buying a new van to live in, should i sell my daily driver?

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Topic Author
boglechiq
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buying a new van to live in, should i sell my daily driver?

Post by boglechiq »

so here's the story. i historically live in a van. my net worth currently is 2.8mm which is down from 3.4mm over the past 6 months.

i currently own a vintage van worth about 30k and
a Tesla Model Y worth about 62k.

in September of 2021 i ordered a new Ford Transit van to replace the vintage van, it costs 65k. however, i was living in a studio at the time and i impulse bought a Tesla Model Y in December.

i had never had a car in the past and i never really had a use for one. but in the past 9 months I've come to really like the Tesla. it has permanent FSD (bought and paid for and enrolled in beta which drives itself from point A to B including all turns).

I'm no longer living in the studio and currently living at my mothers. i don't really want to live at my mothers and thinking it might be better to be back in the van but i can't go back into the vintage van, it has to be the new Ford Transit van but after the recent drop in the market I've been really stressed out.

i don't know what the right thing to do is. i know i have to sell the vintage van and get 30k back. but it is vintage and it will take months to sell.

Due to the drop in the market I can't tell if it is irresponsible to keep the Tesla in addition to the new Ford Transit van. i don't want to own 120+k in vehicles. But at the same time the self driving feature of the car is AMAZING.

I'm really unsure of what to do. in the past I've always had the van that i lived in and never had a smaller "daily driver" car. which makes me anxious to trade the Tesla in. but the price of Full Self Driving keeps going up and if i sell the Tesla I don't know if I'll be priced out in the future.

other things to think about:
i would essentially be parking the Tesla and leaving 62k on the table. I don't have anywhere to charge the Tesla. I'm currently just going to superchargers or commuting to various chargers around the city where my mother lives, but again i don't really want to live with my mother. if i kept the Tesla , it would be for the luxury of having a nice daily driver when I'm in town, and also a bet on the Full Self Driving technology since I've already paid for it.

Anybody have any advice on what to do or are seeing something I'm not?

i don't have a regular job and i live off the dividends from the stock i own which is roughly 50k a year. option 3 is I could just get a job to help pay for the Transit.

i currently only have 30k in cash, which also freaks me out. since if I finance the ford Transit my cash reserves will dwindle down significantly quick
Last edited by boglechiq on Fri Sep 16, 2022 6:37 pm, edited 1 time in total.
simplextableau
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Re: buying a new van to live in, should i sell my daily driver?

Post by simplextableau »

Sell the Tesla and the vintage van. If real full self-driving ever comes to fruition, neither Tesla nor any other automaker will be able to maintain a monopoly on it for very long. There is no point trying to hold a depreciating car for years based on speculation about missing out on a feature that won't be perfected for years. You'll be able to buy something then, maybe from Tesla, maybe from someone else.
zie
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Re: buying a new van to live in, should i sell my daily driver?

Post by zie »

At 50k/yr spend, with 2.8M invested, you are just under a 2% withdrawal rate. Even cash can earn you more than that now. You should have zero problems affording any/all of it if you want. It's OK to sell some stock on occasion if you need to. If your annual withdrawal rate starts hitting 4% or more you might want to think about cutting back some, but until then, you should be fine for as long as you can live.

I also live out of my vehicle. Have you tried living out of the Tesla? Here is a lady living out of a Prius: https://cheaprvliving.com/suanne-reboot ... f-a-prius/ so it's definitely possible.

Otherwise sell the Vintage one and use it to pay down the Transit van?
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
Topic Author
boglechiq
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Re: buying a new van to live in, should i sell my daily driver?

Post by boglechiq »

zie wrote: Fri Sep 16, 2022 6:29 pm At 50k/yr spend, with 2.8M invested, you are just under a 2% withdrawal rate. Even cash can earn you more than that now. You should have zero problems affording any/all of it if you want. It's OK to sell some stock on occasion if you need to. If your annual withdrawal rate starts hitting 4% or more you might want to think about cutting back some, but until then, you should be fine for as long as you can live.

I also live out of my vehicle. Have you tried living out of the Tesla? Here is a lady living out of a Prius: https://cheaprvliving.com/suanne-reboot ... f-a-prius/ so it's definitely possible.

Otherwise sell the Vintage one and use it to pay down the Transit van?

unfortunately, in 2021 and 2022 I've spent MUCH more. For example, i paid for the Tesla in cash in 2021 which already puts me way past 4%. which is why I'm stressed out and thinking i need to sell the tesla. This is in addition to the recent stock market drop which has me really stressed.

i am aggressively cutting back on my spending, starting immediately which is why I'm stressed about everything.

yes, i have tried living out of the Tesla. it is NOT fun at all.
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Watty
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Re: buying a new van to live in, should i sell my daily driver?

Post by Watty »

boglechiq wrote: Fri Sep 16, 2022 6:19 pm Anybody have any advice on what to do or are seeing something I'm not?
Having two vehicles will be difficult since if you want to change locations it will be hard to get the second vehicle to the new location.

Finding places to charge the Tesla could also be a problem or at least inconvenient. The idea of leaving a $62K Tesla parked in some random location while you are driving the new van might also not be a good idea.

If I was in your situation I would look at selling all three of them, old van, new van, and Tesla, then buying a camper trailer and something to pull it with.

With as crazy as the used car markets are now you may be able to make some money on both the Tesla and the new van so your timing may be lucky since you may be able to get a free "do over".
Topic Author
boglechiq
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Re: buying a new van to live in, should i sell my daily driver?

Post by boglechiq »

Watty wrote: Fri Sep 16, 2022 6:32 pm
boglechiq wrote: Fri Sep 16, 2022 6:19 pm Anybody have any advice on what to do or are seeing something I'm not?
Having two vehicles will be difficult since if you want to change locations it will be hard to get the second vehicle to the new location.

Finding places to charge the Tesla could also be a problem or at least inconvenient. The idea of leaving a $62K Tesla parked in some random location while you are driving the new van might also not be a good idea.

If I was in your situation I would look at selling all three of them, old van, new van, and Tesla, then buying a camper trailer and something to pull it with.

With as crazy as the used car markets are now you may be able to make some money on both the Tesla and the new van so your timing may be lucky since you may be able to get a free "do over".
Those are actually the other cons. i would essentially be just parking the Tesla and leaving 62k on the table. I also don't have anywhere to charge the Tesla. I'm currently just going to superchargers or commuting to various chargers around the city where my mother lives, but again i don't really want to live with my mother. so technically i would have to pay for parking the Tesla as well.
simplextableau
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Re: buying a new van to live in, should i sell my daily driver?

Post by simplextableau »

boglechiq wrote: Fri Sep 16, 2022 6:35 pm
Watty wrote: Fri Sep 16, 2022 6:32 pm
boglechiq wrote: Fri Sep 16, 2022 6:19 pm Anybody have any advice on what to do or are seeing something I'm not?
Having two vehicles will be difficult since if you want to change locations it will be hard to get the second vehicle to the new location.

Finding places to charge the Tesla could also be a problem or at least inconvenient. The idea of leaving a $62K Tesla parked in some random location while you are driving the new van might also not be a good idea.

If I was in your situation I would look at selling all three of them, old van, new van, and Tesla, then buying a camper trailer and something to pull it with.

With as crazy as the used car markets are now you may be able to make some money on both the Tesla and the new van so your timing may be lucky since you may be able to get a free "do over".
Those are actually the other cons. i would essentially be just parking the Tesla and leaving 62k on the table. I also don't have anywhere to charge the Tesla. I'm currently just going to superchargers or commuting to various chargers around the city where my mother lives, but again i don't really want to live with my mother. so technically i would have to pay for parking the Tesla as well.
Reading this it's crystal clear that you should sell the Tesla. Don't get mesmerized by technology that you don't need. I'm guessing you made all your money in tech, so it's a weakness...
safari
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Re: buying a new van to live in, should i sell my daily driver?

Post by safari »

How about getting a job, renting a small place for yourself, selling the vintage van and keeping the Tesla that you like so much. It would reduce your anxiety level significantly, if not completely eliminate it.
sailaway
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Re: buying a new van to live in, should i sell my daily driver?

Post by sailaway »

Sell the vintage, get the van ready to live in, then sell the Tesla.
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Re: buying a new van to live in, should i sell my daily driver?

Post by Jack FFR1846 »

Am I the only one who wants to know what your "vintage" van is?

I have a long history with custom vans. Started with a 69 Ford F100 and with a bunch of winter vans, went to a 78 Chevy van new. I was also in both van clubs and the New England Van Council. In college, bought a 69 Chevy "no door" van. Have attended probably 100 truck ins back in the 70's.
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Topic Author
boglechiq
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Re: buying a new van to live in, should i sell my daily driver?

Post by boglechiq »

safari wrote: Fri Sep 16, 2022 6:50 pm How about getting a job, renting a small place for yourself, selling the vintage van and keeping the Tesla that you like so much. It would reduce your anxiety level significantly, if not completely eliminate it.
i actually think this is a great idea. I'm thinking of doing this winter. a job scanning ski passes at a resort or something mindless just to keep the anxiety away. except i would live in the new Transit van, not rent a place. i get anxiety when i rent a place
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boglechiq
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Re: buying a new van to live in, should i sell my daily driver?

Post by boglechiq »

Jack FFR1846 wrote: Fri Sep 16, 2022 6:52 pm Am I the only one who wants to know what your "vintage" van is?

I have a long history with custom vans. Started with a 69 Ford F100 and with a bunch of winter vans, went to a 78 Chevy van new. I was also in both van clubs and the New England Van Council. In college, bought a 69 Chevy "no door" van. Have attended probably 100 truck ins back in the 70's.
it's a Volkswagen westfalia
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Re: buying a new van to live in, should i sell my daily driver?

Post by Wanderingwheelz »

boglechiq wrote: Fri Sep 16, 2022 6:55 pm
safari wrote: Fri Sep 16, 2022 6:50 pm How about getting a job, renting a small place for yourself, selling the vintage van and keeping the Tesla that you like so much. It would reduce your anxiety level significantly, if not completely eliminate it.
i actually think this is a great idea. I'm thinking of doing this winter. a job scanning ski passes at a resort or something mindless just to keep the anxiety away. except i would live in the new Transit van, not rent a place. i get anxiety when i rent a place
The first thing I’d do if I were you is get treatment for your anxiety. Then, once you have a clearer mind I’d make a plan to chip away at some of the issues you’re dealing with currently.
uglymcmuffin
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Re: buying a new van to live in, should i sell my daily driver?

Post by uglymcmuffin »

My buddy lived in a van. She kept her car around as a commuter to maintain the appearance of not living in a van as some people asked too many questions and she was tired of explaining herself. It was nice to be able to park the car around as a daily vehicle and not worry about parking the van around which is a much more challenging problem. Then when you show up to someone’s house to visit and they ask where you live, you can just tell them you live in XYZ (wherever your van is parked).

If you are commuting a lot the Tesla might be a nice keeper as an escape from the van. But that would just be a matter of personal taste.
Finridge
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Re: buying a new van to live in, should i sell my daily driver?

Post by Finridge »

boglechiq wrote: Fri Sep 16, 2022 6:55 pm
safari wrote: Fri Sep 16, 2022 6:50 pm How about getting a job, renting a small place for yourself, selling the vintage van and keeping the Tesla that you like so much. It would reduce your anxiety level significantly, if not completely eliminate it.
i actually think this is a great idea. I'm thinking of doing this winter. a job scanning ski passes at a resort or something mindless just to keep the anxiety away. except i would live in the new Transit van, not rent a place. i get anxiety when i rent a place
I know someone in a similar position to you. He continues to work, but take jobs that he enjoys without worrying too much that he could make more money in the career-track rat race where it was high stress and he was working more than full time. When you don't need the paycheck and can do lower-stress work and on a less than full-time basis, the work can be more enjoyable.
contimprov
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Re: buying a new van to live in, should i sell my daily driver?

Post by contimprov »

Sell the Tesla. Not practical in your situation now. Main reason I see you holding on to tesla is the FSD and possible future price increase. Downsize to just the new van and sell the vintage.

If the market is favorable in the next few years, get model y again. Even if FSD doubled in price it will be chump change then. If the market goes down, you still have a practical van.

My 0.02.
zie
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Re: buying a new van to live in, should i sell my daily driver?

Post by zie »

boglechiq wrote: Fri Sep 16, 2022 6:32 pm
zie wrote: Fri Sep 16, 2022 6:29 pm At 50k/yr spend, with 2.8M invested, you are just under a 2% withdrawal rate. Even cash can earn you more than that now. You should have zero problems affording any/all of it if you want. It's OK to sell some stock on occasion if you need to. If your annual withdrawal rate starts hitting 4% or more you might want to think about cutting back some, but until then, you should be fine for as long as you can live.

I also live out of my vehicle. Have you tried living out of the Tesla? Here is a lady living out of a Prius: https://cheaprvliving.com/suanne-reboot ... f-a-prius/ so it's definitely possible.

Otherwise sell the Vintage one and use it to pay down the Transit van?

unfortunately, in 2021 and 2022 I've spent MUCH more. For example, i paid for the Tesla in cash in 2021 which already puts me way past 4%. which is why I'm stressed out and thinking i need to sell the tesla. This is in addition to the recent stock market drop which has me really stressed.

i am aggressively cutting back on my spending, starting immediately which is why I'm stressed about everything.

yes, i have tried living out of the Tesla. it is NOT fun at all.
I get it, Living out of sedans isn't fun for me either. I think everyone is in agreement that selling the Tesla is a great idea. If you are bound and determined to keep it maybe let your mother or someone else close to you borrow it for a while?

As for going drastically over 4%, if you only do it on rare occasions, it's not that big of a deal, the important thing is keeping your % pull over time low and how much life you expect to have left. How many more years do you expect to live? If you expect 30 more years, you should be in great shape, if you have 50 more years, then some stress isn't a bad thing, but if you keep your new spending to 3% you should expect to be in great shape.

As for the recent drop, you need to totally expect larger drops than this. Do you have any bonds/cash to help lower the volatility? It's a matter of WHEN we get another giant drop that lasts years and years, not IF.
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
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whodidntante
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Re: buying a new van to live in, should i sell my daily driver?

Post by whodidntante »

Perchance, are you a Chris Farley fan?
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cchrissyy
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Re: buying a new van to live in, should i sell my daily driver?

Post by cchrissyy »

Are you planning to take the live-in van to a variety of places? I'm guessing yes. So no matter what features the Tesla has or doesn't have who cares, you won't be near it. Sell. Buy a new one if someday it fits your needs.
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123
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Re: buying a new van to live in, should i sell my daily driver?

Post by 123 »

Perhaps you need to get rid of the van(s) and get a travel trailer that you can pull with the Tesla. A travel trailer may have less potential "camping" spots then a van but you would have the car available.
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Sprucebark
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Re: buying a new van to live in, should i sell my daily driver?

Post by Sprucebark »

What’s the make / model / year of the vintage van?
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AnnetteLouisan
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Re: buying a new van to live in, should i sell my daily driver?

Post by AnnetteLouisan »

I read about a guy who was not poor but retired to Days Inn basically. He switched locations every few months but he was happy with the cleanliness, room service, pools and condition of the rooms.

I actually know a multimillionaire who thinks renting a spot in a trailer park might be a good option. He doesn’t need much and likes the feeling of mobility.

Finally, a neighbor of ours rents out his driveway to a couple in a camper van. Not sure this complies with local ordinances but it might, and it works for both parties. These days I’d think a lot of people would be thrilled to have the extra income.

OP, since you like the Tesla, I hope you find a way to keep it. I also hope you find a place to live and work that works for you, as well as some techniques for managing anxiety.
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Re: buying a new van to live in, should i sell my daily driver?

Post by Tellurius »

boglechiq wrote: Fri Sep 16, 2022 6:56 pm
Jack FFR1846 wrote: Fri Sep 16, 2022 6:52 pm Am I the only one who wants to know what your "vintage" van is?

I have a long history with custom vans. Started with a 69 Ford F100 and with a bunch of winter vans, went to a 78 Chevy van new. I was also in both van clubs and the New England Van Council. In college, bought a 69 Chevy "no door" van. Have attended probably 100 truck ins back in the 70's.
it's a Volkswagen westfalia
Which generation?

Check its price carefully before selling
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JoeRetire
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Re: buying a new van to live in, should i sell my daily driver?

Post by JoeRetire »

boglechiq wrote: Fri Sep 16, 2022 6:19 pmi don't want to own 120+k in vehicles.
Then don't.
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Devil's Advocate
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Re: buying a new van to live in, should i sell my daily driver?

Post by Devil's Advocate »

Sell the Tesla, sell the van, buy the Transit. Find spot down by the River!

DA
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alpenglow
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Re: buying a new van to live in, should i sell my daily driver?

Post by alpenglow »

I'm just curious about the broader context. General age? How did you get this amount of money? Hard-core savings/FIRE? Work in tech? Crypto? Other?
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Re: buying a new van to live in, should i sell my daily driver?

Post by MDivision »

Boglechiq, it sounds like you’ve got anxiety about the drop in market value of your accounts. For someone living on $50k $2.8mil is a lot! In building such a nest egg you have demonstrated discipline so don’t worry, you will be fine!
humblecoder
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Re: buying a new van to live in, should i sell my daily driver?

Post by humblecoder »

boglechiq wrote: Fri Sep 16, 2022 6:19 pm so here's the story. i historically live in a van. my net worth currently is 2.8mm which is down from 3.4mm over the past 6 months.

Anybody have any advice on what to do or are seeing something I'm not?

i don't have a regular job and i live off the dividends from the stock i own which is roughly 50k a year. option 3 is I could just get a job to help pay for the Transit.
I am going to give you some tough love. Do whatever makes you happy. Don't stress about what is "responsible".

You have $2.8M. Your expenses are $50K/year. That's a 1.8% withdrawal rate. That tells me you have plenty of assets and the chances of you running out of money at that spend rate are near zero. In fact, it is more likely that you will end up dying with a huge pile of money in the bank.

Unless you have specific legacy obligations, money unspent when you die is life unlived. You don't say exactly how you earned that money, and you are under no obligation to tell us. However, I'm guessing that you worked hard and/or smart to accumulate it so that you could now enjoy the fruits of your labor.

If it brings you enjoyment to own a Tesla, keep it. If you want to get a new Transit van, buy it. Unless there is something that I am missing or some detail you aren't sharing, it will not alter your financial situation one iota.

Dying with the biggest bank account isn't something to be celebrated. It is very sad. It represents missed opportunities to live the life that you really want to. We are only on this planet once, so we might as well enjoy the ride!
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Re: buying a new van to live in, should i sell my daily driver?

Post by Dregob »

whodidntante wrote: Fri Sep 16, 2022 9:19 pm Perchance, are you a Chris Farley fan?
Thanks for the laugh. You read my mind.
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Re: buying a new van to live in, should i sell my daily driver?

Post by Dregob »

humblecoder wrote: Sat Sep 17, 2022 8:45 am
boglechiq wrote: Fri Sep 16, 2022 6:19 pm so here's the story. i historically live in a van. my net worth currently is 2.8mm which is down from 3.4mm over the past 6 months.

Anybody have any advice on what to do or are seeing something I'm not?

i don't have a regular job and i live off the dividends from the stock i own which is roughly 50k a year. option 3 is I could just get a job to help pay for the Transit.
I am going to give you some tough love. Do whatever makes you happy. Don't stress about what is "responsible".

You have $2.8M. Your expenses are $50K/year. That's a 1.8% withdrawal rate. That tells me you have plenty of assets and the chances of you running out of money at that spend rate are near zero. In fact, it is more likely that you will end up dying with a huge pile of money in the bank.

Unless you have specific legacy obligations, money unspent when you die is life unlived. You don't say exactly how you earned that money, and you are under no obligation to tell us. However, I'm guessing that you worked hard and/or smart to accumulate it so that you could now enjoy the fruits of your labor.

If it brings you enjoyment to own a Tesla, keep it. If you want to get a new Transit van, buy it. Unless there is something that I am missing or some detail you aren't sharing, it will not alter your financial situation one iota.

Dying with the biggest bank account isn't something to be celebrated. It is very sad. It represents missed opportunities to live the life that you really want to. We are only on this planet once, so we might as well enjoy the ride!
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mkc
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Re: buying a new van to live in, should i sell my daily driver?

Post by mkc »

boglechiq wrote: Fri Sep 16, 2022 6:56 pm
Jack FFR1846 wrote: Fri Sep 16, 2022 6:52 pm Am I the only one who wants to know what your "vintage" van is?

I have a long history with custom vans. Started with a 69 Ford F100 and with a bunch of winter vans, went to a 78 Chevy van new. I was also in both van clubs and the New England Van Council. In college, bought a 69 Chevy "no door" van. Have attended probably 100 truck ins back in the 70's.
it's a Volkswagen westfalia
Did you sell the 1991 Chevy and not buy the Storyteller Overland last year? viewtopic.php?p=6019893#p6019893
biscuit5
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Re: buying a new van to live in, should i sell my daily driver?

Post by biscuit5 »

@boglechiq - Personally I'd get rid of the Tesla (and vintage van) if you plan to live in the new van. It'd be a hassle living that lifestyle with multiple vehicles.

You sound like a candidate for a garage condo https://www.garagecondos.com/why-garagecondos/

There are many companies that do this, but, if you do keep the Tesla, you could have a place for that and your new van as needed. Maybe there's one near your mother.
JD2775
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Re: buying a new van to live in, should i sell my daily driver?

Post by JD2775 »

Completely off topic, but where do people shower who live in a van? I have always wondered
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Re: buying a new van to live in, should i sell my daily driver?

Post by sailaway »

JD2775 wrote: Sat Sep 17, 2022 9:33 am Completely off topic, but where do people shower who live in a van? I have always wondered
Some vans have showers, some van lifers use public showers or gyms.
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Fat-Tailed Contagion
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Re: buying a new van to live in, should i sell my daily driver?

Post by Fat-Tailed Contagion »

How about selling the vans and living out of the Tesla Y?

Is that possible or is it too small?
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tioscrooge
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Re: buying a new van to live in, should i sell my daily driver?

Post by tioscrooge »

I have a different opinion.

I am sure you had a reason to purchase your Tesla, otherwise you would not have made that purchase.
Someone may claim that reason to be not valid, but that is not true. It was your reason, and it worked for you at the time.

Now what you’re being told is to sell everything. You would be making another impulse decision to sell.

This reminds me of the time when people were selling their SUVs with the gas prices went up a few years ago. You will still need a place to stay, you will still need a driving car.

You thought, that a Tesla and the new van will meet your needs. Nobody here knows better about your day-to-day needs than you.

Stay the course - whatever that means to you.
Whether you think you can or you can not, you will be correct.
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9Iron
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Re: buying a new van to live in, should i sell my daily driver?

Post by 9Iron »

sailaway wrote: Sat Sep 17, 2022 9:34 am
JD2775 wrote: Sat Sep 17, 2022 9:33 am Completely off topic, but where do people shower who live in a van? I have always wondered
Some vans have showers, some van lifers use public showers or gyms.
Exactly, planet fitness is $25 a month to use any of their gyms, $10 if you are staying in one area…
TinyHouse
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Re: buying a new van to live in, should i sell my daily driver?

Post by TinyHouse »

simplextableau wrote: Fri Sep 16, 2022 6:27 pm Sell the Tesla and the vintage van. If real full self-driving ever comes to fruition, neither Tesla nor any other automaker will be able to maintain a monopoly on it for very long. There is no point trying to hold a depreciating car for years based on speculation about missing out on a feature that won't be perfected for years. You'll be able to buy something then, maybe from Tesla, maybe from someone else.
Agreed.

OP, The name of the game: Simplify. There is happiness in simplicity. If you get property someday where you have a shop or a garage, you can get the Tesla again or whatever you want. Nice work and enjoy the van build!
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alpenglow
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Re: buying a new van to live in, should i sell my daily driver?

Post by alpenglow »

humblecoder wrote: Sat Sep 17, 2022 8:45 am
boglechiq wrote: Fri Sep 16, 2022 6:19 pm so here's the story. i historically live in a van. my net worth currently is 2.8mm which is down from 3.4mm over the past 6 months.

Anybody have any advice on what to do or are seeing something I'm not?

i don't have a regular job and i live off the dividends from the stock i own which is roughly 50k a year. option 3 is I could just get a job to help pay for the Transit.
I am going to give you some tough love. Do whatever makes you happy. Don't stress about what is "responsible".

You have $2.8M. Your expenses are $50K/year. That's a 1.8% withdrawal rate. That tells me you have plenty of assets and the chances of you running out of money at that spend rate are near zero. In fact, it is more likely that you will end up dying with a huge pile of money in the bank.

Unless you have specific legacy obligations, money unspent when you die is life unlived. You don't say exactly how you earned that money, and you are under no obligation to tell us. However, I'm guessing that you worked hard and/or smart to accumulate it so that you could now enjoy the fruits of your labor.

If it brings you enjoyment to own a Tesla, keep it. If you want to get a new Transit van, buy it. Unless there is something that I am missing or some detail you aren't sharing, it will not alter your financial situation one iota.

Dying with the biggest bank account isn't something to be celebrated. It is very sad. It represents missed opportunities to live the life that you really want to. We are only on this planet once, so we might as well enjoy the ride!
This isn't reddit, but you get my "upvote"!
TinyHouse
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Re: buying a new van to live in, should i sell my daily driver?

Post by TinyHouse »

whodidntante wrote: Fri Sep 16, 2022 9:19 pm Perchance, are you a Chris Farley fan?
:sharebeer
Random Poster
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Re: buying a new van to live in, should i sell my daily driver?

Post by Random Poster »

humblecoder wrote: Sat Sep 17, 2022 8:45 am
Dying with the biggest bank account isn't something to be celebrated. It is very sad. It represents missed opportunities to live the life that you really want to. We are only on this planet once, so we might as well enjoy the ride!
I disagree.

It is entirely possible that such a person found enjoyment in their bank account balance and didn’t particularly care for things or experiences (other than the experience of having money in the bank).

As such, they didn’t really miss anything and they lived their life the way they wanted to.

Which isn’t sad at all, but rather something to be celebrated.
Most experiences are better imagined.
fposte
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Re: buying a new van to live in, should i sell my daily driver?

Post by fposte »

tioscrooge wrote: Sat Sep 17, 2022 9:58 am I have a different opinion.

I am sure you had a reason to purchase your Tesla, otherwise you would not have made that purchase.
Someone may claim that reason to be not valid, but that is not true. It was your reason, and it worked for you at the time.

Now what you’re being told is to sell everything. You would be making another impulse decision to sell.

This reminds me of the time when people were selling their SUVs with the gas prices went up a few years ago. You will still need a place to stay, you will still need a driving car.

You thought, that a Tesla and the new van will meet your needs. Nobody here knows better about your day-to-day needs than you.

Stay the course - whatever that means to you.
I'll offer a counter-opinion. The OP is financially very comfortable. If they find it pleasurable or satisfying to cycle through vehicles every couple of years, that's a valid choice as long as the budget can handle it, and the OP's can. If you've got the money, a valid reason to buy a Tesla is "I want to see if I like it enough to keep it longer than a year." The answer can be "No."
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aj76er
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Re: buying a new van to live in, should i sell my daily driver?

Post by aj76er »

Keep both vehicles.

Keep the Tesla parked at your mom’s house and periodically rent it out on Turo if you are worried about the cost.

Then tour the country in your conversion van. When you return to home base (a.k.a. mom’s house), you can use the Tesla.

I wouldn’t worry about the $120k of spend or whatever. It was a one time cost. You won’t need a new vehicle for a long time.
"Buy-and-hold, long-term, all-market-index strategies, implemented at rock-bottom cost, are the surest of all routes to the accumulation of wealth" - John C. Bogle
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Sandtrap
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Re: buying a new van to live in, should i sell my daily driver?

Post by Sandtrap »

boglechiq wrote: Fri Sep 16, 2022 6:19 pm so here's the story. i historically live in a van. my net worth currently is 2.8mm which is down from 3.4mm over the past 6 months.

i currently own a vintage van worth about 30k and
a Tesla Model Y worth about 62k.

in September of 2021 i ordered a new Ford Transit van to replace the vintage van, it costs 65k. however, i was living in a studio at the time and i impulse bought a Tesla Model Y in December.

i had never had a car in the past and i never really had a use for one. but in the past 9 months I've come to really like the Tesla. it has permanent FSD (bought and paid for and enrolled in beta which drives itself from point A to B including all turns).

I'm no longer living in the studio and currently living at my mothers. i don't really want to live at my mothers and thinking it might be better to be back in the van but i can't go back into the vintage van, it has to be the new Ford Transit van but after the recent drop in the market I've been really stressed out.

i don't know what the right thing to do is. i know i have to sell the vintage van and get 30k back. but it is vintage and it will take months to sell.

Due to the drop in the market I can't tell if it is irresponsible to keep the Tesla in addition to the new Ford Transit van. i don't want to own 120+k in vehicles. But at the same time the self driving feature of the car is AMAZING.

I'm really unsure of what to do. in the past I've always had the van that i lived in and never had a smaller "daily driver" car. which makes me anxious to trade the Tesla in. but the price of Full Self Driving keeps going up and if i sell the Tesla I don't know if I'll be priced out in the future.

other things to think about:
i would essentially be parking the Tesla and leaving 62k on the table. I don't have anywhere to charge the Tesla. I'm currently just going to superchargers or commuting to various chargers around the city where my mother lives, but again i don't really want to live with my mother. if i kept the Tesla , it would be for the luxury of having a nice daily driver when I'm in town, and also a bet on the Full Self Driving technology since I've already paid for it.

Anybody have any advice on what to do or are seeing something I'm not?

i don't have a regular job and i live off the dividends from the stock i own which is roughly 50k a year. option 3 is I could just get a job to help pay for the Transit.

i currently only have 30k in cash, which also freaks me out. since if I finance the ford Transit my cash reserves will dwindle down significantly quick
Questions:

1. Why don't you "live in" something like a Roadtrek RV Camper Van. . ?

2. Why don't you "live in" and older Dodge Xpler RV Camper Van fully restored. . .?

j :D
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humblecoder
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Re: buying a new van to live in, should i sell my daily driver?

Post by humblecoder »

Random Poster wrote: Sat Sep 17, 2022 11:44 am
humblecoder wrote: Sat Sep 17, 2022 8:45 am
Dying with the biggest bank account isn't something to be celebrated. It is very sad. It represents missed opportunities to live the life that you really want to. We are only on this planet once, so we might as well enjoy the ride!
I disagree.

It is entirely possible that such a person found enjoyment in their bank account balance and didn’t particularly care for things or experiences (other than the experience of having money in the bank).

As such, they didn’t really miss anything and they lived their life the way they wanted to.

Which isn’t sad at all, but rather something to be celebrated.
I get enjoyment in seeing my bank account balance increase, but mainly because it means I am X days closer to being financially secure when I can't work anymore. It is an ends to a means for me. It isn't the accumulation of money in and of itself that gives me the enjoyment, but what that money means to myself and my family.

Now, it is a fair point that people might get enjoyment out of accumulating money for its own sake. And if there are people like that, you are right that I shouldn't judge them based upon my values. If they are happy, then it really should be none of my concern. Thank you for reminding me of that, and please accept my apologies.

That said, it doesn't sound like the OP is one of those people (but they can correct me if I am wrong). From my reading of the post, they WANT to keep their Tesla and buy a new van, but have a nagging fear that this is going to cause them to run out of money. I am just trying to re-assure them that, based upon the limited details that they shared, that shouldn't be a concern.
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galawdawg
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Re: buying a new van to live in, should i sell my daily driver?

Post by galawdawg »

I thought you purchased a $200k RV last May? viewtopic.php?p=6028077#p6028077
quantAndHold
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Re: buying a new van to live in, should i sell my daily driver?

Post by quantAndHold »

Sell the vintage van and the Tesla, and use the money to get a custom conversion on the Transit. It’s your home. Make it properly livable.
Yes, I’m really that pedantic.
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boglechiq
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Re: buying a new van to live in, should i sell my daily driver?

Post by boglechiq »

galawdawg wrote: Sun Sep 18, 2022 7:11 am I thought you purchased a $200k RV last May? viewtopic.php?p=6028077#p6028077
I didn't end up pulling the trigger
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boglechiq
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Re: buying a new van to live in, should i sell my daily driver?

Post by boglechiq »

I talked to my a close friend and he suggested that I wait 6 months while i have the the Transit before selling the Tesla model Y.

His reason is that 6 months would be ample time to figure out whether i still had a use for the car. And if i still used it a lot then i would still have the car, as opposed to selling it now and then in 6 months realize the ford Transit isn't really for me, i would be car-lesa. In addition the value of the car won't depreciate THAT much in only 6 months time.

furthermore, i think his idea is prudent because my home base is LA, that's where my mother's house is and that's where I put a lot of my stuff. if i end up spending a lot of time in LA then it would be VERY nice to have the Tesla to handle all the traffic driving.

in the meanwhile, i will prep the vintage van to get ready to sale. so i will have 30k in liquidity, and another ~60k in liquidity ready to go or not go with the model y in case shit hits the fan really bad in the market.

i think in addition i will also explore jobs to earn extra income.
Last edited by boglechiq on Sun Sep 18, 2022 6:35 pm, edited 1 time in total.
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cchrissyy
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Re: buying a new van to live in, should i sell my daily driver?

Post by cchrissyy »

i like that plan
comfortable being all stock until age 40, now working towards 60-20-20 us-intl-bond
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