I would sell the car and buy something really cheap. I have a friend who recently bought an old car with 200,00 miles on it, one owner. It had new tires, ac that worked and was in good mechanical condition. He paid $500 for it. As that is only a little more than most monthly car payments, it seems a good deal if you don't mind suffering your pride and driving a junker.
I imagine that car could easily last a few years without major work.

But a vehicle vs no vehicle? I will take the junker.

I thought we could do with one car when we retired, but changed my mind before retirement came for my husband. With one car I would have lost my freedom. We also needed a pick up for hauling his Cushman to meets and I will not drive a pick up.

If it were me, the Mini should go. Unless you're upside down on it, take whatever proceeds and get a good used car. You don't need a clunker, but there are some very good reliable vehicles out there under 5 grand that will last for years.

Go to Autotrader.com and you can see just what is in your area.

We have always made do with one car. We work together and have different days off. We plan things to do on the way to work and on the way home from work so that one or the other of us in not to inconvenienced on our days off but we've never had any problems. We've also been payment free for years and I'm dreading the day we will have to replace our current truck.
Park the car for a month like suggested above and see how you do.

I like the suggestion of parking it for a month. If you sell it and buy a cheaper car, it could cost you more with hidden problems in the long run.

Decide which is more important to you, freedom from financial strains or the freedom to travel. Personally I am fine with having only car in the family. We bought our second car last year with the help of Northwood Mortgages. Before that me and DH used to share one car. But now we are much more stable financially and can afford the mortgage plus maintenance of the car.

We tried it with one car and it worked for awhile, but with his work, my work and our outside activities it did not work. In your case, if you could get by during the week, I see no problem and if you needed two on the weekend, maybe you could rent a car from someplace like Enterprise, which I really like, for a day etc. Getting rid of one and buying a cheap one for a second makes no sense, as it could require more maintenance than keeping the one you already know the history of.
Do you need one every weekend? Could you call a cab?
Sit down and make a list pros and cons on your weekend activities also. Are they all necessary? Do you do anything as a couple?
Good luck
M.

It's hard to come up with pubic transit suggestions without knowing the location. For example, Zipcar is an obvious alternative if it's available in your area. And without knowing the activities, it's difficult to know whether one of you could coordinate, with one person dropping the other off at their activity and meeting up again later. This might include using some public transportation, so that you can meet up at reasonable places and times. (And the obvious thing, which is part marriage advice and part financial, is to find activities you can do together.)

But let's back up and look at the big picture. I'm still stuck at how a three year old car is costing $400/month and a four year old car is costing $600/month. All I can guess is that they're either long term loans (bad idea) or leases (worse idea). Or maybe it's insurance, in which case shop around and see whether you're carrying more insurance than you need.

If they're loans, you need to look at what's left on the loan versus the value of the car today. You may not be saving enough by selling versus waiting till it's paid off. If you're upside down, it could be worse. If you can get money out of it by selling, then first look around for what you could afford to buy, or to what extent you could use

If it's a lease, are there fees for early termination? Where do you stand as far as mileage? I don't know anything about lease assumption services, but they may be worth doing some homework.

If you do decide to buy a used car, you should research how to do so effectively. If you have a trustworthy mechanic, then you can keep the risk manageable.

" If you sell it and buy a cheaper car, it could cost you more with hidden problems in the long run."

Anyone who thinks an older, used car costs as much in maintenance as a new car payment each month is mighty hard on her car.

I paid cash for a four year old Civic in 2006. This year it needed a lot of repairs - but the car is twelve years old. It's driven over ten thousand miles a year. I go for months at a time only buying gas and getting oil changes.

Do you have any mechanic friends? Or ... friends who know a good one?

Often they know where to find a good used car.

And if you look on your own, they'll make some suggestions as to what to look for ... and if you bring one to them to test and they take one look at it and tell you to get out of there with that piece of junk ... pay 'em $10.

Some checking - $20. ... substantial checking - $50.00.

If you pay $200. all told ... and save one trip to the garage after purchase ... you'll be money ahead.

ole joyfuelled ... who hasn't bought a new car in nearly 40 years

If you're both active, I wouldn't become a 1-car couple. I like greg_2010's idea of pretending you only have 1 car for a month. My guy and I are a 1-car couple, but he works out of the house and he's not very active. I take the train 5 days a week to work and do have some weeknight activities. We've done it for going on 7 years now and we get by, but there are scheduling conflicts and times when we each feel stranded - it can put a strain on the relationship. Our current car is 10 years old now and showing its age. We plan to buy another vehicle. The decision is whether to keep the old one or sell it. I don't like the idea of the increased insurance, maintenance and other associated expenses of owning two cars (not to mention we only have a 1-car garage), but having a 2nd car would be easier on us. I'd go with a reliable used car as the 2nd vehicle. but you won't be saving as much as you'd like.

Keep the 2 cars. As one car craps out you got another one to get to work too. Always good to have a back up plan

I know this is an old question, but ditch the Element. He doesn't use it and you might get better resale out of it than than the Mini.