Should we have a "spare car" for when our main car dies? Last year we received a car as a gift from a family friend (it needed work on it), which we kept until our other cars died on us. We're looking at having the money for a "spare car" in 2 months and the logic we're thinking about right now is that we spend a month or two finding a cheap car in good shape in order to find a deal.
Our current one we suspect will be dying this year. We'd hate to be in the situation of having a dead car and none to rely on to find a replacement. I know we could rent a car for a week to search for a car, but that may not be enough time and would cost money. The other item we're looking at is that my wife is needing our car 2x a week, which she takes me to work and picks me up those two days. It comes out to an extra 350 miles a month, which is about $35 in gas. The insurance for our current car is $25/month and we would probably be looking at the same amount for another car.
Summary of options:
1. Stay with one car = $35/month in extra gas and mileage. When it doesn't work anymore, quickly locate a replacement.
2. Buy a second car = $25/month in insurance, two vehicles that will need oil changes and repairs. When one of them dies, we have the second one to use.
Which one to go with?