest rate is only 2%) which drives me even more crazy. I've been bugging him to just pay the darn thing off already since the balance was just sitting in a savings account and after a few months of dragging his heels - he JUST did it! Without me even nagging anymore! Ding dong the witch is dead! That was our LAST interest-bearing debt (besides our mortgage) and I feel so relieved.

Are your jobs flexible that you can do this? Especially with future kids, the first year, they go to at least 7 doctor appointments and that's if they are perfectly healthy. Something to keep to mind- I only put 5,000 miles a year on my car, but DH is a teacher so he can't just leave work if day care or school calls and someone is sick. I also have to travel to my employer's HQ 1-2 times a month and it's about 120 miles round trip. It's great you can do it now, but with kids, it could become difficult to maintain.

jtmh2012 · May 2016

cbee817 said:

It's great you can do it now, but with kids, it could become difficult to maintain.

My neighbor sold one of their cars when her husband's company "gave" them a company car for all the travel her husband was doing. They put all the money into a savings account for the day they no longer had the car. This year the company decided to start using pool cars instead of everyone having their own so they used the savings to go buy another car.

Might be an idea if you find yourself needing the other car.

LillibetteV · May 2016

cbee817 said:

LillibetteV said:

Last year we sold my [fully paid off] car and became a one car family. Keeping DH's vehicle was the more practical choice because it was newer, a 4-door instead of a 2-door (important with the doggy and future kiddos) and had a roof rack for extra storage space, but it still had a loan on it. Car loans drive me crazy and he isn't really bothered by them (because the interest rate is only 2%) which drives me even more crazy. I've been bugging him to just pay the darn thing off already since the balance was just sitting in a savings account and after a few months of dragging his heels - he JUST did it! Without me even nagging anymore! Ding dong the witch is dead! That was our LAST interest-bearing debt (besides our mortgage) and I feel so relieved.

Are your jobs flexible that you can do this? Especially with future kids, the first year, they go to at least 7 doctor appointments and that's if they are perfectly healthy. Something to keep to mind- I only put 5,000 miles a year on my car, but DH is a teacher so he can't just leave work if day care or school calls and someone is sick. I also have to travel to my employer's HQ 1-2 times a month and it's about 120 miles round trip. It's great you can do it now, but with kids, it could become difficult to maintain.

We have fairly standard hour jobs (he's 7-3 and I'm 9-5 plus we both have OT several times a month) but our employers are both very understanding and flexible if we need it. We've been going to a million doctors ourselves lately for fertility treatments and we have no issues with taking long lunches, coming in a little late, etc. We also live in a Boston suburb that has convenient public transit AND has everything we need or want within walking distance. Just last week my husband needed the car so the dog and I walked to the vet since it's only 10 minutes away. We also both work in Boston right down the street from each other so I take the train and he drives (his works gives him free parking and mine doesn't), but if for some reason I ever unexpectedly need the car midday I just run over to his office and grab the car. We'll see once we have kids, but I would bet that we still won't buy another car. Worst case scenario if the person without the car is stuck without a public transit or walking option they can jump in an Uber. When we bought our house 3 years ago part of the decision was that the location would allow us to potentially get rid of a car.

Xstatic3333 · May 2016

LillibetteV said:

cbee817 said:

LillibetteV said:

Last year we sold my [fully paid off] car and became a one car family. Keeping DH's vehicle was the more practical choice because it was newer, a 4-door instead of a 2-door (important with the doggy and future kiddos) and had a roof rack for extra storage space, but it still had a loan on it. Car loans drive me crazy and he isn't really bothered by them (because the interest rate is only 2%) which drives me even more crazy. I've been bugging him to just pay the darn thing off already since the balance was just sitting in a savings account and after a few months of dragging his heels - he JUST did it! Without me even nagging anymore! Ding dong the witch is dead! That was our LAST interest-bearing debt (besides our mortgage) and I feel so relieved.

Are your jobs flexible that you can do this? Especially with future kids, the first year, they go to at least 7 doctor appointments and that's if they are perfectly healthy. Something to keep to mind- I only put 5,000 miles a year on my car, but DH is a teacher so he can't just leave work if day care or school calls and someone is sick. I also have to travel to my employer's HQ 1-2 times a month and it's about 120 miles round trip. It's great you can do it now, but with kids, it could become difficult to maintain.

We have fairly standard hour jobs (he's 7-3 and I'm 9-5 plus we both have OT several times a month) but our employers are both very understanding and flexible if we need it. We've been going to a million doctors ourselves lately for fertility treatments and we have no issues with taking long lunches, coming in a little late, etc. We also live in a Boston suburb that has convenient public transit AND has everything we need or want within walking distance. Just last week my husband needed the car so the dog and I walked to the vet since it's only 10 minutes away. We also both work in Boston right down the street from each other so I take the train and he drives (his works gives him free parking and mine doesn't), but if for some reason I ever unexpectedly need the car midday I just run over to his office and grab the car. We'll see once we have kids, but I would bet that we still won't buy another car. Worst case scenario if the person without the car is stuck without a public transit or walking option they can jump in an Uber. When we bought our house 3 years ago part of the decision was that the location would allow us to potentially get rid of a car.

What an awesome location situation! I'm jealous you can really rely on public transport. When we started dating I lived in Somerville and H lived in Newton. It was so nice being able to use car or public transport depending on the situation. Also, good job buying in Boston three years ago!

LillibetteV · May 2016

Xstatic3333 said:

LillibetteV said:

cbee817 said:

LillibetteV said:

Last year we sold my [fully paid off] car and became a one car family. Keeping DH's vehicle was the more practical choice because it was newer, a 4-door instead of a 2-door (important with the doggy and future kiddos) and had a roof rack for extra storage space, but it still had a loan on it. Car loans drive me crazy and he isn't really bothered by them (because the interest rate is only 2%) which drives me even more crazy. I've been bugging him to just pay the darn thing off already since the balance was just sitting in a savings account and after a few months of dragging his heels - he JUST did it! Without me even nagging anymore! Ding dong the witch is dead! That was our LAST interest-bearing debt (besides our mortgage) and I feel so relieved.

Are your jobs flexible that you can do this? Especially with future kids, the first year, they go to at least 7 doctor appointments and that's if they are perfectly healthy. Something to keep to mind- I only put 5,000 miles a year on my car, but DH is a teacher so he can't just leave work if day care or school calls and someone is sick. I also have to travel to my employer's HQ 1-2 times a month and it's about 120 miles round trip. It's great you can do it now, but with kids, it could become difficult to maintain.

We have fairly standard hour jobs (he's 7-3 and I'm 9-5 plus we both have OT several times a month) but our employers are both very understanding and flexible if we need it. We've been going to a million doctors ourselves lately for fertility treatments and we have no issues with taking long lunches, coming in a little late, etc. We also live in a Boston suburb that has convenient public transit AND has everything we need or want within walking distance. Just last week my husband needed the car so the dog and I walked to the vet since it's only 10 minutes away. We also both work in Boston right down the street from each other so I take the train and he drives (his works gives him free parking and mine doesn't), but if for some reason I ever unexpectedly need the car midday I just run over to his office and grab the car. We'll see once we have kids, but I would bet that we still won't buy another car. Worst case scenario if the person without the car is stuck without a public transit or walking option they can jump in an Uber. When we bought our house 3 years ago part of the decision was that the location would allow us to potentially get rid of a car.

What an awesome location situation! I'm jealous you can really rely on public transport. When we started dating I lived in Somerville and H lived in Newton. It was so nice being able to use car or public transport depending on the situation. Also, good job buying in Boston three years ago!

Thanks! The real estate market was kind of nuts then, but it's even more nuts now! I've had two neighbors sell their houses for more than I paid for mine even though they are total tear-downs. The listings didn't even try to sugar coat it and said "buy this house for $375k and plan to put in at least a couple hundred thousand". My husband is morally outraged that people can sell such junk for that price but hey it improves our property value!

Somerville is great but it was definitely out of our price range for a single family home. We went to open houses just to torture ourselves a few times though lol

LillibetteV · May 2016

jtmh2012 said:

cbee817 said:

It's great you can do it now, but with kids, it could become difficult to maintain.

My neighbor sold one of their cars when her husband's company "gave" them a company car for all the travel her husband was doing. They put all the money into a savings account for the day they no longer had the car. This year the company decided to start using pool cars instead of everyone having their own so they used the savings to go buy another car.
Might be an idea if you find yourself needing the other car.

The auto-transfer has already been adjusted so our savings account gets paid the old loan amount

Even if we don't have 2 cars again in the future I want to be able to pay for this car's eventual replacement in cash!

maple2 · May 2016

LillibetteV said:

cbee817 said:

LillibetteV said:

Last year we sold my [fully paid off] car and became a one car family. Keeping DH's vehicle was the more practical choice because it was newer, a 4-door instead of a 2-door (important with the doggy and future kiddos) and had a roof rack for extra storage space, but it still had a loan on it. Car loans drive me crazy and he isn't really bothered by them (because the interest rate is only 2%) which drives me even more crazy. I've been bugging him to just pay the darn thing off already since the balance was just sitting in a savings account and after a few months of dragging his heels - he JUST did it! Without me even nagging anymore! Ding dong the witch is dead! That was our LAST interest-bearing debt (besides our mortgage) and I feel so relieved.

Are your jobs flexible that you can do this? Especially with future kids, the first year, they go to at least 7 doctor appointments and that's if they are perfectly healthy. Something to keep to mind- I only put 5,000 miles a year on my car, but DH is a teacher so he can't just leave work if day care or school calls and someone is sick. I also have to travel to my employer's HQ 1-2 times a month and it's about 120 miles round trip. It's great you can do it now, but with kids, it could become difficult to maintain.

We have fairly standard hour jobs (he's 7-3 and I'm 9-5 plus we both have OT several times a month) but our employers are both very understanding and flexible if we need it. We've been going to a million doctors ourselves lately for fertility treatments and we have no issues with taking long lunches, coming in a little late, etc. We also live in a Boston suburb that has convenient public transit AND has everything we need or want within walking distance. Just last week my husband needed the car so the dog and I walked to the vet since it's only 10 minutes away. We also both work in Boston right down the street from each other so I take the train and he drives (his works gives him free parking and mine doesn't), but if for some reason I ever unexpectedly need the car midday I just run over to his office and grab the car. We'll see once we have kids, but I would bet that we still won't buy another car. Worst case scenario if the person without the car is stuck without a public transit or walking option they can jump in an Uber. When we bought our house 3 years ago part of the decision was that the location would allow us to potentially get rid of a car.

I'm sure you'll be able to make it work. We are going on year 8 as a single car family with kids, and we don't live in a metro area with great public transportation. We've made it work through a combination of flexible employment, careful housing selection, willingness to bike in the rain, periodic car rentals, and selecting doctors/dentists/etc. that we can access from home without a car if necessary. And a very helpful network of friends. While it's not always convenient, the trade-off of not having to own and maintain a 2nd car is totally worth it to us. Congrats!

labro · May 2016

Congratulations! I'm so jealous of all your public transit! H and I commute together on some days but we could never truly be just a one car family.

csuave · May 2016

That's great! And no final nagging needed!!!!

We could go to one car but we keep two because for us the cost (of two paid off cars) is worth it for the convenience. Good for you, it is a lifestyle commitment that probably isn't always easy. I think it will be a great example for kids on how not all things are "needs" some, like cars (for some people), are really wants.

In my city car use/ownership is on a slight decline because of increased biking, zip car and Uber...it is great to see!

LillibetteV · May 2016

There have been a couple of times where having a second car would have been easier, but it just takes a little more planning and communication. There was one time I had the day off and was going to run errands and so DH was supposed to take my train pass instead of driving to work. Welp - I woke up and looked in the driveway and he forgot and took the car! I texted him a picture of our empty driveway with a sad face lol. I was still able to walk to the grocery store, post office, and bank but my Costco run had to wait. Obviously not ideal but also not the end of the world.

Even when we had 2 cars I took the train to work, so that public transit cost remained the same, but I just checked our transaction history on Personal Capital and we spent $350 last year on Uber and taxis (and I know some of those were not because we couldn't use the car, but rather we knew we would be drinking and chose not to drive). Definitely a big cost savings!

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