Did you see that Frugalwoods moved up from a $10K vehicle to a ~$35K+ vehicle? 😱
I am sure they could easily afford it, and didn't have much choice. But I just couldn't even imagine wrapping my brain around that. Yikes!
I am starting to feel like a genius for pulling the EV car trigger. If it allows us to wait out this used car insanity. We were so spoiled by the decades that most people turned up their nose at the idea of buying used.
Oh yeah, so I looked it up out of curiosity a couple of weekends ago. Our car (that we paid $17K for) is now going for $30K. With the +20K miles we've added to it since we bought it. That's crazy! I probably had looked that up a few days before Frugalwoods posted about their new car purchase.
I am not sure what MM(19) will do. Maybe both kids. But the car they have has many years left in it. & I am not as concerned about DL(17), who has a car that he can probably drive through college years.
We actually had a discussion about it a few weeks ago because MM started expressing more interest in getting a car his last two years of college. But he later clarified he was just thinking ahead to next summer and knows he won't just have a car to take to work, if DL(17) is using their shared car. I had told him that honestly MIL would probably just let him borrow her car for the summer (if she doesn't just give it to him). & then he said something like, "Why do they need two cars anyway?" Good point. & FIL might not be driving much longer anyway.
MIL had already voiced wanting to give her car to MM(19). It's just when she said that before, it was completely ridiculous. The car is now a few years older (I have no idea how old, I don't remember at all, but it's just a little less ridiculous at this point). They came into some money last year and are thinking about going electric.
If he needs/wants a car at college, just depends where he ends up living. **
I should probably get quotes for full coverage on the gas car and run through the math. The whole point of the old beater is not having to get full coverage on a new driver ($$$$$). But... With this absurd used car market. It might be extra peace of mind for the first 6-12 months that DL(17) is driving on his own. I will ask for quotes when we get him coverage. & I'll have to look up what that car is going for these days, to help guage if the extra insurance would be worth it. Will see. I'd still have DL(17) pay for the basic insurance, but we'd pay for the extra coverage if it made any financial sense. Note: The car was worth ~$4,000 pre-pandemic; we've put very little miles on the car. $5K was always our cutoff for full coverage. It's probably pretty borderline at this point.
**Reminds me: MM(19) has a lead on dirt cheap housing. 1/3 of what we are paying now. !! His girlfriend has some job on campus that comes with housing deal. I told him to let her be the guniea pig this year, but I was intrigued. So far... I don't know. I guess there's been a lot of problems but some of that is one person didn't work out and they have an opening. I think this year is set and fine and paid for already. But just thinking to future years. I am intrugued but this is a situation where there are obviously trade offs. It's not like my housing hack in college where I paid about as much for a *better* living situation. She's putting up with a lot for the cheap housing. We may be able to figure that out too (pay less for better housing options), but it's just harder being 300 miles away. Unless he's just able to figure it out on his own. Which is what I did. I am sure he can figure it out but he also doesn't have the financial motivation. If his parents weren't paying, he'd already have the job with the cheap rent. I am mostly intrigued because he will be stuck with off campus housing in the future and it sounds like a nightmare to figure out. So if he can lock in some alternative/cheap housing, sounds good to me.