I'll do you one better: I have full insurance coverage for the vehicle and it's 5% of its residual value annually, but I still intend to keep it. The reason is

I'll do you one better: I have full insurance coverage for the vehicle and it's 5% of its residual value annually, but I still intend to keep it. The reason is that it's an incredibly useful tool - especially for a family with small children - and I can't rely on renting services during bursts of demand like during the holidays. Also I picked a vehicle that was way less expensive than what I could afford at the time, not to mention now that my financial situation is better. Our household saves 40% of its income after taxes, but we don't choose everything (or anything really) with just financial efficiency in mind, because to me personally such a life would be quite hellish.