Many people nowadays consider owning a car a necessity, especially for large families with small children. However, when it comes to adding a second vehicle to the garage, the factors that influence that decision vary depending on the person, location, employment status, and other aspects. There is a set of factors to consider before purchasing another vehicle. After all, it’s an expensive decision, and you don’t want to experience car buyer’s remorse right away.
In this article, we will discuss the benefits (less wear and tear on both cars, longevity, enjoyment, added convenience, and so on) and drawbacks (unaffordability, double maintenance costs, fuel, depreciation, and so on) of purchasing a second car, as well as situations in which you can benefit from it. Continue reading to make an informed decision.
Benefits of Owning a Second Car
You’ll Experience Less Wear and Tear on Your Both Vehicles
Let’s face it – vehicles are expensive. If you’re like most people, your car is one of the most expensive pieces of technology you own. That’s why it’s important to take car maintenance seriously and protect your investment as much as possible – for example, by improving your garage. Click here and check all garage door services in your area and consult the specialists before bringing a new car into your old garage.
By adding a second car to the garage, you’ll be able to split the mileage between two vehicles. This will give both cars more regular maintenance, which will increase their longevity and reduce chances of major repair costs down the line.
You’ll Have More Convenience
If you live in a large family, having a second vehicle can be very useful. With two cars, you’ll have more flexibility when it comes to traveling with everyone. If you have a big family, it’s also easier to transport the kids to school or daycare with two cars. You can even hire a driver for a second car to drive your kids somewhere if your schedule is too busy.
You’ll Have More Fun Driving Your Car
There’s no denying that some people love their cars. Some would even say that they feel incomplete without their vehicle. If you’re one of those people, then you probably wouldn’t mind having a second one – especially if the first one is aging and needs constant maintenance. Of course, this is not something everyone will experience, but if you really love driving, having a backup car could make you feel better about spending time in the driver’s seat.
You’ll Be More Flexible
Having two cars gives you more flexibility when it comes to traveling. If you have a sports car, for example, you might use it for going on road trips with friends or going out on a Friday night because you can get around better with it.
If you have an old SUV that is more reliable and doesn’t need a lot of maintenance, then you can use it to go grocery shopping or other errands that require a lot of cargo space. In other words, having two cars lets you enjoy both comfort and convenience at any given time.
Drawbacks to Owning a Second Car
You’ll Experience Double Maintenance Costs
While it’s true that owning two cars will help keep both running smoothly, this comes with an added cost because it will require double the maintenance and repairs compared to just one car.
Of course, this depends on how well your primary vehicle is maintained. If your primary vehicle’s maintenance costs are already high and it requires constant repairs, then adding another one could double the costs down the line. Therefore, consider your primary vehicle’s condition before making this decision so that you can estimate how much money you’ll spend on maintenance in future years.
It Could Increase Fuel Costs Considerably
If there’s no public transportation available in your area, then adding an extra vehicle to the garage will cause your fuel expenses to skyrocket – especially when gas prices are increasing rapidly nationwide due to geopolitical factors or natural disasters.
Of course, this depends on where you live and how far apart your work and home are located. If you live in an urban area where public transportation is available or companies are offering employee discounts for rideshare apps like Uber or Lyft, then owning two cars may not be worth it during certain periods of time – especially if gas prices are high.
You’ll Experience Double Depreciation Costs
To put it simply, depreciation is the loss of value of your vehicle over time. It’s usually expressed as a percentage of the vehicle’s resale price. The second you drive the car off the lot, its value decreases by almost 20 percent. This means that if you spend $30,000 on your vehicle, it will only be worth $25,000 at the end of the first year.
Needless to say, this can add up quickly if you drive a lot. If you have a second vehicle, then you’ll experience double depreciation costs because you’ll also need to pay off two vehicles instead of one. This means that you’ll lose more money on selling the cars in the long run.
It Could Increase Your Insurance Costs Significantly
In addition to experiencing double depreciation costs, you’ll also experience double insurance costs since you’ll now have two vehicles instead of one. Of course, this depends on your current insurance policy and whether both vehicles are used for commuting or one is used primarily for commuting and the other at home.
However, if both vehicles are used for commuting, then purchasing a second one could increase your insurance bill by hundreds or even thousands of dollars each year.
In summary, there are many reasons to buy a second car, but you should consider selling your vehicle and always take into account the cost of doing so. Many people already own two vehicles, but that doesn’t mean that it’s right for you. In fact, owning a second car is an expensive decision that could end up costing you a lot of money in the long run.
However, if it’s something you really want to do, then make sure you consider the benefits and drawbacks before making a final decision and choosing the option that’s best for you.