Buying a Second Car

TheBusyBrain via flickrAs winter season approaches (or is already here) and I make the morning commute on the train, I can’t help but think about buying a second car. I am definitely a frugal person (mainly because I make less than some of the high paying jobs without a college degree), but I just can’t help thinking about the luxury of driving to work when it is 20 degrees outside. In fact, as I was walking to work while it was 28 degrees outside, I could see people in their warm cars, some even sipping hot coffee. Little did they know I was secretly wishing they would give me a ride (as I am sure many of them also work at my employer). We already have one reliable car and it’s not everyday that you can find great deals for new cars, so it is always a struggle when I think about buying a second one.

Why I am Tempted to Buy a New Car

My wife and I currently function with one car. It isn’t that hard to get around in the northeast without a second car. There are plenty of options with public transportation where I live and we don’t like driving that much anyway because of all the traffic. I also work close enough to the train, so it is manageable.

Having all of this available doesn’t make it easy, by any means. My work is close enough to the train station, but it is still 3/4 of a mile walk after I get off the train. People in the northeast (from my experience) typically walk more than others and I can easily manage this walk in the winter with the proper clothing, but it doesn’t mean that I want to. There is a huge difference between getting by and enjoying it.

Why I Probably Won’t Buy a Second Car

While it is tempting to look for a second car, the financial benefits of not having a car outweigh the luxury for me. I absolutely love having financial freedom and don’t like the idea of committing too much money to items that depreciate.  I think it is also cool to  consider what this savings allows me to do. As my wife frequently reminds me, it allows us to travel. We love traveling! My wife currently has the travel bug and has begun to plan our yearly anniversary trip. I am almost to the point of giving her a budget to work with. By sacrificing the second car, we are able to enjoy a nice vacation without feeling like we spend too much money. Successfully managing your finances is all about setting your priorities. Then again, one day I will get a second car… just not yet.

Readers, where do you make sacrifices so that you splurge?

12 Responses to Buying a Second Car

  1. Jonathan says:

    I think our biggest sacrifice right now is putting so much toward the mortgage. It’s our hope to be mortgage free within 4 years, and can’t imagine what we’ll do after that! I think once the passive income starts rolling in and we are able to quit our jobs, we’ll travel a lot.

  2. We share one car and it works pretty well for us. I drive to work a lot more often this winter though. We need to drop off baby RB40 at the daycare and it’s way too cold in the morning (20s) to wait for the streetcar. When the weather warms up, I’ll take public transport more again.

  3. YFS says:

    I made sacrifices in two areas so I can splurge. Mortgage and Cars. By keeping these expenses low we increase our standard of living substantially. I say get a 2nd car as long as it works in your overall game plan. If it doesn’t you have to find where you will make cuts.

    • Corey says:

      That’s a great way to approach it. Sacrifice for what you really want. Yes, I will see over the next couple years. I imagine that we will get a second car eventually. If I can put it off just a few more years, I imagine we will see the benefits.

  4. My wife and I just bought our second vehicle (we went with one for the last 2.5 years) because she got a job, which requires travel once in a while. The additional cost doesn’t seem so bad because of the extra paycheck. Perhaps you could make this goal for yourself? If you hit the 30k challenge, then allow yourself to buy a second car (for cash of course). I think that would be awesome!!

  5. You sure can save a lot by limiting the number of cars you have or just not owning cars. But, cars are our necessity and we need them depending on our situations. If you can afford extra car, then there is nothing wrong with buying one. Consider used car also from carmax and don’t forget to factor in auto insurance and additional gas spending. You could also consider saving up for the new car now…

  6. Would a 2nd car not put a dent in your goal to retire at that super early age you strive for?
    Fuel, maintenance, insurance and the cost of the beast … ?

  7. Our spending priorities changed as our family grew and so will yours. With both of us working and kids with busy after-school schedules, we felt having 2 cars was a must.

  8. I make sacrifices on car, I temped to buy a new car however when I ran my calculator. If I am delay my purchase I could save somewhere between 300-500 dollar per month. That is a lot of money if put to correct use like investment and such. The money I saved up and put it on investment well reward me handsomely in a couple of year. Hopefully the income from this investment alone can pay my car payments in a couple of year so in the end I would still gonna have my new car if I really wanted and a nice income producing portfolio.

  9. […] to work, especially in the winter. If you were a reader of my blog way back when, you will remember my pity party when I had to walk 1 mile to and from work in sub-freezing temperatures – WORST THING EVER! […]

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