If you’re considering buying a second car there are several pros and cons that go hand-in-hand with this situation. You should give some thought to all of them before you make your decision. So when it comes to should I buy a second car, the answer is going to depend on you.
Should I Buy a Second Car
There is no clear answer to this question.
It depends on the situation of an individual automobile owner.
However, some general rules can help make the decision of whether to buy a second car or not.
If a family is growing and you need flexibility in your transportation options.
Before we get into the downsides of a second car, let’s look at the benefits.
Pros of Buying a Second Car
There are many benefits that come with owning a second car, here are some of the best.
1. Having a backup in the event your only vehicle breaks down and is unable to be driven.
This provides peace of mind knowing that you can still drive your family to their destination.
Also, if the primary car is under warranty then a secondary car will usually cover you for rental during this time.
Even a newer model car needs maintenance and having a second car certainly makes it easier to deal with leaving your car at the dealership for the day to be serviced.
If you are unfortunate enough to have an accident, then your car could be at the shop for weeks. Or at least it might seem like it is that long.
Either way, you can shuffle around some things, and with a second car still make sure everyone gets to work and school and other activities when they need to.
2. For those with a job that requires travel, they have more options for getting to work, even if it’s just an emergency situation.
Traveling for work is one of the best reasons to have a second car.
You can be out of town and your family will still have transportation.
3. Having a second car will appeal to those who enjoy driving and want to have a new car as a toy.
Maybe you just want to purchase a sporty car to drive on the weekend. That can be a lot of fun.
Years ago I used to have an MGB. It was cherry red and in mint condition.
I lived in Seattle, Washington at the time, and I would take it on trips to Portland, Oregon where my sister lived, and other shorter destinations.
It was a great deal of fun, but I didn’t use it for everyday driving.
Heck, it only had 69,000 miles on it and I bought it from its original owner, a friend of the family, so that little beauty wasn’t going to be seeing too much road time.
4. A second vehicle provides the opportunity to use it as an additional source of income.
People can rent out their car, or they can get more use out of their vehicle by offering rides for pay.
It’s true. There are services you can use that will rent your car out when you aren’t using it.
Depending on the purchase price of the second car, you might get it paid off quickly using this method. You could also make some cash.
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5. Second cars can be used to get you out of a tight spot.
If you are in a situation when time is important and public transportation is not an option, then having your own vehicle is essential.
Let’s face it, having your own car and even a second car is super convenient.
You will always be able to get to where you want to go without any issues.
6. If the buyer decides to turn around and sell the second car, they can make a profit based on the amount of depreciation that has occurred since they purchased the vehicle.
If you paid the right price for the car, it is possible that the depreciation won’t eat up all the value of the car. You could then sell it and make a few bucks.
Cons of Buying a Second Car
Second cars are not always beneficial to automobile owners.
There are also several disadvantages that come with owning a second vehicle which include:
1. Expenses add up over time and eventually end up costing too much money.
You may find yourself spending money on repairs for your vehicles that go unused often.
You’ll be paying insurance on two cars instead of one.
Depending on where you live, such as in South Carolina, you may have to pay property tax each year on both of your cars.
That can really add up.
2. You’ll double the maintenance costs.
Even if you don’t drive your second car much, you still need to maintain it. That means oil changes, tires, brakes, and more.
3. Sometimes when cars are parked at home they can be broken into and vandalized.
You will end up paying a hefty deductible on your insurance if something like this occurs, which makes having a second car a waste of money.
There is a risk of theft or damage when owning a car.
When you own two, the risk is doubled.
4. The insurance premiums for two cars will be higher than one car, so it’s important to understand these costs before making the decision to purchase another vehicle.
Double the fun, double the cost.
5. If you live in a complex with limited parking, you may have to park your second car on the street.
Or you may have to pay additional fees to park your second car.
Neither are great options.
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To Sum it All Up:
Secondary car owners are subject to many financial expenses. The ownership of a second vehicle can increase the insurance, gas, maintenance, and repair costs tremendously. Although a second car may seem like a luxury at first, it could end up causing monetary problems in the future.