Advice please

[R1TMDSD]

Here's my situation: I have a R1T adventure on order (June 2021 pre-order date, CA) with an estimated delivery window of Oct-Dec 2022. We currently have two cars fully paid for - 2019 Yukon XL and 2021 Mazda CX-5. Our oldest kids (twins) are 16 and will be getting their driver's licenses soon. We'd like, for the sake of convenience, for them to have a car to drive so we don't have to keep shuttling them around everywhere. My original plan, when I originally ordered my R1T, was that it would be ready by this spring/summer and I would led the kids drive the Mazda, but of course now that's not going to happen. As I see it, my options are the following:

1. Tough it out sharing two cars until the R1T arrives
2. Buy a cheap beater car for the twins for the time being
3. Buy myself a fun car to drive for the time being. I'd like to get an EV and I put a refundable deposit on a polestar 2 which is slated for delivery in late March/early April.
4. Do a longterm car rental, do a lease takeover, or something similar until the R1T comes.

Option 3 is the most fun for me, but probably not the most financially responsible, though there's a chance I could come close to breaking even with a polestar given the EV credit. We can certainly afford the car payment, but there's a risk I could be out a significant amount if the trade-in value isn't great in 9-12 months when the R1T arrives.

Thoughts?

Sponsored

 

[drhnbtx]

Here's my situation: I have a R1T adventure on order (June 2021 pre-order date, CA) with an estimated delivery window of Oct-Dec 2022. We currently have two cars fully paid for - 2019 Yukon XL and 2021 Mazda CX-5. Our oldest kids (twins) are 16 and will be getting their driver's licenses soon. We'd like, for the sake of convenience, for them to have a car to drive so we don't have to keep shuttling them around everywhere. My original plan, when I originally ordered my R1T, was that it would be ready by this spring/summer and I would led the kids drive the Mazda, but of course now that's not going to happen. As I see it, my options are the following:

1. Tough it out sharing two cars until the R1T arrives
2. Buy a cheap beater car for the twins for the time being
3. Buy myself a fun car to drive for the time being. I'd like to get an EV and I put a refundable deposit on a polestar 2 which is slated for delivery in late March/early April.
4. Do a longterm car rental, do a lease takeover, or something similar until the R1T comes.

Option 3 is the most fun for me, but probably not the most financially responsible, though there's a chance I could come close to breaking even with a polestar given the EV credit. We can certainly afford the car payment, but there's a risk I could be out a significant amount if the trade-in value isn't great in 9-12 months when the R1T arrives.

Thoughts?

The Volvo subscription plan may suit your needs. Don't know if you can get the XC40 Recharge thru the plan but worth checking

 

[R1TMDSD]

The Volvo subscription plan may suit your needs. Don't know if you can get the XC40 Recharge thru the plan but worth checking

Yeah, I looked into that, but it's not available in CA.

 

[COdogman]

I guess it depends on whether you are more interested in fun or saving money. Obviously the most practical choice is to just wait until your Rivian is ready. If money is no object, get yourself the Polestar, then keep it and give 1 kid the Yukon and the other the Mazda.

 

[SASSquatch]

Have you considered that when you put your 16 year old twins on your insurance your premiums are likely to go WAY up?

It sounds like you have money to be irresponsible. That is the most dangerous place to be. :0) If you want to have fun, but also preserve resale value, I would purchase a model 3 performance which you can take delivery of by May and then turn around and sell that for a PROFIT when your R1T is ready.

You are unlikely to make out as well with the Polestar because the $7500 credit usually gets factored into resale.

Teslas APPRECIATE over time.

 

[Riviot]

Option 1. Tough it out. I've been without a car since last June (really only affected me since Thanksgiving) and I'm better for it.

Option 4. Lease takeover. I should've done this long ago.

 

[pc500]

Here's my situation: I have a R1T adventure on order (June 2021 pre-order date, CA) with an estimated delivery window of Oct-Dec 2022. We currently have two cars fully paid for - 2019 Yukon XL and 2021 Mazda CX-5. Our oldest kids (twins) are 16 and will be getting their driver's licenses soon. We'd like, for the sake of convenience, for them to have a car to drive so we don't have to keep shuttling them around everywhere. My original plan, when I originally ordered my R1T, was that it would be ready by this spring/summer and I would led the kids drive the Mazda, but of course now that's not going to happen. As I see it, my options are the following:

1. Tough it out sharing two cars until the R1T arrives
2. Buy a cheap beater car for the twins for the time being
3. Buy myself a fun car to drive for the time being. I'd like to get an EV and I put a refundable deposit on a polestar 2 which is slated for delivery in late March/early April.
4. Do a longterm car rental, do a lease takeover, or something similar until the R1T comes.

Option 3 is the most fun for me, but probably not the most financially responsible, though there's a chance I could come close to breaking even with a polestar given the EV credit. We can certainly afford the car payment, but there's a risk I could be out a significant amount if the trade-in value isn't great in 9-12 months when the R1T arrives.

Thoughts?

Do your kids really need unfettered access to a car? Have the drive the CX-5, but on your schedule. Uber can fill in the remaining trips for less than the cost of a car. This all depends on if you live in a reasonable sized city/suburb.

I do not recommend giving a Yukon size or style vehicle to a 16-17 year old in most cases.

You know your lifestyle better than us though, and if this is feasible.

 

[astonius]

Are Polestars depreciating that much? I don't see this car market shifting back to normal quickly, particularly for in-demand EVs. Seems like the tax credit will be more than enough to make up for depreciation. Only other consideration may be taxes.

I have a Model X LR reservation locked-in at the original pricing, estimated delivery in July. If you order the exact same car today it will cost $25k more and won't be delivered until January of next year. I'd be crazy not to fulfill it, and it doesn't even have a tax credit.

I don't know what the market is for Polestar 2s, but if it's anything like other popular EVs and you have a locked-in price with imminent delivery I would jump on it.

 

[R1TMDSD]

Do your kids really need unfettered access to a car? Have the drive the CX-5, but on your schedule. Uber can fill in the remaining trips for less than the cost of a car. This all depends on if you live in a reasonable sized city/suburb.

I do not recommend giving a Yukon size or style vehicle to a 16-17 year old in most cases.

You know your lifestyle better than us though, and if this is feasible.

Do they need unfettered access? No. But with 5 kids total in the family, there are a lot of sports practices and other activities going on in the afternoons/evenings and it would be very convenient to have a 3rd vehicle so that the twins can help drive themselves (and their siblings) to things.

Uber is a good thought, but we’re in the suburbs and I’m not sure how easy it would be to get rides reliably.

My wife drives the Yukon and we have no intentions of it being the primary car for the 16 year olds to drive (though they have driven it and have done pretty well).

 

[zefram47]

If range isn't a factor, pick up a used shorter-range EV to play around with either for you or the kids? My MINI is fantastic and a base trim car can be had around $20k new after the federal tax credit...less if your state has a credit as well. But things like the Fiat 500e or Chevy Spark EV are great around town commuter cars that are still quite zipping and inexpensive. Tiny batteries mean even on Level 2 they charge quickly.

 

[Eeyore]

Go with option 3. I'm more into fun than responsibility.

 

[pc500]

Do they need unfettered access? No. But with 5 kids total in the family, there are a lot of sports practices and other activities going on in the afternoons/evenings and it would be very convenient to have a 3rd vehicle so that the twins can help drive themselves (and their siblings) to things.

Uber is a good thought, but we’re in the suburbs and I’m not sure how easy it would be to get rides reliably.

My wife drives the Yukon and we have no intentions of it being the primary car for the 16 year olds to drive (though they have driven it and have done pretty well).

You can do a few sample uber quotes and see if it's possible.

With 5 kids, I can see this vehicle getting passed around between then. You also need the seats. Go grab an inexpensive 3-row vehicle and toss it in the fleet. CX-9, grand caravan, Pacifica, Sorento, Subaru Ascent. If money's an issue (if it it isn't and you want to teach them the value of saving for their own nice things) just grab a 3-5 year old used one. Aim for $20k or less and see what lands. Minimum for a reliable car is probably $5k for the minivan, and the AWD 3-row SUVs can probably be had for less than 20k (given MSRP is 30-35k).

A side note: Usually providing a vehicle with lots of space encourages bad habits (party bus) and something like a large truck is somewhat unsafe statistically for a new driver. However it's not a large factor in making your decision. Just be aware of it.

FYI: In many states, passengers (beyond 1) are often illegal anyways until 17 or 18. Irregardless, on most states that do this, immediate family is exempt.

 

[Riviot]

But with 5 kids total in the family

Option 5: Get a vasectomy ?

Couple of DINKs over here and LOVING IT!

 

[Eeyore]

Option 5: Get a vasectomy ?

Couple of DINKs over here and LOVING IT!

Same here. We made 2 and decided that was plenty. Now they are married and doing their own thing.

 

[ironpig]

Go with option 3. I'm more into fun than responsibility.

Yep. Get a used Lotus and drive that until your R1T comes in. They don't really depreciate anymore. They hold pretty steady.

Sponsored