Should I buy a second car?

[mickeyd]

After many years of having a "he" car and a "she" car, I sold the 15 YO Corolla to a friend that needed a first car more than we needed a second car. Since neither DW or I w**k any more, I wanted to see if we could live life with only one mode of transportation (2005 Camry). After a couple of months of roughing it with only one car, we are doing OK, but I still miss having the second car that we only drove for about 1K miles annually.

That said, I am considering buying a new Corolla ($18K?) as a second auto. I have the cash in savings (getting 0.40% yield) and think that six years between new cars is about right. DW can live with it either way, but I think she really would like a #2.

Your thoughts? Go/nogo?

 

[kumquat]

If it's money you can afford to spend, spent it anyway you like.

 

[Midpack]

I am hoping we'll eventually drop to one car. Would be nice to save on purchase price, insurance, maintain costs (some), etc. But my 89 yo parents still insist on two cars even though Mom drives about 2K/yr. Good luck with your decision...

 

[W2R]

It's nice to have two cars for those times when your car is in the shop, or when one of you has a doctor appointment and the other would rather sleep in that morning.

I do agree that most married retirees do not need two cars, but another consideration is the fact that you can't take your money with you when you pass on.

 

[MasterBlaster]

It's OK With Me

If you want a new car and can afford it... Then it's OK with me.

I would suggest though, rather than a new car why not a good used car.

That new car smell can be very costly.

 

[73ss454]

Hey, if you have the money and want the car, well, go and get it. Why not, we are not getting any younger.

 

[tjon72]

I agree, why not get another car, but I also would recommend a late model used. There are lots of 'good deals' out there .........

 

[samclem]

Your thoughts? Go/nogo?

Though we don't drive either one very much, having two cars is pretty useful (and not very costly) for us. We don't have to coordinate with each other to see who might need "the" car (immediately or when booking appointments, etc), and we've got a car if one is in the shop. In fact, with just the two of us, we'll probably have three cars soon--DW's car is getting less reliable (and I think she just wants something newer than her '95 minivan), but I"ll probably keep it as a vehicle we can use to pull our small trailer, haul junk with, etc. I wouldn't get much money for it if I sold it anyway, and insurance and registration is very cheap for an old beater.
If you're not gonna drive it much, maybe consider the utility of a bigger used car. They can be cheap and handy.

 

[rescueme]

We've had three cars at the same time, for the last 9 years.

I retired a bit over four years ago (DW still employed).

We still have three cars ...

If you can afford it, why not get it? It will make your life easier (rather than just one car). Remember, you won't live forever, and money is for the living - not the dead...

 

[LightningDawg]

autotrader.com

The past six cars I bought were found on autotrader.com. I buy certified used cars, 2-4 years old and get good deals. I search within a 6 hours radius of my hometown.

I bought a nice used chevy colorado for my son in gadsden, al and drove there one saturday evening, spent the night, got up in the am and met the salesman on a sunday morning. I traded in my truck with 150,000 miles for the chevy with 20,000 miles and drove it home. All negotiating was done by email ahead of time. In and out in 45 minutes.

It works for me.

 

[Rustic23]

We have one car. Have only had one car the five years we have been retired. We live 35 miles from the nearest town, and 15 miles from the nearest small grocery store. There are times I wish I had a pickup truck, however, Lowes and HD will deliver for $85. We only need that once or twice a year so it is cheaper to use them. Both DW and I have Honda scooters, and a golf cart for getting around the neighborhood if the car is out. Having said that, I would like a sports car. However, my practical side won't give into it.

 

[ziggy29]

If you want a new car and can afford it... Then it's OK with me.

I would suggest though, rather than a new car why not a good used car.

That new car smell can be very costly.

Looks like the OP has his eye on a Toyota. Have you seen the depreciation curve on Hondas and Toyotas lately? If you still think it's "lose 20% driving it off the lot" or "lose 40% of value in 2 years," you may be surprised.

This "buy almost new and let someone else eat all the depreciation" isn't **nearly** as true as it used to be, particularly for Hondas and Toyotas. This strategy is largely a victim of its own success as it drove up the demand for 1-2 year old vehicles to the point where, for some makes and models, the depreciation is almost linear. And when the manufacturers (or the gummint) are offering significant incentives to buy new cars, sometimes a new car is a better buy straight up.

Frankly this is an old tip that needs to be revised, because it's often simply not true any more, at least for some makes. Plus in that case, you get the full warranty and you don't have to wonder how the previous owner drove and maintained it.

 

[RunningBum]

A friend of mine owns one car that his wife usually drives, and he walks to work. If he needs a car for something, he rents one. I don't know if he uses ZipCar, or Rent-A-Wreck or one of the more traditional renters. I'm guessing he rents 1-3 times per month and comes out ahead with no additional insurance and upkeep, and he probably has one within walking distance. If it's convenient to you, that might be the way to go. Otherwise, it sounds like you miss having one, so I'd buy one. <updated to remove used car suggestion after reading and agreeing with Ziggy>

 

[rescueme]

I would like a sports car. However, my practical side won't give into it.

So did I, but I gave in (with no regrets) ...

 

[Walt34]

If you have the money then go for it. We intend to keep two vehicles for as long as both are driving. It's nice to not have to coordinate use of one vehicle and for us the extra cost is worth it.

I also use a motorcycle for "running around" stuff weather and load permitting. I can justify/rationalize that on the grounds that it seems silly to take a 5,000 lb pickup truck to get a prescription or similar small item. And besides, it's more fun.

 

[Sarah in SC]

Yeah, I think go for it. We have 2 cars, 2 trucks, a minibike, and a motorhome. So maybe you shouldn't take advice from us, come to think of it.

 

[Rustic23]

Rescume:
This thread is worthless without pictures.

 

[TromboneAl]

...and a mototaxi soon.

I'd love to have only one car. This is low hanging fruit for saving money. But we often need the truck for firewood, etc.

But I have a solution for you: Try it with one car only for 6 months or so. You will soon know if it works for you. Don't forget to calculate your savings and enjoy your new, larger garage.

 

[rescueme]

Rescume:
This thread is worthless without pictures.

OK ...

BTW, purchased new in '02, currently 18K on the odometer, and it's my "sunday" car - IOW, if the sun is not shining, it dosen't come out of the garage...

 

[Texas Proud]

OK ...

BTW, purchased new in '02, currently 18K on the odometer, and it's my "sunday" car - IOW, if the sun is not shining, it dosen't come out of the garage...

Nice car.... I put in a bid on a 97 Lingenfleter Corvette that had 600 HP at the wheel... I was the high bidder, but did not reach the reserve... he wanted $28K and I did not want to go that high....

OH WELL, I will wait a little while before getting my sports car... But I did have a Formula 350 for over 10 years prior to getting married ..

 

[Texas Proud]

To OP...

Like another, I have 3 vehicles... both my wife and I have a car and we have an Explorer for when we take out mom or someone else.... or go on a road trip... that extra room is needed for all the junk my wife brings...

 

[rescueme]

that extra room is needed for all the junk my wife brings...

Ah - don't refer to yourself as "junk" ...

 

[freebird5825]

Yeah, I think go for it. We have 2 cars, 2 trucks, a minibike, and a motorhome. So maybe you shouldn't take advice from us, come to think of it.

2 cars, 1 Jeep GC, 1 midlife crisis Mustang convertible.

I was going to sell my 92 Accord for what I could get for it, but we decided it would be the local runabout car (best mpg of the fleet) so we could minimize running up the odometer on the other two vehicles. Cost to own/operate is less than $500 per year, plus gas.

Jeep is the winter car for both drivers to use as needed for lake effect forecasts and for transporting large items and dogs.
Mustang is for sheer fun, in fair weather only.
Impala is for long distance runs.

I cannot imagine Mr B and I trying to get by with only 1 vehicle.

 

[Glo]

Here's our experience: we sold all our vehicles when we retired 5 years ago. We bought a gently used cowboy cadalliac and have been using it ever since. Gas mileage is not great but we can live with it. Its nice to have only one vehicle to maintain and pay insurance. If we have major repairs, the Toyota dealership gives us a loner car. When DH and I have separate events, its never been a problem. DH goes out of town twice a year for drag races; I enjoy my time alone. Before we retired, i had a special edition Miata and a Lincoln town car; DH had a Toyota 4-runner.

 

[MasterBlaster]

We bought a gently used cowboy cadalliac and have been using it ever since.

Cowboy Cadillac ?

Something with bull-horns on the front or what ?