Too many cars?

[EEinNJ]

I know, such problems. I'm a single guy and I have 3 cars, all paid for. One is a 2010 compact, sporty "tuner" car. An '06 Miata that was a commuter and has the most miles, but now is just for fun. Finally, I ended up with my dad's '05 van with only 22K miles when he stopped driving.

Even though I don't like it that much, the van is practical and I can run up the miles. I feel like I need to keep it to drive my parents around when I visit them (they're in assisted living).
The newest one is both fun and practical, though too small for elderly people.

That leaves the Miata, and practicality says sell it. I worry that soon it will start needing repairs beyond simple maintenance, and the insurance for all of them is over $2200! But it's a lot of fun, especially this time of year, and selling a car is a hassle.

Ideas? Advice? I know I won't get sympathy

[Barclay]

I would probably sell them all and buy a really nice car that can haul the 'rents.

We have a truck, 2 cars and 2 motorcycles and we are buying a third "fun" vespa for me. I like vehicles. I think it's fun to drive.

[greenskeeper]

all 3 are paid in full, unless you need the cash from selling one of them to pay some other debts, keep all three. You have to have some fun in life!

[cypher1]

LOL I'm in a similar situation with 3 cars (all much older but run great) but running out of room in driveway. I have my CRV for the the perfect winter car in MN, and civic for great gas savings, and Prelude for fun. I have a feeling I may just keep the winter car as commuter, dump the other 2 (worst is break even on them) and buy something nicer down the road or next spring.

Simple answer is to keep the most practical and dump the rest. On the other hand, these are all paid for, and it doesn't sound like you need the cash. The other side of me would say to keep just the fun car. Final option if I was in your shoes is simply put them all for sale at same time and see which ones sell the quickest.

[MonkeyMama]

Well, it just depends on your overall financial picture.

We actually have a practical little car (my spouse likes SMALL cars - I call it a "gas sipper") and a minivan, which is VERY useful. I love having the best of both worlds, but it is a little easier to justify with two drivers.

I'd like a 3rd sports car at some point. But, just can't justify the insurance right now. (I'd pay cash for something fairly used, and it wouldn't be much expense beyond insurance). I'd say a 3rd car doesn't make a lot of sense to me right now, but it wouldn't take much for it to be a rather small allowable luxury (small in the grand scheme of things. I know people who spend more on their lattes).

If finances are tight, sell a car or two. If not, enjoy! You can always change your mind later. Selling one car and just renting it when you have a need for that type vehicle, also could make more sense.

[seen]

Do you have to have car insurance on all 3? I've never owned more than one car so I'm curious. For example, can you have insurance on the Miata for half a year (spring/summer months) only?

[BuckyBadger]

I agree that the important questions are: how is the money these cars affecting your life? Are you hurting? Do you want to cut back?

I'd also wonder what your driving habits are like. Do you commute? Do you drive enough that you worry about getting great gas mileage?

There is nothing inherently wrong with three cars if you can afford them. We have three cars, but there are two of us, so it doesn't seem as bad. We have a Honda Element for when we need to haul stuff around. It's AWD, so we use it during the worst of the winter, too. We also have a Prius that we got because I have a super-commute. Our third car is a fun car, a turbo Mini Cooper. That's for fun rides in the summer and stays indoor during the winter, except for a few trips around the block on nice days to keep everything moving.

I would think about the possibility of selling all three and getting one that you really like that meets all your needs -- if such a vehicle exists. If not, go ahead with what you've got right now.

eta: to a previous poster, it's possible to get half a year of insurance, but it didn't end up being much less. Plus, you want even a garaged car to have some coverage in case there is a fire or the roof collapses or something crazy like that. We considered it with the Mini but it wasn't worth the effort for the couple hundred dollars a year it would have saved us.