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  • One car, part deux

    I'm in my own potential one car situation and just curious to see what others would do in my situation.

    Currently living in a rural area where driving is necessary for everything.

    I have a 2019 Tesla Model 3 that I enjoy driving and we just got my wife a 2021 Mercedes CLA 250 (it's been her dream to have one and I couldn't talk her into getting a Tesla). Both still have car loans for them at 2%. My car is almost paid off hers we just started paying.

    We're moving to a downtown apartment in a different state and she wants to work weekend shifts at a hospital that's 1.2 miles away and still wants to drive. I'm going to be transitioning to part time doing locums for my hospital system and they'll pay for travel expenses 1 week a month. Doing this to continue to provide stable income and my wife won't let me fully retire until we save $12M (random number she picked because she doesn't trust the stock market).

    So I won't really need a car as I wouldn't work while I'm at the new place aside from my options income which I can do anywhere. Grocery store and gym are attached to the apartment. Restaurants, bars, coffee shops within walking distance as well.

    Parking is silly and with the place we're getting we can't park in the attached garage and have to park in a different garage that's about a 2 minute walk away kitty corner to our place. We get 1 spot in the garage for free but second spot is $50 a month.

    I can park my car in the garage but not a fan of just leaving it in there and not checking on it for a while except to charge it from time to time.

    I've thought about driving for uber/lyft for a couple of hours while she works for something to do. Another possibility is renting the car out on turo. These would also provide 1099 income so I can start a solo 401k and transfer my current 401k into it when I can't contribute to it anymore.

    Currently thinking about leaving my car at my brother's house about 30 minutes away from the new place as a test to see if we actually need the second car or not. Ultimately I can just sell it if we don't need the second car, but I kinda want to keep it to test out FSD whenever they make the new version public as well. If we ever move into a house again or work locally, then I'll get a Model S or a Roadster (if they ever make it). My wife refuses to be seen in the Cybertruck even though I kinda want that too.

  • #2
    I would just park it at your brother’s house. Just stay focused on that 12 mil goal and then maybe just do some surveys for a solo 401k when the time comes to rule over a 401K. Or just roll over to an IRA if you are truly going to be retired (no Roth contributions anymore)?

    I wouldn’t start driving an Uber. But that’s me.

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    • #3
      My opinion is pretty much the same. Number of vehicles greater than or equal to number of licensed drivers. I grew up in a place where you had to have a vehicle so that has significantly shaped my opinion. The peace of mind is worth it to me.

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      • #4
        Did i read that right, you want to drive for uber/lyft?

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        • #5
          Dont drive for uber/lyft
          If it is a town like NYC, no need for car
          In your case, either leave at brothers or get rid of one car.
          I'd never rent my car out on turo unless I was back to having a negative net worth

          Comment


          • #6
            I’m willing to give it a shot if I was bored. I like driving my car around and some people are just interesting to talk to.

            I’d do it during the weekend day where there’s significantly less chances of getting rambunctious drunk people.

            I’ve also always lived in areas that required driving everywhere. Never lived in a place where everything you need is within walking distance so it’s a foreign concept to not really need a car.

            Comment


            • #7
              Originally posted by Nysoz View Post
              Doing this to continue to provide stable income and my wife won't let me fully retire until we save $12M (random number she picked because she doesn't trust the stock market).
              My mom wouldn't let my dad retire until he was 69, and only then after I had long discussion with her about their favorable financial circumstances.

              They had a lot less than $12M.
              Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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              • #8
                Originally posted by Nysoz View Post
                I’m willing to give it a shot if I was bored. I like driving my car around and some people are just interesting to talk to.

                I’d do it during the weekend day where there’s significantly less chances of getting rambunctious drunk people.

                I’ve also always lived in areas that required driving everywhere. Never lived in a place where everything you need is within walking distance so it’s a foreign concept to not really need a car.
                I drove for Uber and Lyft, a lot. Still do a little bit as a resident. If you're really interested, I suggest at least signing up for both apps. Super quick and easy with no commitment required. Depending on your driving history, both apps offer unique promos which I think are related to your ratings and driving history. Examples - complete 3 rides make an extra $100; complete 10 rides make an extra $300. You can consider just driving for fun while there is a promo going on to test it out. I've heard of a lot of drivers that do it for fun or to socialize. I'd argue though that the clientele isn't exactly the most exciting and classy bunch. I'm actually always hoping that the rider does not attempt to communicate with me. Be ready to spend the majority of your time in the most dangerous parts of your town with about 25-50% of your riders reeking of marijuana.

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                • #9
                  Originally posted by Huggy View Post

                  I've heard of a lot of drivers that do it for fun or to socialize. I'd argue though that the clientele isn't exactly the most exciting and classy bunch. I'm actually always hoping that the rider does not attempt to communicate with me. Be ready to spend the majority of your time in the most dangerous parts of your town with about 25-50% of your riders reeking of marijuana.
                  Yeah what got me thinking about it was talking to a driver who was doing it for fun/socializing. They were a retired patent attorney that liked to travel. Just talked about places they’ve been and overall a nice person.

                  I guess I’m overestimating the number of interesting people out there lol. Normal people are just normal, but everyone has their story which can be fascinating. When picking up people can’t you see their ratings and pickup/drop off to hopefully avoid possible bad areas or passengers?

                  As for retiring, I’ve tried to explain the studies of swr and how I make money by selling options but she doesn’t trust it. I think I’ve mentioned the wife’s way of saving money is withdrawing cash and stuffing it in her drawer to prevent her from spending it.

                  Comment


                  • #10
                    Everyone is different , which make the USA such a great place. But honestly, I could never see myself driving an uber for fun or to socialize. I could think of 100s of ideas better and more productive to my personal and financial health and well being.

                    As for the car issue, keep your car , but just rent one every time you think you need one for the next few months and see how much fun it is. Then you dont have the make the decision with out trying it out for a while.

                    Comment


                    • #11
                      Originally posted by Nysoz View Post
                      I'm in my own potential one car situation and just curious to see what others would do in my situation.

                      Currently living in a rural area where driving is necessary for everything.

                      I have a 2019 Tesla Model 3 that I enjoy driving and we just got my wife a 2021 Mercedes CLA 250 (it's been her dream to have one and I couldn't talk her into getting a Tesla). Both still have car loans for them at 2%. My car is almost paid off hers we just started paying.

                      We're moving to a downtown apartment in a different state and she wants to work weekend shifts at a hospital that's 1.2 miles away and still wants to drive. I'm going to be transitioning to part time doing locums for my hospital system and they'll pay for travel expenses 1 week a month. Doing this to continue to provide stable income and my wife won't let me fully retire until we save $12M (random number she picked because she doesn't trust the stock market).

                      So I won't really need a car as I wouldn't work while I'm at the new place aside from my options income which I can do anywhere. Grocery store and gym are attached to the apartment. Restaurants, bars, coffee shops within walking distance as well.

                      Parking is silly and with the place we're getting we can't park in the attached garage and have to park in a different garage that's about a 2 minute walk away kitty corner to our place. We get 1 spot in the garage for free but second spot is $50 a month.

                      I can park my car in the garage but not a fan of just leaving it in there and not checking on it for a while except to charge it from time to time.

                      I've thought about driving for uber/lyft for a couple of hours while she works for something to do. Another possibility is renting the car out on turo. These would also provide 1099 income so I can start a solo 401k and transfer my current 401k into it when I can't contribute to it anymore.

                      Currently thinking about leaving my car at my brother's house about 30 minutes away from the new place as a test to see if we actually need the second car or not. Ultimately I can just sell it if we don't need the second car, but I kinda want to keep it to test out FSD whenever they make the new version public as well. If we ever move into a house again or work locally, then I'll get a Model S or a Roadster (if they ever make it). My wife refuses to be seen in the Cybertruck even though I kinda want that too.
                      A few thoughts:
                      - Are you sure the 12M is the (only) reason, or does your wife need/want you to have something to do (out of the house?)
                      - I'd leave the car at the brothers house and re-assess in a month or 3.
                      - Enjoy that new set up - sounds like it'll be nice in some ways!!
                      - if you need a solo 401k, then get that account, but don't conflate the need to have the account with actually ubering/Turo'ing/survey'ing for any long period of time.

                      Comment


                      • #12
                        Your new set up sounds super fun! But a big change if you've always lived more rural. Being in a walkable area is SOOOO nice. My work is a mile away and I walk every single day. It's a lovely way to start and finish the work day ( and it's a safe walk). I'd park your car for a few months and see how it goes before selling it. Good luck on your new adventure!

                        Comment


                        • #13
                          Originally posted by adventure View Post

                          A few thoughts:
                          - Are you sure the 12M is the (only) reason, or does your wife need/want you to have something to do (out of the house?)
                          - I'd leave the car at the brothers house and re-assess in a month or 3.
                          - Enjoy that new set up - sounds like it'll be nice in some ways!!
                          - if you need a solo 401k, then get that account, but don't conflate the need to have the account with actually ubering/Turo'ing/survey'ing for any long period of time.
                          The $12M is some number she threw out to make sure I'm still working. She's passionate about thinking it's a waste to spend so much time and effort, training to be a surgeon to just stop after 5 years. Also if I did want/need to start working again full time, it would be much harder to go back compared to other specialties. I do see validity in her (and most everyone's) point of view which is why I'm working locums/part time as a transition. Honestly I'd still be open to working full time as I still like what I do, but on my terms in our preferred location which was hard to find.

                          Yeah I think the winning idea is leaning towards just leaving it at my brother's house to see how we do with 1 car before selling it or giving it to him. I also want to do an EV national park road trip one of these days so I'll do that before getting rid of it.

                          For some reason, I thought for a solo 401k you have to keep contributing to it to maintain it. Can I just do like 1 survey a year or something to qualify or do I need to even do that at all? Honestly, the best thing for me would be to just leave it where it is in index funds as once I get a hold of it then I'd do more options trading in it as well lol.

                          Comment


                          • #14
                            Originally posted by wideopenspaces View Post
                            Your new set up sounds super fun! But a big change if you've always lived more rural. Being in a walkable area is SOOOO nice. My work is a mile away and I walk every single day. It's a lovely way to start and finish the work day ( and it's a safe walk). I'd park your car for a few months and see how it goes before selling it. Good luck on your new adventure!
                            I've lived in suburbia most my life, rural for the past 5. Never lived in a city city before. We're living right on a river and river walk so definitely looking forward to making use of that.

                            Comment


                            • #15
                              Originally posted by Huggy View Post

                              I drove for Uber and Lyft, a lot. Still do a little bit as a resident. If you're really interested, I suggest at least signing up for both apps. Super quick and easy with no commitment required. Depending on your driving history, both apps offer unique promos which I think are related to your ratings and driving history. Examples - complete 3 rides make an extra $100; complete 10 rides make an extra $300. You can consider just driving for fun while there is a promo going on to test it out. I've heard of a lot of drivers that do it for fun or to socialize. I'd argue though that the clientele isn't exactly the most exciting and classy bunch. I'm actually always hoping that the rider does not attempt to communicate with me. Be ready to spend the majority of your time in the most dangerous parts of your town with about 25-50% of your riders reeking of marijuana.
                              might be that for social reasons you do this, but as a resident wouldn't you make so much more if you did moonlighting instead of uber/lyft?

                              Comment

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