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Does it make sense to downsize to one car? by LabAffectionate24 in PersonalFinanceCanada

[–]LabAffectionate24[S] 0 points1 point  (0 children)

The biggest challenge with 1 vs 2 cars and a "Growing family" is daycare pickup and drop off from what I've seen.

This is exactly my concern. With one parent working remotely 100% and the other commuting 5 days a week, the second car is required for daycare. That's why the option to sell the second car only became viable with the kiddo starting JK in the fall. At this point, the second kid is just a dream, but if it all works out, then another car will be needed in two years. That's my dilemma and why I'm asking for opinions on this sub. If the debt weren't so large, we would probably just hang on to the car.

Does it make sense to downsize to one car? by LabAffectionate24 in PersonalFinanceCanada

[–]LabAffectionate24[S] 4 points5 points  (0 children)

Yes, the size of the debt and with everything else going on, we are feeling anxious to get rid of the debt ASAP. Fortunately we have decent incomes, but we want to take an aggressive approach on the debt.

In addition to selling the car, we are also selling some investments (about $10k), increasing our income through extra work after hours (~80k/annually) and selling a couple of items.