After browsing through here, and crunching the numbers, my wife and I decided we would sell my car. Since we live in a rural area where many comforts we are used to having in an urban area are not available and we have a 14 month old, we do need to hang onto one car.
The immediate effects are that it will save us at least $200 a month in just insurance and fuel. I thought I'd be sad to see it go, since I've owned a car since I was 17, but I really felt an overwhelming sense of relief! I should've done this year ago!
Thanks for the inspiration everyone.