2 cars for 25k? What does GTAM think. | GTAMotorcycle.com

2 cars for 25k? What does GTAM think.

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mimico_polak

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So while I miss the bike, I haven't had an overly urgent need to replace it for the time being and am looking to jump into a sportier car right now. At the same time, my wife is getting bored around the house and is considering going back to work part time (house cleaning role) and we'd prefer not to use the Odyssey for it as it'll get ruined in no time.

So my thinking is as follows:
1. Car for me, sporty, manual, RWD for about 12-15k.
2. Car for her (fuel efficient, safe, a bit roomier) for about 10-12k

Right now I'm leaning towards the Miata/FRS option, with a possibility of jumping into a V6 stand (or older GT). I'm still horny for the 128 M-Sport but haven't found an example that sat on the lot long enough for me to go and see it. There's one in automatic...but it's automatic. Saw a few 135i models in the range...but I'm weary of BMW turbo reliability.

As for her, we are thinking a Mazda3, Mazda5, or a Civic type of vehicle. This would allow her to drive something that burns considerably less fuel, and would allow us to keep the Odyssey longer term as I have a feeling she may speed up her return to work and then mileage will just eat up the Odyssey.

What say you GTAM?
 
It will be hard to save enough fuel on your wifes car to offset the maintenance/winter tires/insurance/plates etc. on the second car. I understand not wanting to beat up the odyssey, but take a good look at the numbers and see if it makes sense.

The vast majority of people I know replace car mainly due to age, not mileage (most are replacing at ~10 years and 200 to 350k). "Saving" miles on the Honda if it will only be at 200K in 10 years probably saved almost nothing.

Now if for some reason, her cleaning job is >40,000 km a year, go for the 2nd car.
 
Get your sporty car and keep the Odyssey as the mom-van/work truck. The combined tax savings of financing and insuring it plus eliminating the need for a third vehicle will probably be cheaper in the long run. If you have 2 cars in the family and one is a service van/truck -- you should be able to write off all operating costs, not just 'service miles'.

Assuming the mom/service van is worth 25K, goes 25Km per year, you will be looking at write offs of something like $13K/year + the savings of a 3rd car which would be in the range of $3500/year.

Use the savings to bump up the budget for the sporty car.
 
Thanks guys. Haven't really thought about keeping the Odyssey as the workhorse as my wife (and I) were concerned about ruining it, and the mileage is horrendous in the city. But will speak with her about it. We can't really write off the payments as paid the car off, but that was interest only that can be written off. Fuel, insurance, maintenance and the like are definitely all on the table. We were going to shut down the wife's HST but may end up keeping it.

As for the sporty car, thoughts? She'd like to drive also so that means automatic...but I'm hoping it'll just be a me car (manual).
 
mimico_polak said:
Thanks guys. Haven't really thought about keeping the Odyssey as the workhorse as my wife (and I) were concerned about ruining it, and the mileage is horrendous in the city. But will speak with her about it. We can't really write off the payments as paid the car off, but that was interest only that can be written off. Fuel, insurance, maintenance and the like are definitely all on the table. We were going to shut down the wife's HST but may end up keeping it.

As for the sporty car, thoughts? She'd like to drive also so that means automatic...but I'm hoping it'll just be a me car (manual).
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You can write off financing costs even if you have paid off the car. Don't forget the CCA (depreciation), that's 30%/annum on the declining balance. Put the truck on the books for fair market value (say 25K) and you can write off about $7500 in the first year.
 
I would recommend Toyota Matrix for your wife. I have one (2010 XR 5mt) and I love it. It is super spacious, tall and decent on gas. You will be surprised what it can carry inside.
 
Odessey is already bought and depreciating using it will not really make any difference to the value. Another vehicle is just burning money in depreciation and insurance.

Sent from my moto g(7) plus using Tapatalk
 
I'm in the run the Odessey into the ground camp, extra ins and everything that goes with the other vehicle makes little finacial sense. Yes you can write down a bunch, but you still have to fund and maintain a second (third) car. I'd put a really good back end liner in the van so her supplies stay put and run it.
If a second car for her is really in the discussion its harder to find better value than an off lease Mazda 3. About 11, 12k 3yrs old.
Best of luck finding a 128, and if you do try and get a one owner car. Guy 1 bought it and enjoyed it, next guy bought it cheap and flogged it like a surley inmate.
 
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