Should I get a second vehicle?

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tl00557
Posts: 1
Joined: Sat Jun 17, 2017 11:43 pm

Should I get a second vehicle?

Postby tl00557 » Sun Jun 18, 2017 12:07 am

Hello all,

I have an interesting question/situation that I would like to get a money conscious person's point of view on.

I'm 26, single, and work in the Oil and Energy business.

I own a 2014 F150 with ~89k miles on it (I'm slightly upside down due to mileage), and I want to buy a cheap, second vehicle with a manual transmission (I've ALWAYS wanted to own a stick shift). I plan to keep the truck until the wheels fall off.
With that being said, my goal is to keep miles off my truck to slow the depreciation, save money on gas, and have a fun car to use as a daily driver.

I only plan to spend ~$5000 on the 2nd car. I plan on driving it MOST of the time unless I'm hauling my boat or if I just feel like driving my truck for whatever reason.

Soooooo, my question is: in your opinion, do the pros of saving wear/tear/mileage on my truck, saving money on gas, and having a car with a fun-factor overcome the costs of buying and maintaining the second vehicle (additional insurance, taxes, registration, repairs)? Is this a smart option or is my desire to have a fun 2nd car/toy to drive clouding my practical judgement?

btenny
Posts: 3927
Joined: Sun Oct 07, 2007 6:47 pm

Re: Should I get a second vehicle?

Postby btenny » Sun Jun 18, 2017 11:04 am

Welcome to Bogleheads. I agree you are putting a lot of miles on your truck. But getting a second car for "fun" rather than just a used commuter car is not going to save you any money. Why do you have the truck other than towing your boat? Because I see the "stick shift car" and your discussion as as another toy like your boat. It is just a expense.

Now if you want to save money buy a real commuter car like a older Toyota or Honda with any old transmission but really cheap. Like the $5K you stated. Then sell your newer big truck. Then rent a big truck if you really need a BIG pickup to tow your boat or haul stuff occasionally.

Or if your boat is not too big I might trade your F150 for a small Toyota compact truck. Those can tow small boats and get better mileage and last for decades.

Good Luck.

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bottlecap
Posts: 4574
Joined: Tue Mar 06, 2007 11:21 pm
Location: Tennessee

Re: Should I get a second vehicle?

Postby bottlecap » Sun Jun 18, 2017 11:16 am

It's purely for fun. It will only cost you money.

JT

The Wizard
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Joined: Tue Mar 23, 2010 1:45 pm
Location: Reading, MA

Re: Should I get a second vehicle?

Postby The Wizard » Sun Jun 18, 2017 11:43 am

I'm retired now but I've had two vehicles as a single person going back to the mid 1990s.
And for a while now, I've had a Mustang convertible and a pickup truck. I use the pickup for trucky things and the Mustang for almost everything else.
My 2004 Ford Ranger started to rust and crumble a while back so I upgraded to a new F-150. I love it and I can haul even more stuff now.

So I understand where the OP is coming from...
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Goal33
Posts: 339
Joined: Sun Apr 12, 2015 12:30 pm

Re: Should I get a second vehicle?

Postby Goal33 » Sun Jun 18, 2017 2:52 pm

Same age as you. I'm buying an SL500 used tomorrow because I've always wanted one and think it would be fun. I'll sell it once I get it out of my system. I'm going to keep my current car as well.

Financially this obviously doesn't make sense. But it'll be fun! So if you're trying to justify a 2nd car for financial reasons it is going to be a hard sell. If you just call it out for what it is -- a cost of doing something fun -- then you're good.
A man with one watch always knows what time it is; a man with two watches is never sure.

Jack FFR1846
Posts: 4932
Joined: Tue Dec 31, 2013 7:05 am

Re: Should I get a second vehicle?

Postby Jack FFR1846 » Sun Jun 18, 2017 3:52 pm

To me, the reason to own a truck is: To snowplow, to tow something big or because it's required for work.

Most stuff that needs to be hauled can be done with a trailer. Trailers are relatively cheap with cheap costs to register and own.

I used to have a boat and a Yukon XL to pull it. I solved these 2 problems by selling the boat, and with my power squadron safety course certificate, I can rent a boat anytime I want. Much cheaper than owning a boat. Oh, and I sold the Yukon XL because I didn't need that anymore.

So my multi step plan is to sell the truck, buy that manual car, buy a small trailer, sell the boat, find a good place to rent a boat when needed.
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