Owning/running two cars - good or bad idea?

Owning/running two cars - good or bad idea?

Author
Discussion

Bad Sir Culation

Original Poster:

4,026 posts

128 months

Friday 22nd July 2011
quotequote all
Hi folks. I have been trying to figure out how to make life a bit cheaper recently, and was all set to sell my MR2 Turbo but as reality has set in I've realised I honestly don't want to let it go. A lot of hard work and money have gone into it. To sell it now would be a complete kick in the balls. I've mentioned wanting a V8 in 12 months' time and that's still the case, but for now, the MR2 needs to stay and be enjoyed a lot more.

So..... that still leaves me in the same boat with being skint at the moment and struggling with the running costs. If I keep the car, I think I need a daily driver to use for work. I don't do huge miles, but I also don't earn that much either, so the miles that I do do need to be cheaper.

I'm insured with Adrian Flux currently, and am wondering whether I would be able to add a daily driver to my policy and reduce use of the MR2, for relatively little money. Unfortuantely they are terrible at responding to emails (even sending me one yesterday with a letter template on it that hadn't actually had anything written to me on it) and I haven't the time to be continually phoning them up and being put on hold.

A mate I tried to explain this to just pretty much puts his hands over his ears and shouts NA NA NA NA, giving me a reponse along the lines of "It's two cars, it's automatically more expensive!! You're mad!!", yet I calculate I could save £100 a month by running a second car. That's a lot for me currently. One month's savings would more than cover tax for 6 months. If I buy a second car, however, with insurance, tax and purchase price, it means at least 6 months before it starts to pay for itself. Of course if it lasts more than a year, it'll be a good investment. If it doesn't, then it'll have been more expensive in the long run. The car will be pretty much run intot he ground and have the cheapest sttiest tyres when they need replacing, and no garage servicing. It'll be run until it dies.

I just can't decide what to do for the best.

vixen1700

10,191 posts

204 months

Friday 22nd July 2011
quotequote all
Bad Sir Culation said:
I just can't decide what to do for the best.
Get a V8 now, not wait a year. smile

nobodyknows

9,302 posts

103 months

Friday 22nd July 2011
quotequote all
I run two cars, a 996 and a Clio 172 Cup. The Clio does twice the mpg on my short commute so saves me a bit on fuel, the tyres are also much cheaper and I avoid general wear & tear on the 996 which is nice.

The Clio was purchased for hillclimbing, I would not have considered a second car normally. I'm not convinced that after tax/insurance/mot/maintenance costs are taken into account you'll be saving money?

trickywoo

7,667 posts

164 months

Friday 22nd July 2011
quotequote all
Insurance on the second car will have zero no claims bonus so don't expect it to be cheap.

If you don't do many miles then I can't see it being cheaper. How many do you do?

Lets say £250 insurance (likely to be a lot more with zero NCB), £40 MOT (if nothing needs doing), £125 tax (if its in a cheap band). Thats 65 gallons of fuel without any other costs. Well over 1,500 miles in your MR2 even at booting it MPG.

300bhp/ton

34,746 posts

124 months

Friday 22nd July 2011
quotequote all
If you can run 1 single car that is ideal for all that you want. Then do so biggrin

Sadly for me, no such car exists, no matter how much I'd be prepared to spend. So the only solution is multiple cars.

Does it cost? Yes. But then having a single newer more pricey 1 car setup would too. I doubt I'd honestly spend less overall.


Personally I think 5 cars is about the right ideal, a car to suit most situations then. biggrinbiggrinbiggrin
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nottyash

4,651 posts

129 months

Friday 22nd July 2011
quotequote all
nobodyknows said:
I run two cars, a 996 and a Clio 172 Cup. The Clio does twice the mpg on my short commute so saves me a bit on fuel, the tyres are also much cheaper and I avoid general wear & tear on the 996 which is nice.

The Clio was purchased for hillclimbing, I would not have considered a second car normally. I'm not convinced that after tax/insurance/mot/maintenance costs are taken into account you'll be saving money?
I do three
An M3 as my weekend car
A Golf GTI turbo as my everyday run about
An MR2 Roadster as the Mrs everyday runabout (just replaced a Prelude)

Still cheaper than buying one brand new 20 grand car.

vixen1700

10,191 posts

204 months

Friday 22nd July 2011
quotequote all
trickywoo said:
Insurance on the second car will have zero no claims bonus so don't expect it to be cheap.
I didn't realise this until recently, as I'd always had an everday car and a classic car on a classic policy.

Bought the XJS and got a quote on the meerkats then on the day of picking it up, called and the quote was for £600 more! confused They wouldn't allow me to change the full NCB from the Polo to the Jag, so quoted me the Jag with no NCB and they wouldn't move on this. Bizarre.

So I cancelled the Polo insurance with this crap company, and re-insured it with no NCB for £100 cheaper than having full NCB with a different company, then got the NCB proof so it was valid for the Jag.

confused

nobodyknows

9,302 posts

103 months

Friday 22nd July 2011
quotequote all
I believe some Insurers will mirror your NCB on a second car? Mine didn't, my Clio is on a Richard Egger motorsport policy @ £360pa.

stumpage

1,644 posts

160 months

Friday 22nd July 2011
quotequote all
trickywoo said:
Insurance on the second car will have zero no claims bonus so don't expect it to be cheap.
Not necessarily. The cheapest car I have to insure is my TVR and that’s with only have 1 years no claims on it.
I have other cars as daily drivers and they have mine and my wife full NCD on them. The TVR is on a classic policy. So it really depends on the car and if your ‘toy’ can be on a classic policy.

Prof Prolapse

14,238 posts

124 months

Friday 22nd July 2011
quotequote all
Not sure about your MR2 tubby but mine was never expensive enough to run to justify a second car.

I only know a couple of people that do it and (barely) save money and they own a 996 Turbo, Tamora and Mustang.

Every know and again you'll get hit with bills on the "shed", which negates all savings.



mgmrw2003

20,951 posts

91 months

Friday 22nd July 2011
quotequote all
I own/run 3cars...... And it comes down to a balancing of priorities.

Do what makes you happy.

If you can live without certain non-essentials (in my case, food during work hours, or any form of alcohol) then do it.

I run:

Saab 9-3 TID
Austin 1300
BMW 320 Tourer

Insurance is the biggest arse-ache, all in being £2k a year (10% my yearly salary)

Porkie

2,378 posts

175 months

Friday 22nd July 2011
quotequote all
300bhp/ton said:
If you can run 1 single car that is ideal for all that you want. Then do so biggrin

Sadly for me, no such car exists, no matter how much I'd be prepared to spend. So the only solution is multiple cars.

Personally I think 5 cars is about the right ideal, a car to suit most situations then. biggrinbiggrinbiggrin
Totally agree smile I would struggle with just 5 though!

300bhp/ton

34,746 posts

124 months

Friday 22nd July 2011
quotequote all
Porkie said:
Totally agree smile I would struggle with just 5 though!
biggrin

Nice fleet you have there. smile

smartypants

36,394 posts

103 months

Friday 22nd July 2011
quotequote all
I run two cars, if you factor in depreciation - then its a lot cheaper. The other fact is that the daily car is very cheap to run, so you can adjust your outgoings easily by not using the "toy".

But the what feels like constant tax and insuring is a bit annoying. That's obviously double the cost of running one car (£215 tax on each, about £400 insurance on each). Only one car gets serviced main dealer, the other I do myself, so no real difference there.

It really does depend on the cars, but I think it is cheaper over the long run.

Porkie

2,378 posts

175 months

Friday 22nd July 2011
quotequote all
300bhp/ton said:
Porkie said:
Totally agree smile I would struggle with just 5 though!
biggrin

Nice fleet you have there. smile
Thanks... I added another last week. My first ever yank car smile V8 naturally wink


Downton Mini

1,026 posts

98 months

Friday 22nd July 2011
quotequote all
nobodyknows said:
I believe some Insurers will mirror your NCB on a second car? Mine didn't, my Clio is on a Richard Egger motorsport policy @ £360pa.
I had this done on the first eceryday car I had a 1.9tdi golf they mirrored the NCB off my classic Mini whihc is now on a classic car policy so I have traqnsfered it over the my latest golf

chris7676

2,630 posts

154 months

Friday 22nd July 2011
quotequote all
You might save a bit if:
* Use cheap cars for signifcant mileage
* Other car costs significantly more to run per mile (petrol, tyres, servicing, depreciation)
* Your insurace increase won't be much
MR2 shouldn't be that expensive for you to save a lot.

I did try to make some calculations based on my experience, and it seems that I'm neither saving nor spending more. But I do get more fun and convenience having more than one car.

LuS1fer

34,328 posts

179 months

Friday 22nd July 2011
quotequote all
My Mustang is limited mileage and keeping the miles off it means far less depreciation. However, there have been costs that can't be avoided with a second car - not just tax and insurance but another MOT, another set of repairs, another set of tyres, brakes etec. Of course a lot of that evens out.

Tyson1980

712 posts

90 months

Friday 22nd July 2011
quotequote all
I run a Z4 alongside a Fabia VRS,

Its pretty expensive for both IMHO.

Despite me and the wife earning a lot more than the average couple combined our cars are costing too much to run.

This is in part due to us both doing very high miles for work commutes.

The wife has now left her job to go back to university for one year. We have decided to lay the Z4 in the garage and solely use the Fabia VRS nextyear. This should decrease costs a LOT!

This year we are spending at least £500 a month on fuel alone for both cars. Not to mention replacing wear and tear and other consumables...

Its too damn expensive IMHO


KaraK

12,496 posts

143 months

Friday 22nd July 2011
quotequote all
Bad Sir Culation said:
Hi folks. I have been trying to figure out how to make life a bit cheaper recently, and was all set to sell my MR2 Turbo but as reality has set in I've realised I honestly don't want to let it go. A lot of hard work and money have gone into it. To sell it now would be a complete kick in the balls. I've mentioned wanting a V8 in 12 months' time and that's still the case, but for now, the MR2 needs to stay and be enjoyed a lot more.

So..... that still leaves me in the same boat with being skint at the moment and struggling with the running costs. If I keep the car, I think I need a daily driver to use for work. I don't do huge miles, but I also don't earn that much either, so the miles that I do do need to be cheaper.

I'm insured with Adrian Flux currently, and am wondering whether I would be able to add a daily driver to my policy and reduce use of the MR2, for relatively little money. Unfortuantely they are terrible at responding to emails (even sending me one yesterday with a letter template on it that hadn't actually had anything written to me on it) and I haven't the time to be continually phoning them up and being put on hold.

A mate I tried to explain this to just pretty much puts his hands over his ears and shouts NA NA NA NA, giving me a reponse along the lines of "It's two cars, it's automatically more expensive!! You're mad!!", yet I calculate I could save £100 a month by running a second car. That's a lot for me currently. One month's savings would more than cover tax for 6 months. If I buy a second car, however, with insurance, tax and purchase price, it means at least 6 months before it starts to pay for itself. Of course if it lasts more than a year, it'll be a good investment. If it doesn't, then it'll have been more expensive in the long run. The car will be pretty much run intot he ground and have the cheapest sttiest tyres when they need replacing, and no garage servicing. It'll be run until it dies.

I just can't decide what to do for the best.
My second car is run purely so that I can afford to continue to run the Impreza, with a 90 mile a day commute taking the 306 makes a difference of circa £40 per week in fuel, and that's with doing econo-runs in the scoob vs hammering the 306. The insurance on my Multicar policy was actually the cheaper then the quotes I was getting last time I was insuring the Subaru seperately and the savings in wear and tear and servicing of not doing 2000 miles a month in scooby more than outweigh the maintenance and tax costs of the little pug so all in all I'm £160+ a month better off and I still get to have the car that I want. The 306 only cost me £100 to buy plus about £200 to fix so it didn't take long to pay itself off and now a year down the line it's been a resounding financial success thumbup