I think if you'll find if you add the storage fees, the insurance, and maintenance costs on keeping the van, you'd be better off just getting the new car and using rentals for tasks you foresee needing the van. Cars also don't really deal well with sitting unused unless stored properly. Especially ones with lots of age and mileage. Nothing would be worse then the van not working when you really needed. Especially as most big box hardware stores have dirt cheap rates for the first hour or so.

 

Do you want to buy a sports car?
Or, a high powered sedan?

 

I am 53 married with two kids (22 and 19). I have an old minivan (10 years, 126k miles) that I use as my daily driver. I need the minivan to haul people or stuff about 2 times a month. When I need the van, I really need the van. I would like to buy another car as my daily driver and rent a carport in a storage facility that is adjacent to my neighborhood to store the van when I don’t need it.
I make 140K a year. My wife and I have no debt other than a 1800/month mortgage. I have about 550k in my retirement accounts and about 65k in CDs and savings account. My kids have have college funds that will enable them to finish school with no debt as well. (Older one starts grad school in the fall and younger one lives at home and is half finished with undergraduate.).
I’d like to buy a car that is around 20k. I’d use cash. I would not be opposed to getting a new(er) van, but what I use the van for tends to tear it up somewhat. It does not make sense to me to buy a 40-50k car just to beat up, so the old van is perfect, but I long for something a bit more fun to drive. Is this dumb?

I'm the same age, in the same boat as you. We bought a 2015 minivan out of necessity, but against both of our wishes. We had 5 people, car seats, and a giant 200 pound dog we had to haul around. The dog was put down a few days ago so we are in the market for a new car. My wife hardly drives but wants a Bronco. It's a little pricey the one she wants but after much thought, I'm good with it. My thinking was you only live once and you're not going to regret getting a car you want, but you might regret NOT getting it. It's either that, or more money saved up when you're dead. We are in a little different position as we have a large trust to retire on so you'll need to factor retirement in.

 

My wife hardly drives but wants a Bronco.

Before you buy a Bronco (new or used) do some online research. It won't take long to discover they aren't NOT well made and have severe reliability problems. Then look at recalls for this vehicle, it will surprise you!

 

I never buy a new car. Drop back and buy one 2-3 years old with low miles. Let someone else pay the wasteful depreciation.

 

I am 53 married ...... old minivan (10 years, 126k miles) that I use as my daily driver. I need the minivan to haul people or stuff about 2 times a month. When I need the van, I really need the van. I would like to buy another car .... rent a carport in a storage facility......I make 140K a year.

I have about 550k in my retirement accounts and about 65k in CDs and savings account.

I’d like to buy a car that is around 20k.

.....It does not make sense to me to buy a 40-50k car just to beat up, so the old van is perfect, but I long for something a bit more fun to drive. Is this dumb?

A few thoughts. First at 55 you should increase your savings for retirement, now that your kids are mostly out of the house.
By that I mean, now is not the time for you getting something fun (or expensive) to drive. Yes, a $20K car is not a mid-life crisis sports car.

You obviously know how to hold onto and extend the life of your everyday ride. Good for you.

If it were me, I would put off buying a new car for a couple more years or until the demand for vehicles collapses (or your van dies) and put the money into you 401 K's. Think of it as waiting for a better time to purchase in a cyclic vehicle price market. Right now with tariff fears almost all car dealers are increasing sticker prices.

 

Figure out what you are paying in insurance, repairs, storage, etc on that older van and just rent whatever type of vehicle you want when you need it. If you call your local enterprise or Dollar they will likely give you a discount.

The worst thing to do for most cars is let then sit around like you are proposing. The rodents will take up residence and everything turns to ****.

Buy the 20k car and rent the other one when you need it, I did this with a pickup truck I used the same way you are and it's the best decision I ever made. Winds up I didn't even need it as much as I thought.

 

The worst thing to do for most cars is let then sit around like you are proposing. The rodents will take up residence and everything turns to ****.

^^^This! I have seen rats chew up wiring harness in a week’s time out in the boondocks.

Just my opinion, but would drive the van you own until cost to repair something is more than it is worth. Most vehicles will go 200k before then

 

I have a 12 yo Honda Accord and a newer sports car that I use as a daily driver. Before my divorce, I only used the Honda once or twice a month, and that caused issues. The battery would have to be replaced pretty regularly, and sitting uncovered outside caused all sorts of issues (chipmunks making nests in the engine bay and chewing wires, hail damage, sunroof drains getting clogged, flat spotting tires, etc.).

On the flip side, having two cars has been very convenient in many situations, and my fun car is just that…a lot of fun.

I’d say that as long as the covered parking spot is less than $50 a month and as long as the $20k doesn’t hurt your retirement goals significantly, go for it.

 

I told you, you need a Buick. Or a wagon. Or both.

 

I am 53 married with two kids (22 and 19). I have an old minivan (10 years, 126k miles) that I use as my daily driver. I need the minivan to haul people or stuff about 2 times a month. When I need the van, I really need the van. I would like to buy another car as my daily driver and rent a carport in a storage facility that is adjacent to my neighborhood to store the van when I don’t need it.
I make 140K a year. My wife and I have no debt other than a 1800/month mortgage. I have about 550k in my retirement accounts and about 65k in CDs and savings account. My kids have have college funds that will enable them to finish school with no debt as well. (Older one starts grad school in the fall and younger one lives at home and is half finished with undergraduate.).
I’d like to buy a car that is around 20k. I’d use cash. I would not be opposed to getting a new(er) van, but what I use the van for tends to tear it up somewhat. It does not make sense to me to buy a 40-50k car just to beat up, so the old van is perfect, but I long for something a bit more fun to drive. Is this dumb?

Go for it.
As you describe your status, your desire is not overly extravagant.

 

OP, what car/vehicle you have in mind?
I recommend starting with a wagon form, since you are a bit utilitarian in thinking.

You can also:
repurpose you existing van, since why not:
-replace with better seats, because your back will thank you
-add better audio
-replace /re-new suspension and tires: aggressive or just quiet, comfortable riding
-play a bit with the engine/add a turbo. I don't know which van you have, but are some examples on youtube on 300+ to even 1,000 HP.
-Added benefit, it's the perfect "sleeper" : unless you have a photo, NO ONE will believe you just left some skid marks, with your tires still smoking.