Owning a second car comes with a long list of pros and cons. Depending on your living situation, work, and family size, it could be an indispensable part of your life. Yet, for others, it could be an unnecessary cost. One of those added expenses is the steep price of car insurance. The good news is, however, that Kanetix.ca can help you figure out whether a second car is a reasonable expense by helping you find the lowest auto insurance rates available.
Your car costs, however, don't stop and start with the price of auto insurance. Below, we'll look at some factors to consider when deciding if whether selling your second car could be beneficial for you.
Consider the expenses
There's obviously more than just the cost of the car to consider. In addition to your car payments which can add hundreds of dollars to your monthly expenses, maintenance costs and fluctuating gas prices also add an element of uncertainty to your budget. And if you're buying a new car, depreciation is always a factor to consider.
Ask yourself: can you reasonably get by with just one car in your household? Are there options to carpool to work or use public transit? Would these compromises have a big or small effect on your lifestyle and budget? And, if you live in a large city, perhaps public transit could also help you avoid the headaches that come with daily traffic jams?
How much use does your second vehicle get?
Depending on the size of your family, your working situation and your commute, a second car could be pointless. For others, it could be something you can't live without.
One thing to consider is that if you have teenage children, a second car could be an easy way to put your son or daughter on your insurance plan. It'll give them an easy way to get driving experience, and could reduce their premiums in the future after they've gained driving experience.
Could you use your driveway or garage for something else?
If you live in an urban centre, the extra space provided by selling your second car could be more valuable than you'd first think. In downtown cores, you could rent out an extra parking space for hundreds of dollars a month. And in some cities where secondary suite properties are permitted, a detached garage could even be converted into a rental property that could be worth a significant amount of money in the long run.
Take a look at how much money you'd save
Selling your second car is largely a financial decision, and depending on what kind of car you already have and where you live, the impact could be substantial. Take a bit of time to get a quote and see how much your car is actually worth on the market. Then, use Kanetix to get insurance quotes and see how much less you'd pay per month with only one vehicle.
Your family's needs in life constantly change. If you already own a second car and find yourself not needing it any longer, there could be plenty of ways to benefit financially from selling it.
