One Vehicle Household

[Jeffreauxdawg]

My wife and I are considering selling one of our vehicles. I have always worked from home and she has always had the option, but will now likely work from home for the long haul. I think we are going to try and sell her vehicle and save the payment, cause there are going to be some smoking deals down the road. And financial flexibility looks mighty nice...anyone else considering this?

 

[Digging dog]

Wife + Me + 2 daughters and add one “midlife crisis” and I have 5 in the driveway / garage. Hasn’t been much of a problem since they were both at college. But lately it’s like a Chinese fire drill to get a vehicle out.

 

[horshack.sixpack]

Wife + Me + 2 daughters and add one “midlife crisis” and I have 5 in the driveway / garage. Hasn’t been much of a problem since they were both at college. But lately it’s like a Chinese fire drill to get a vehicle out.

Add concrete. Keep the midlife crisis and the daughters. Just my $0.02.

 

[o_Hot Rock]

I tried the one good car route and a junker and even that didn't work for me.

There are times when my wife and I both needed a reliable car.

For example, she needed to take her mom to the doctor and I needed one to take my dad to doctor on the same day (both elderly). I play golf, she doesn't, would be another one.

I would try the one good car with a junker of some sort before I went to a one car family. That is unless Uber or some other mode was an option if needed, it' not in the backwoods where I am located.

If i lived in a city that had great public transport then I might not even own one.

 

[engie]

My wife and I are considering selling one of our vehicles. I have always worked from home and she has always had the option, but will now likely work from home for the long haul. I think we are going to try and sell her vehicle and save the payment, cause there are going to be some smoking deals down the road. And financial flexibility looks mighty nice...anyone else considering this?

I think it’s going to be a tough time to do any private party selling right now dealing with nice vehicles which I already know yours is. I imagine it’s good for used cars that would be downgrades for most people, but you aren’t going to fall into that category.

I just bought a used Tundra a week or two before this stuff popped off for a smoking deal and have considered flipping it given my situation, but I think it’ll be worth significantly more a couple of months on the back side of this deal than it is right this minute.

 

[ababyatemydingo]

I think it’s going to be a tough time to do any private party selling right now dealing with nice vehicles which I already know yours is. I imagine it’s good for used cars that would be downgrades for most people, but you aren’t going to fall into that category.

I just bought a used Tundra a week or two before this stuff popped off for a smoking deal and have considered flipping it given my situation, but I think it’ll be worth significantly more a couple of months on the back side of this deal than it is right this minute.

It is absolutely a buyers market right now. That's for sure. We've been in the market for a new Yukon for my wife, and seeing deals all around. If you're willing to travel to go get it. May get a new truck for myself, too. While prices are low. Wasn't planning to for a couple of more years.

 

[Lawdawg.sixpack]

^ this. Get rid of the note, but get an old Jeep or truck. Either fun or practical. But cheap.

 

[johnson86-1]

It is absolutely a buyers market right now. That's for sure. We've been in the market for a new Yukon for my wife, and seeing deals all around. If you're willing to travel to go get it. May get a new truck for myself, too. While prices are low. Wasn't planning to for a couple of more years.

If this gets to the point where production is significantly reduced, that will be the time to buy a new car (or boat). May not help you on the pricing that much now, but it will hold it's value better down the road. Lots of boats out there that are ten years old and still holding a ton of value. About to find out how much of that was being produced in down years after the financial crisis and how much of that was just the economy humming for so long that the number of buyers expanded a ton.

 

[engie]

It is absolutely a buyers market right now. That's for sure. We've been in the market for a new Yukon for my wife, and seeing deals all around. If you're willing to travel to go get it. May get a new truck for myself, too. While prices are low. Wasn't planning to for a couple of more years.

This adds another good point. Why would someone come up with cash or pay used car interest rates right now when they can get 72 months zero interest on a new Ford right now? I know other manufacturers have the same deal going as well...

 

[mstateglfr]

With both of us technically working in offices(at some point we will go back), and two kids that are in enough activities to sometimes require us to be in 2 places at once, we are not at the point where we can have 1 car.
My oldest will start driving in a couple years and we will add onto our driveway to widen it at that point.

So we are trending in the opposite direction.

I look forward to 9years from now when both kids are in college/on their own and I can ride into work when I want. My car wont be sold, but itll sit a lot!
...though who knows what the economy and work situation will look like 9 years from now.


You have young kids- it only gets busier from here.

 

[Drebin]

This adds another good point. Why would someone come up with cash or pay used car interest rates right now when they can get 72 months zero interest on a new Ford right now? I know other manufacturers have the same deal going as well...

72 months? GM and Dodge are offering zero percent on most models for 84 months right now! My wife is in the market for a new grand cherokee and I'm thinking about pulling the trigger right now.

 

[Jeffreauxdawg]

Sorry. I am not talking about going forever with 1 car. I am just talking about for the next however many months... Then buying a new one deal that will probably be out of this world.

As of right now, we barely need 1 car.. but yes, once the world is back to normal, we will have to have 2 cars.

 

[horshack.sixpack]

72 months? GM and Dodge are offering zero percent on most models for 84 months right now! My wife is in the market for a new grand cherokee and I'm thinking about pulling the trigger right now.

Is her current vehicle too reliable? I kid. Kind of...

 

[horshack.sixpack]

I'm currently resisting the urge to take advantage of the 84 mo/ 0%. I love using other people's money for free! The pragmatic side of me recognizes that I can't really even leave the house now and I'm not certain what the economy/my income will look like in a few months. I hate the pragmatic side of me sometimes...

 

[blacklistedbully]

This adds another good point. Why would someone come up with cash or pay used car interest rates right now when they can get 72 months zero interest on a new Ford right now? I know other manufacturers have the same deal going as well...

To avoid paying for the front-end depreciation of new? Of course, if you're paying interest on a used car loan, that can close the delta some. But if you're a cash buyer in particular, I imagine buying used can still be far less overall.

 

[mstateglfr]

Sorry. I am not talking about going forever with 1 car. I am just talking about for the next however many months... Then buying a new one deal that will probably be out of this world.

As of right now, we barely need 1 car.. but yes, once the world is back to normal, we will have to have 2 cars.

Oh, gotcha. That could be a cool thing to try. At worst you see it sucks and get the 2nd car sooner than originally planned.

For me, if I tried this we would find out a 2and car is needed and I would want the 1 car that isnt a good deal at the time. And if considered it then didnt try it, then I would find out in hindsight that my car sat for months and it would have been best to do the plan.
Lose lose. But that's just me.

 

[Drebin]

Is her current vehicle too reliable? I kid. Kind of...

She's driving an Acadia currently but really likes the Grand Cherokee. Her mother got one two years ago and absolutely loves it.

 

[horshack.sixpack]

They are very nice, but all my friends who have owned them eventually regretted it because of reliability issues (transmissions being the most costly). Of course I'm that boring guy who gets a Consumer Report monthly online subscription to check reliability ratings before I buy cars.

 

[TBone.sixpack]

What did you get for your mid life crisis car?

 

[engie]

To avoid paying for the front-end depreciation of new? Of course, if you're paying interest on a used car loan, that can close the delta some. But if you're a cash buyer in particular, I imagine buying used can still be far less overall.

I agree, I was just making the point on the extent to which zero interest balances the table vs 5ish% interest on used. It certainly is relevant to the vehicle at hand for depreciation.

 

[MSUCE99]

Am I the only one that suspects a 0% interest deal now just means they're coming off of the MSRP less than they were 3-4 months ago?

I bought a 2020 Ram 1500 about 4 months ago and got around $10,000 off of MSRP, albeit the interest rate financed through Chrysler was kinda ridiculous given my credit score. For example, one of the incentives I got was $500 off for financing through Chrysler, so I did. Then I turned around and refinanced through my credit union to get a lower loan rate for the long term.

I suspect if I tried to buy the same truck now, I might get 0% financing through Chrysler Capital, but the incentives available with 0% financing would amount to significantly less than the $10,000 off of MSRP I got before. Making it basically a wash. So is now really a great time to buy vs any other time? Aren't they just playing financial tricks with the APR vs. incentives here?

Am I wrong?

 

[Drebin]

Am I the only one that suspects a 0% interest deal now just means they're coming off of the MSRP less than they were 3-4 months ago?

I bought a 2020 Ram 1500 about 4 months ago and got around $10,000 off of MSRP, albeit the interest rate financed through Chrysler was kinda ridiculous given my credit score. For example, one of the incentives I got was $500 off for financing through Chrysler, so I did. Then I turned around and refinanced through my credit union to get a lower loan rate for the long term.

I suspect if I tried to buy the same truck now, I might get 0% financing through Chrysler Capital, but the incentives available with 0% financing would amount to significantly less than the $10,000 off of MSRP I got before. Making it basically a wash. So is now really a great time to buy vs any other time? Aren't they just playing financial tricks with the APR vs. incentives here?

Am I wrong?

On the 2020 Grand Cherokee I'm looking at for the wife, they've come off the MSRP 9K (from 47k to 38k) and are offering 0/84 on top of it.

 

[RocketDawg]

I've got a friend who bought a Grand Cherokee about a year ago and has had no issues with it. The same time he bought the Jeep, his wife bought a VW Tiguran and after a few months they turned it in because they'd had so much trouble with it. She bought a Toyota Rav 4 and loves it.

 

[patdog]

Jeeps are generally some of the most unreliable vehicles sold. But the Grand Cherokee is actually rated Average by Consumer Reports for reliability and it's a recommended vehicle by them. If I were looking for something in that class, I'd go with the Subaru Outback. But the Grand Cherokee probably wouldn't be a bad choice if she really likes it. Just my 2 cents on something that is none of my damn business. Good luck whatever you get, Drebin.

 

[bulldogcountry1]

Back in Jan-Feb, I was looking at new 2019 Expeditions. By the end of Feb, they were $16k-$17 below msrp. They would also advertise 0%, but dealer after dealer would tell me that they couldn’t do both. When I asked for a 0% price, it would only be about $4k to $5k below msrp.