Whether or not your household should have more than one car is a decision one might come to when there are life changes like getting married, growing your family, getting a new job, etc. While an extra car automatically means more costs, it could be well worth it depending on your situation. Which decision is right for you? Let’s consider the pros and cons of buying a second car to help you decide if it’s the right decision for you.

Pros of Owning a Second Car

There are a few advantages to owning two or more cars. Which one of these advantages has come to your mind when considering buying a second car?

Flexibility

One, each person in the household can have their own car and can come and go as they please without having to coordinate schedules. This can be especially helpful for families with young children where one parent is home with the kids while the other needs to run errands or get to work.

Personally, my husband and I had competing priorities some weekends. This meant that one of us would stay home to avoid what the other was doing or would just tag along (in my case, dragged along) with the other.

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Different Cars Serve Different Purposes

Two, each car can be used for different purposes. One car might be better suited for long road trips while the other is better on gas for short errands around town. If the car you currently have and want to keep is a gas guzzler that requires a lot of expensive maintenance, you might want another and more practical car for everyday use.

Convenience

Thirdly, buying a second car means that if one car needs repairs or maintenance, you still have a working vehicle to get around in. This comes in handy so that you don’t have to be dependent on Uber or a family member to get around. Especially if your ailing car is in the shop for more than a few days, imagine getting your groceries done or getting kids to school without a backup vehicle.

Location, location, location

Fourth, consider where you live. Where you live can determine your transportation options. If you live in a rural area or far from public transportation, owning two cars can be a necessity.

Will it make you happy?

Fifth, one factor that most people don’t consider is whether or not having another car would make you happier overall. If owning a second car will make your life more convenient or help you get around better, then it’s probably worth considering.

Cons of Owning a Second Car

Of course, even though there are a number of pros, owning two cars also has its disadvantages.

More Associated Costs

One, it is more expensive. You have to pay for two insurance policies, two sets of registration, and inspection fees. An extra car also means extra gas. If you have kids in the house, you might need to buy a second set of car seats or booster seats. All these are extra expenses to consider.

Storing a Second Car

Secondly, owning two cars means that you have to find a place to park both of them. This can be difficult if you live in an urban area where parking is limited or if you have a small driveway.

Weighing Your Options

Owning a second car is not a necessity for everyone but it’s definitely worth considering if you find yourself in any of the situations we’ve mentioned. There are practical AND emotional reasons you may want or need a car.

Create your own list of pros and cons. While we may want something, it may hinder our financial goals. On the flip side, penny-pinching, when you should be spending money, can increase your overall stress.

Are There Alternatives to Buying a Second Car?

If you need a car for your commute to work, there may be low-cost options available to you. You have to first write down how much it would cost to own a second car. Consider the car note, increase in insurance, increase in maintenance and gas. How much would that cost you in a month?

Ridesharing for Your Commute

Depending on how far your job is, an Uber or Lyft to and from work might be less expensive than owning or leasing a car. You can go through the motions of scheduling a ride during your commuting hours to see how much it would cost you in a day. Take that number and multiply it by the number of days you need a ride in a month. Is that more or less than the amount of owning a car? Sometimes there are commuter discounts too for those who use these apps often.

Carpooling

If you have a neighbor or co-worker with a similar commute, could you ride together instead of you getting your own car? Your chipping in for gas is going to be less than car ownership.

Some jobs have commuter programs that you can sign up for where they can match you with others who have a similar commute. Not only can you save money carpooling but you may also make a new friend.

Public Transportation

Buses, light rail, or subways can be low-cost efficient ways to get to work. That of course depends on where you live. As long as these options are accessible to you and your job, they can be a great choice for you. Monthly passes can save you tons of money.

Biking to Work

If you live close enough to your job and you have the stamina, biking can be a great option. Plus it’s great for your health. You can buy one or bike-share with services like Citi-Bike.

There are also e-bikes that you can purchase. E-bikes have a battery-powered motor that gives you a boost of power when pedaling. They are great for commuting because they make it easier to bike up hills or against the wind. You can also buy an e-bike that folds up so you can take it on the bus or train with you.

Creating Balance When Buying a Second Car

If you have taken a look at my financial journey, you’ll find that at one point my two-person household had three cars. All while only one of us was using a car to commute to work. Why? Long story short, our wants were put ahead of our needs and we could afford them. And it worked for us.

However, when we reprioritized our goals as a family, we realized we could be using the money to pay for these car notes to save and invest. We made adjustments and became a one-car household for many years.

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Earlier this year, I bought a second car. My husband wanted to keep his car and I wanted the freedom and convenience of a second car. Because we saved all those years having one car, getting a second car did not throw off our financial goals too much.

But I also picked a practical car that wouldn’t hike our insurance up too much and that was good on gas. This was so it could create as small an effect on our finances as possible.

READ MORE: How to Save Way More Money on Car Insurance

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Should Your Family Have One or Two Cars?

So, should you buy a second car? It really depends on your particular situation. If you can afford the extra costs and have the space to store another car, owning two cars can be very convenient. But if money is tight or parking is an issue, owning a second car might not make sense for you. Weigh the pros and cons of owning a second car before making your decision.

Also, consider the fact that no decision is permanent. You can also reevaluate your situation and change it if necessary. Don’t stress too much. It’s not good for your health.