If you're thinking about a second car purchase, there are a few things that you should consider before taking the leap. First of all, will owning the additional car improve the quality of your life enough to justify the added cost to your household budget? And secondly, will your income realistically support the purchase?
An Accurate Assessment of Your Driving Needs
There are good reasons to buy an additional vehicle, and there are also very valid reasons to retain your status as a single car family.
- Is there more than one working adult in the house? If your place of employment is reasonably close to your partner’s, the two of you can probably share a commute pretty easily, but only if your work schedules are similar. However, if it is terribly inconvenient to carpool because of distance or schedule differences, having a second vehicle may make sense.
- Is your current car a gas guzzler? If your vehicle is great for hauling multiple kids around on the weekends, but doesn't make much sense for driving to work or the running of everyday errands, buying a more fuel efficient second car is a viable option. Just make sure that you will be saving enough money to justify the expense.
- Will you soon be accommodating a new driver? If you have a teenager who is on the verge of getting a driver's license, acquiring a second vehicle could make an enormous amount of sense, especially if said teenager is able and willing to help out with paying for the car.
Can You Truly Afford to Buy Another Vehicle?
When you're figuring the cost of an extra car, you have to think well beyond the purchase price. Try to estimate the entire amount that you might spend per month on the new car when crunching numbers for your budget plan.
- The Car Payment: Yes, you could pay cash for a cheap car from a private seller, but you could be taking on a future filled with repair bills if you choose this option.
- Gas and Routine Maintenance: The cost of fuel does fluctuate, but you should be able to come up with a ballpark figure. And after you arrive at that rough estimate, figure in what you will need to pay for oil changes, tire rotation, etc.
- Insurance: Adding another car to your life means having to pay for additional auto insurance. Check around to see which company will give you the best deal on a multiple vehicle policy.
Getting the Right Financing
If you have come to the conclusion that purchasing an additional car makes sense for your family, your next step should be finding an affordable auto loan. And before you spend valuable time and energy in your search, try consulting the experts at Auto Credit Express. We can help you get financing no matter what shape your credit is in, and our process is quick and easy.
Just fill out our 100% secure online application to get started today.