Is it wise to do this?

[DVDFreaker28]

I paid off my car 2 months ago, I do want another car but this time I will be paying in cash, is it wise to keep both paid off cars so that way if one of my car dies, I can use my other car?

[disneysteve]

I paid off my car 2 months ago, I do want another car but this time I will be paying in cash, is it wise to keep both paid off cars so that way if one of my car dies, I can use my other car?

Why do you want another car?
Why do you need two cars? Is it just you or is there another driver in the household?

If it is just you alone, there's no reason to have two cars. If the car you have is paid for and in good shape, which I'm guessing it is if you just paid it off, I'd keep that one until it dies. In the meantime, save up for the next one so that you're ready when the time comes.

[bjl584]

I'd keep the current car. You have the cash to buy another one, so just buy another one when you need to.

[phantom]

I wouldn't bother having two cars just for the sake of having one as a backup. Consider that keeping a second car means paying for insurance on a second car and inspections on a second car. Meanwhile, that second car will keep depreciating as it gets older, even if you're not put many miles on it. Add it all up and the cost of keeping car you don't need will probably be higher than the cost of just renting a car if you find yourself temporarily carless.

[ua_guy]

I paid off my car 2 months ago, I do want another car but this time I will be paying in cash, is it wise to keep both paid off cars so that way if one of my car dies, I can use my other car?

For this reason alone (to have a backup car), no. It doesn't seem worth it to me in that sense.

I have two vehicles, but one is a purpose-built offroad vehicle that's not really good at, nor meant for, daily commuting. It can, but its operational costs are pretty high (gas, tires, etc) and it's uncomfortable and unweildy on the highway, so I have a second car. Is it cheaper overall? No, but it's a lifestyle choice and the other vehicle is my hobby, so I have no problem keeping both, since I do about 25k miles/year on the road.

[juvy]

if you have an extra money, then you can buy another one as long as your savings will not be compromise

[dczech09]

When I first got my company car, I also had my own car which was paid off. The company car could be used for personal use, and it made most sense to use it for personal use. So I essentially had two cars in my driveway!

My car that I owned was just sitting collecting snow for a while. That was not good on the motor function of the car; if a car just sits for too long, it can do some harm. I eventually sold my personal car and put the proceeds into savings for when the days comes that I leave my employer and need to purchase a new car.

If I were you, I would keep driving the car that you have and not get another one. The only exception is if you are buying a car to restore or for collection. Otherwise, if you are just looking for an extra driving car as back-up then I would not do it. Why put your money into something that will go down in value? Keep the money in the bank, or in a money market fund, until you need it.