Today, the rate of vehicle ownership is improving tremendously every year.
More Americans are becoming more likely to have two or more cars.
While the reasons for a person owning more than one car varies from one person to another, you probably wonder if it’s worthwhile to own multiple cars.
So, Is It Practical for A Single Person to Own Multiple Cars?
It is not practical to own multiple cars as a single person in most cases. While owning multiple vehicles can have its benefits, the average person will always strain due to the additional costs. Apart from the extra costs that come with owning multiple vehicles, most individuals have no actual reason to own an extra car.
The main reason people purchase a vehicle is that money is not an issue.
If you are financially stable and can comfortably afford it, purchasing a second car is a choice you can make.
However, this will be more practical if one of the cars generates income or you use it as a work car.
Instead of purchasing multiple cars, it’s more sensible to find an ideal vehicle for most of your needs to avoid incurring the cost of an extra vehicle.
You should follow the 1/10 rule when purchasing a car in which you should not spend more than a 10th of your income on a car.
After owning the car, run it for about ten years until it’s no longer cost-effective.
However, if you insist on getting an extra car, the two or more cars should still fit under the tenth buying rule.
Ensure to consider your financial state, desires, and needs before eventually purchasing a second car.
Pros Of Owning Multiple Cars
1. More Cargo Space
Owning multiple vehicles means increased space for your cargo.
You will have your carrying capacity multiplied when you have multiple cars compared to only having a single vehicle.
This is especially useful when you are required to move household items, furniture, or huge quantities of things from one place to another.
More so, if you enjoy road trips, having extra space on multiple cars will be helpful in storing your baggage without occupying your leg space.
This will warrant you to have a more entertaining tour, and all you need is an additional driver.
2. More Convenient
One of the main advantages of owning more than one car is their convenience.
If one of the cars is going through a repair or in use, you can drive the other car.
If you use one car as a couple, you might have different plans at the same time.
An additional vehicle lets you and your partner go to diverse places at the same time accessibly.
Even if public transport and carpooling are possible options, they are not as convenient as using your vehicle.
After your children become adolescents, having an extra car offers additional expediency so they can accessibly drive themselves to school, work, etc.
3. Big Families
If your family comprises more than six people, one car might not have enough space to transport everyone comfortably.
Having more than one car enables you to take trips as a family by splitting into groups, particularly if you are also carrying camping or gaming gear with you.
With big families, the children might also have various commitments, having two vehicles allows you to achieve the responsibilities of your family better.
4. More Durability
By owning multiple vehicles, there is a higher likelihood for all the vehicles to perform better and last longer without worrying about purchasing a replacement vehicle sooner.
5. Driving Economically
Most of the dream cars are designed for practicality.
Most sports cars and luxury cars are high-performance automobiles designed for power, speed, and aesthetics.
If you have a fuel-guzzling car, it is essential to have a more economical vehicle in gas mileage, low carbon emissions, and fuel efficiency.
6. Specialized Work
If you are a farmer, builder, or construction worker, having an extra pickup truck can be great for use in your work.
The vehicle will offer the perfect space to transport and store materials and tools, and they are also capable of towing other trailers or vehicles.
Cons Of Owning Multiple Vehicles
1. Higher Running Costs
Besides the cost of buying multiple vehicles or monthly payments, you will spend more money running numerous cars.
You should also consider other extra costs such as fuel, insurance, parking, maintenance, and repairs.
You have no guarantee that the new vehicle will not break down, so ensure you are financially stable to comfortably afford the annual cost of owning more than one vehicle.
Although car expenditures vary based on the brand and model, the prices are more likely to increase with a second car if you plan to drive it regularly.
2. Parking Or Storage Space
Not everyone has sufficient space at home to keep a single car, never mind several vehicles.
Finding an ideal place to park your vehicles can be challenging.
If you have to park the car on the street or a spot out of the way, it will be hard for you to keep an eye on several vehicles, making them more susceptible to harm or theft.
Some of the apartments have one dedicated car parking space for each resident, and while there might be other spaces available, they are often very costly to rent.
Immediately you drive your new car from your dealer; its value starts to depreciate.
Unless your car is vintage or is only available for a limited time, it will most likely depreciate each passing second until you get rid of the vehicle.
Therefore, if owning multiple cars is not a necessity, a car is an asset that will undoubtedly lose your cash.
Often, luxurious and large cars depreciate quicker due to their running costs and the expenses involved in replacements and repairs.
That’s it! Although there are several benefits of owning multiple cars, this is unnecessary in most cases.
Before getting a second vehicle, you need to consider many factors, with finances playing the most significant role.
Regardless of the number of cars you own, proper maintenance is essential, so you must ensure you can afford it.