A Responsible Financial Decision Mixed With A Little Hesitation.

Have you ever felt you knew the logical answer to a question concerning a direction you should take, but had your emotions, masquerading as reasons, trying to convince you otherwise?  This has been my dilemma with selling the truck.  I’ve known for some time that I need to sell this vehicle and move on, it really has no place in my life these days, but saying good-bye can be difficult when you have formed a reliance on a particular form of transportation for nearly two-thirds of your life.  I recently sold the truck (4/19/13) but not before attempting to convince myself I shouldn’t and delaying the transaction for as long as I could.  In this post I want to first look at the financial changes that will come about from selling this non-performing asset and then follow-up with the emotional dilemma that played out in my mind before finally deciding to choose the right course of action.

Financial Improvements

For the remainder of the 2013 the savings I will realize are as follows:

  • Insurance: 450 (plus 200.00 refund)
  • Fuel : 1600
  • Maintenance: 200

For the following years the projected savings look like this:

  • Insurance: 950
  • Fuel: 2400
  • Maintenance: 250
  • Taxes: 110

Future savings are likely to be even more as the cost of everything increases especially maintenance for an older vehicle.

Factors influencing my decision

Honestly this should have been a cut and dry decision, but I ended up having second thoughts when it came time to make the sell.   There were some “feelings” attached to the decision that I wasn’t expecting.  I found a buyer fairly quickly, but when it came time to make the transaction I was hesitant.  I truly believe that it comes down to habit.  I’ve always had a vehicle, except for the two years in Saudi Arabia.  Then there is the comfort factor.  Do I really want to ride my motorcycle in the rain?  What about when it is cold?  Finally there is the reluctance to change my routine in doing things.  When you have a vehicle going to the grocery or running other errands doesn’t require much thought, but now I either walk to the grocery or I take a back pack with me on the bike.  Neither option is complicated, but there was some emotional push back when I started thinking of it and so I delayed for as long as I could.

I’m optimistic that I will adjust to riding the motorcycle full-time.  I purchased rain gear this week in anticipation of selling the truck so weather will not be much of an issue until winter.  I will most likely walk to the grocery store since it is nearby, but will try riding the bike as well.  It will be interesting to see how my fuel expenses will trend for the second quarter.  Fuel accounted for 13% of my total expenditures in Q1.  I’m expecting to see a rather large change in a favorable direction and I’m looking forward to the new experiences that come with going without a vehicle.

Anyone else made the jump to going without a vehicle?  What challenges did you face and how difficult was it to adapt?  I would love to hear your experience, good or bad.

17 thoughts on “A Responsible Financial Decision Mixed With A Little Hesitation.

  1. Making these kinds of decisions can be tough. Remember that you can always rent a car or a truck when you really need one! And also, that if it really sucks without one, you can buy a new car too (and might still dome out ahead financially). But I hope you will discover the joy of not having a car and especially of not having to pay insurance, gas etc.

    • Thanks for the comment! I’ve already had a chance to try the rain gear out and walking, using the bike for groceries. It really isn’t bad and I think I will adjust just fine. Not having the holding costs of owning an old truck is certainly a nice benefit! 🙂

  2. Stoic,

    Great choice! Congratulations. You’ll be so glad you did this.

    It sucked for the first few months going without a car for the first time in my life. I felt like I was missing an appendage or something, but instead found the two that I already had on the lower half of my body. Walking is definitely nice in moderation.

    You’ll find that you’re more resourceful than you ever thought you were. I came up with all kinds of reasons not having a car was impossible, but found out soon after that it was all just in my head as my emotions were toying with me.

    Enjoy all the newfound cash!!!!

    Best wishes.

    • Thanks DM– Nice to know that someone else was having the same feelings when they decided to give up traditional transportation. I’m really looking forward to comparing next months fuel expense to the first four. Should be a big difference! Let the increased savings begin! 🙂

  3. I absolutely extent my congratulations! Nice, that you already experience the benefits without a car.

    DM and Spaaro. are correct about your options. You can occasionally use a taxi as well.

    In 2 years time you will ask yourself “Why did I ever own a car?”

    • Thank you! It will be very interesting to look back a year from now and see how my experiences have been going without a vehicle. I’m looking forward to it.

      • Actually things changed a bit here. My timing for selling the truck not great as a couple of months later I bought the house. I quickly realized I was going to need something with four wheels. A friend of mind had a 2002 Saturn Vue for sale and I bought it for 1900. It’s been great and I’ve been amazed at all the things I can fit in that vehicle with the back seats down.

        So I guess I failed with this one eh? 😦

      • Just bad timing. So your housing project seems to work out fine. Investment will come at time. Don´t push it.

      • The rehab project is going great! I’m really enjoying the work and hope when it comes time to sell I will be rewarded for my efforts.

  4. Congratulations on finally selling up your truck! That must be a huge weight off of your shoulders.

    I’m curious to see how this affects your grocery spending as well. I know that I often spend less when I don’t take a car. I do go to the store more often, but I buy very little at a time. Maybe the Europeans are onto something with stopping at the grocery store on the way home from work!

    • Oh, to answer your other question – I waited almost a year after moving to my current city after college before purchasing a car. What did I do in the meantime? I used a car sharing service and walked a lot. I was spending almost $400/month on the car sharing service, which pushed me towards buying my own car. To be completely honest, it’ll probably only make financial sense if I drive this car into the ground (which is my current plan), but at the very least, my monthly carrying costs are pretty cheap at ~<$200.

    • Leigh… It does feel good. 🙂
      I certainly plan a little better when I go to the store which isn’t really a bad thing. I’ve aso been walking and riding my mountain bike to the store for groceries. It will an interesting summer!

    • CI—–Thank you! I’m kind of surprised I took the leap myself. You really don’t know how much hesitation I had. :-/

  5. I’d love to be able to give up my car but when you’re looking at 200 mi to get to work for a few weeks, that just isn’t feasible. Congrats on giving it a shot. What’s the worst that could happen? You decide you’d rather have a car and it’s expenses for it’s convenience? If you aren’t really using it that much then I don’t really see a reason to keep one. Best of luck with the change!

    • PIP— Thanks for the encouragement! I think everyone’s situation will dictate how successful they would or would not be going without a vehicle. For me the logistics of it were not bad, however mentally there was a side of me not ready to let go. I’m glad I didn’t listen to that side! 😉

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