The Sense Family Goes Back To The 1950s… Becoming A One Car Family
Until the recent Tesla craze converted FIRE writers like Mr. Money Mustache and Mr. 1500 Days into bona fide car guys, the financial independence blogosphere has famously been a safe space for people who judge others for driving increasingly expensive cars. And by “cars,” I mostly mean the mega SUVs favored by upper middle class American families these days: all wheel drive, heated leather seats, and the requisite 18 MPG fuel economy.
And let’s face it: those cars are awesome! Only in the last few years have human beings been able to travel so far in such comfort while looking so cool. Climbing into a luxury vehicle is enough to make a person feel like royalty, and it’s attainable for anyone with $50k, or even someone with $0 and a mediocre credit score.
Before I got married, I bought a handful of very nice vehicles myself. Your stuff can’t make you happy, but I sure liked those cars. The thunk of the door closing, the sound system, the fresh air coming in through the sunroof.
But my family is on a different journey these days. And while I’m still intoxicated by that new car smell, I’m enjoying this new stretch of the road just as much.
Like any good FIRE disciple, I’ve been using my bike to get to work and for most other errands around town for a while now. Mr. Sense and I sold an extra fun car we had since he could use my truck while I was gone. We also had a small older car that my sister generously handed down to us for Kid Sense to learn to drive.
A couple weeks ago, the Kid car met its demise in a low speed incident with a larger vehicle (no one was hurt and Kid wasn’t at fault). After mulling over our options, Mr. Sense and I decided to try and hack it as a one car family, even though we currently have three drivers in the house.
This decision necessitated a change in vehicle, because our only drivable option after the accident was the very well appointed new-ish Tacoma that I bought in my pre-FIRE, pre-husband days. Kid had driven the truck a few times, but was clearly uncomfortable in a larger vehicle (though she could handle the manual transmission just fine!). Mr. Sense had always viewed the truck as inconvenient for our family, since it lacked a trunk for transporting our stuff in inclement weather.
Since Mr. Sense would be the primary driver of whatever car we ended up with, I quizzed him about what he wanted– power, styling, etc. Turns out, he’s an easy man to please: he wanted a small sedan or hatchback with excellent fuel economy.
Ultimately, we decided on a brand new Toyota Corolla Hybrid. In the current market, new car prices are almost indistinguishable from late model used prices, and the new models come with the most up to date safety technology and best warranty and maintenance coverage. Switching from the truck to the Corolla actually netted us a few thousand dollars, plus we can enjoy future savings at the gas pump and repair shop.
Of course, the Corolla doesn’t include a bed to toss my bike in if I need to get picked up in a bad storm or to hurry out of town straight from the office. Fortunately, an aftermarket hitch and a decent used bike rack (we browsed Facebook Marketplace and Craigslist) cost less than $500 total installed on the Corolla.
I’m very aware of the privilege our family enjoys which makes this a viable option. My job is an easy bike commute away, Kid is a safe driver by teenage standards, and our home is centrally located in walkable and bikeable Staunton. We’re also blessed that my parents have offered to let us borrow one of their cars if we ever need a backup, plus I have access to other vehicles at my job if needed. And finally, if we decide that sharing a car between us is too annoying, we’re in a fortunate financial position and can just buy another car, in large part because of our frugality in our areas.
Our choice to try out being a one car family– which, of course, was perfectly normal when our grandparents were our age– is an example of how we save money by considering big purchases instead of going along with societal norms. I don’t think I know another two parent/two kid family in our area that shares one vehicle. Sometimes, this will involve a little strategizing! For example, Mr. Sense plans to take the kids to visit his parents a couple hours away next weekend, and my work schedule may not permit me to join them. If I stay home, I won’t be able to do any errands outside of bikeable range. This is easily doable, but requires a little planning. In exchange for taking that on, we stand to save thousands of dollars which we will invest, hopefully earning thousands more.
The financial impact of many decisions like this is staggering. Estimate the difference in sale price of a house with two bathrooms versus one with four bathrooms, one for each family member. Or the cost of private school tuition versus homeschool or public school. These are big ticket decisions that require some real consideration.
Financial independence, defined as not having to rely on paid work to meet your family’s needs, is rare for people before they hit traditional retirement age (and even then, it’s certainly not universal). Unless you have a job making millions or a giant trust fund, the only way to get to FIRE in a compressed time period is by making choices outside the mainstream. I love finding ways to save on groceries and coming up with inexpensive family activities, but decisions about cars, houses (price and location), and kids have an outsized impact on a family’s finances, and many people make these choices automatically: car broke=buy new car= subtract $xx,000 from net worth.
My family’s roadmap to FIRE involves spending our money consciously in a way that aligns with our values and helps us enjoy our lives along the way. We’re not cheap; giving to our church and our community is a top priority for us and we’re committed to providing our kids with the kind of lifestyle our parents offered us, including expensive things like funding for higher education, summer camps, and international travel. But we’ve cut out the expenses that didn’t provide a good enough return in happiness or convenience. We don’t care about clothing brands (in fact, I’m not buying ANY clothes for myself this year!) and for the most part, we ignore food brands as well. I don’t mind pulling my own weeds in the garden, and I think it’s actually good for the kids to learn how to clean bathrooms and vacuum. And I’m perfectly content to keep biking to work, so we don’t need to buy another car just so we each have one.
The math indicates these little choices, made consistently over time and combined with a comfortable but not crazy income and average stock market returns, will lead to major opportunities for our family in just a few years. It can work for your family, too.
Still my daily driver
