My wife drives a 2009 Honda CR-V with 79,000 miles on it (probably $5k trade-in). We have a 3-year-old and 4.5-year-old. She very much wants to get a Honda Odyssey minivan. I have had hard time with it right now because we are really getting the best value out of her CR-V at the moment. Just pains me given the value we are getting now for a car that runs well (though admittedly is 10 years old).
She only drives about 8,000 miles per year. So it would take several years even to get to 100k miles. Our sort of "agreement" is we could upgrade the car when my son leaves daycare and moves to Kindergarten in the summer of 2020. The CR-V will probably only be at 90k miles max at this point.
- Net worth: $1.6m -- $1mm in investments, $420k home equity, $150k cash ($50k e-fund, $50k reserves for planned home expenses, e.g. new roof, HVAC, $25k-$35k for minivan, $15k-25k checking on hand
- Income: $249k, I work in tech, she is a tenured teacher, plus stock and bonus but I don't include
- We max out Roths and 401k/403b each year
My wife an I recently celebrated crossing $1mm in investments for the first time. While I enjoyed a steak and was thrilled at this Boglehead milestone, she simply asked - don't you think we can afford a minivan now?