Comments on: Is having an extra car worth it? http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/ Personal finance, commentary, and spending less the easy way Fri, 19 Mar 2010 14:24:44 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: Mark http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-50563 Mark Fri, 11 May 2007 04:13:12 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-50563 My wife and I also have three vehicles. They are all high mileage vehicles and are all paid off. 92 Isuzu Pickup truck - 175k miles 97 Maxima 140k miles 95 Camry V6 - 169k miles The Isuzu is only worth about $1000 so we have dropped full coverage on it. The other two have full coverage, but $1000 deductibles. There are times when the pickup comes in handy for hauling large items, towing bulldozers, moving furniture, picking up a pallet of sod, etc.. The list goes on. In addition, if one of the other vehicles breaks down, I can park it in the garage and take my time fixing it. If we only had two vehicles, it would be a hassle to take it to the repair shop. I would keep the third vehicle as long as it isn't costing a lot in maintenance. Just make sure you drive it every once in a while. Old cars or trucks that sit in the driveway eventually start to have problems unless they are driven every once in a while. If you have another large repair with the van or Achieva, I would sell it and buy an older model Toyota or Honda that are have less maintenance problems as they age. My wife and I also have three vehicles. They are all high mileage vehicles and are all paid off.
92 Isuzu Pickup truck – 175k miles
97 Maxima 140k miles
95 Camry V6 – 169k miles

The Isuzu is only worth about $1000 so we have dropped full coverage on it. The other two have full coverage, but $1000 deductibles.

There are times when the pickup comes in handy for hauling large items, towing bulldozers, moving furniture, picking up a pallet of sod, etc.. The list goes on. In addition, if one of the other vehicles breaks down, I can park it in the garage and take my time fixing it. If we only had two vehicles, it would be a hassle to take it to the repair shop.

I would keep the third vehicle as long as it isn’t costing a lot in maintenance. Just make sure you drive it every once in a while. Old cars or trucks that sit in the driveway eventually start to have problems unless they are driven every once in a while.

If you have another large repair with the van or Achieva, I would sell it and buy an older model Toyota or Honda that are have less maintenance problems as they age.

]]> By: Brett McKay http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-50502 Brett McKay Thu, 10 May 2007 20:58:15 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-50502 My wife and I only have one car. I don't know how we could pull off having another. We're barely getting by with just the one. Sharing a car not only has helped us save money, but it has also given us time to talk to each other as my wife drives me to and from school. So, it's been a boon to our relationship. My wife and I only have one car. I don’t know how we could pull off having another. We’re barely getting by with just the one. Sharing a car not only has helped us save money, but it has also given us time to talk to each other as my wife drives me to and from school. So, it’s been a boon to our relationship.

]]> By: mbhunter http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-50211 mbhunter Wed, 09 May 2007 01:58:51 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-50211 Thanks for the comments! More people than I thought would keep the extra car. I do agree that the car is an added expense that has to be justified. I think I'd have a tough time convincing the insurance company that my beater is a pleasure vehicle, though. Anitra: That's quite a step. That would really be tough for us given our driving habits and schedules, but it can be a big money-saver if you can work it out. VirginiaGal: Ahhhh ... you were in that little episode. BTW the mini-van is Kate, my new car is Cori, the Achieva is Will, and our other vehicles (no longer with us) were my Accord, Art, and our Nissan Quest, Bob. And a comment from my wife :P Thanks for the comments!

More people than I thought would keep the extra car. I do agree that the car is an added expense that has to be justified. I think I’d have a tough time convincing the insurance company that my beater is a pleasure vehicle, though.

Anitra: That’s quite a step. That would really be tough for us given our driving habits and schedules, but it can be a big money-saver if you can work it out.

VirginiaGal: Ahhhh … you were in that little episode. BTW the mini-van is Kate, my new car is Cori, the Achieva is Will, and our other vehicles (no longer with us) were my Accord, Art, and our Nissan Quest, Bob. And a comment from my wife :P

]]> By: VirginiaGal http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-49979 VirginiaGal Mon, 07 May 2007 16:55:26 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-49979 Based on your wife's driving history, maybe she should be driving a tank (ask her about the left turn out of the parking lot in Francis) instead of a mini-van. ;) Based on your wife’s driving history, maybe she should be driving a tank (ask her about the left turn out of the parking lot in Francis) instead of a mini-van. ;)

]]> By: Anitra http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-49970 Anitra Mon, 07 May 2007 15:46:35 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-49970 It's funny, my husband and I were just discussing a movement in the opposite direction - that when our second car dies, we might not replace it. We've been carpooling to work most days, and while it's more convenient to have 2 cars, it might be worth the extra hassle to bring our costs down further. I am concerned about what we would do if the car needed repairs, however. It’s funny, my husband and I were just discussing a movement in the opposite direction – that when our second car dies, we might not replace it. We’ve been carpooling to work most days, and while it’s more convenient to have 2 cars, it might be worth the extra hassle to bring our costs down further. I am concerned about what we would do if the car needed repairs, however.

]]> By: Alison http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-49954 Alison Mon, 07 May 2007 12:41:10 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-49954 Good question. We have an extra vehicle too, and keep changing our minds about what to do about it. One of our three is "newer" ('02), while the other two cars are old ('93 and '94). Having a spare comes in handy, but we keep thinking we should get rid of one of the older pair. The problems is that each has its plusses and problems, so it's not clear which one should go... And so we don't do anything :-) Good question. We have an extra vehicle too, and keep changing our minds about what to do about it. One of our three is “newer” (’02), while the other two cars are old (’93 and ‘94). Having a spare comes in handy, but we keep thinking we should get rid of one of the older pair. The problems is that each has its plusses and problems, so it’s not clear which one should go… And so we don’t do anything :-)

]]> By: Chris http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-49784 Chris Sun, 06 May 2007 15:33:48 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-49784 For me it is worth it. I commute by motorcycle and my wife and I have 2 other vehicles. But when one of our vehicles breaks down we have the spare; no worries about getting a rental, and I can keep the broken vehicle in the garage for a week while I look for cheap parts. This allows me the time to find great deals, as well as the time to fix it at my leisure. A spare vehicle can also be classified by your insurance company as a pleasure vehicle, which gives you a discount. If you don't drive it often (you should drive it on an errand twice a month to keep it running well), oil changes become minimal - I personally feel the 'monthly interval' oil changes are silly...oil doesn't lose its viscosity or get any dirtier just sitting there (imagine how long it sat on the shelf or in a warehouse before making it into your engine). It doesn't work for everyone, but I find it a great convenience and money saver. For me it is worth it. I commute by motorcycle and my wife and I have 2 other vehicles. But when one of our vehicles breaks down we have the spare; no worries about getting a rental, and I can keep the broken vehicle in the garage for a week while I look for cheap parts. This allows me the time to find great deals, as well as the time to fix it at my leisure.

A spare vehicle can also be classified by your insurance company as a pleasure vehicle, which gives you a discount. If you don’t drive it often (you should drive it on an errand twice a month to keep it running well), oil changes become minimal – I personally feel the ‘monthly interval’ oil changes are silly…oil doesn’t lose its viscosity or get any dirtier just sitting there (imagine how long it sat on the shelf or in a warehouse before making it into your engine).

It doesn’t work for everyone, but I find it a great convenience and money saver.

]]> By: Clever Dude http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-49681 Clever Dude Sun, 06 May 2007 05:07:12 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-49681 We also have 3 cars (only 1 paid off), and it's great to have the third car when another is in the shop for whatever reason, or to reduce the mileage on your other vehicles. However, I agree it's an added expense that you need to justify with usage. With our third car (a 10 year old grand am), we drive it maybe 4-6k miles per year, but it only costs us about $400 per year in maintenance and repairs and $30 a month in insurance. Right now, I'm looking into selling my Ridgeline since it's $25,000 in debt we can dump easily. I can go buy a $10,000 truck if I need one and get one with low mileage and decent options. We also have 3 cars (only 1 paid off), and it’s great to have the third car when another is in the shop for whatever reason, or to reduce the mileage on your other vehicles. However, I agree it’s an added expense that you need to justify with usage.

With our third car (a 10 year old grand am), we drive it maybe 4-6k miles per year, but it only costs us about $400 per year in maintenance and repairs and $30 a month in insurance.

Right now, I’m looking into selling my Ridgeline since it’s $25,000 in debt we can dump easily. I can go buy a $10,000 truck if I need one and get one with low mileage and decent options.

]]> By: iportion http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-49604 iportion Sat, 05 May 2007 19:16:56 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-49604 The next 1,000 dollar repair you might want to grt rid of the Achieva but if you really want three cars that's your choice. It's not like it's three pricey cars with heavy payments. The next 1,000 dollar repair you might want to grt rid of the Achieva but if you really want three cars that’s your choice.
It’s not like it’s three pricey cars with heavy payments.

]]> By: kurt http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/comment-page-1/#comment-49577 kurt Sat, 05 May 2007 16:08:58 +0000 http://www.mightybargainhunter.com/2007/05/05/is-having-an-extra-car-worth-it/#comment-49577 I wouldn't keep a third car in your case if one person can stand driving a minivan as an every-day driver. Get rid of the Achieva. The new corollas are great. Mid nineties oldses, not so much. I wouldn’t keep a third car in your case if one person can stand driving a minivan as an every-day driver. Get rid of the Achieva. The new corollas are great. Mid nineties oldses, not so much.

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