As 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, 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?
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.
You also have to fight the rain more often than I do. 🙂 I know the NW all too well.
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.
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.
That’s a good idea Derek. Although, I think there are a few things I value more. Maybe in a couple years. 🙂
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…
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 … ?
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.