There is no limit to how many cars one can own and use personally, the only limits you might encounter are those associated with buying and selling cars. Such limits are there to ensure that people don’t sell too many cars for profit without having a dealer’s/trader’s license.
Even though there are no limits as to how many cars you can own legally, there are many other aspects you ought to consider if you want to upgrade your driveway accessories. Firstly, space can be an issue for people who own many cars, and you should never use other people’s spaces to park your car.
Besides being annoying to your neighbors, owning multiple cars also costs exponentially more if you consider insurance, taxes, registration fees, and the general depreciation. More than 90% of households in the US own a single car, and that’s for a good reason.
Another thing to keep in mind is the place where you reside. If you live outside the city and you need a car daily, owning one or multiple cars is more justifiable than it is when you live in busy cities where car ownership costs exceed significant amounts of money.
Things to keep in mind if you want to own multiple cars
As mentioned previously, there are no limits as to how many cars one can own personally. However, there are several different aspects worth mentioning that can change your mind. First of all, cars are depreciating assets, and if don’t need more cars, buying them is almost always a bad financial decision.
Secondly, the necessity of multiple cars only makes sense if there are multiple adults in your household. Buying more cars to fit a different purpose is also a stretch because many modern cars are great at serving different purposes.
In this instance, purpose-built cars are cars aimed at a single objective that can not be fulfilled by your existing car. Multiple taxes, registration, insurance, parking, and many other costs accumulate drastically with every additional car you own.
However, the worst cost of all is depreciation. Considering that the majority of cars these days lose 40-60% of their original value in 5 years, buying multiple cars only makes sense if they are truly necessary.
Best all-around cars these days
In today’s day and age, cars are incredibly well rounded and the market is saturated with dozens of options that serve the very same purpose. However, if you want a car that is exciting to drive, one that can do all the daily commuting, is comfortable, and is also fairly capable off-road, the Audi RS6 is the one to get.
The Audi RS6 is widely regarded as the best all-around car money can buy these days because it offers luxury, performance, practicality, safety, and an AWD system that can easily tackle winter driving. It truly is a well-rounded car, but if you don’t want performance and you want more off-road capabilities, check out the Audi A6 Allroad.
Furthermore, the Porsche Macan is also a great all-around car that can easily deliver performance, style, comfort, technology, off-road capabilities, reliability, value retention, and luxury. The Macan is a true Porsche and that’s obvious the moment you step inside the cabin.
Leaving your cars parked for a long time
If you want to own multiple cars, and you can’t be swayed into owning a car or two, you ought to consider what happens when you leave your cars unattended for extended amounts of time. First of all, you have to leave the car with a decent amount of fuel in the tank because you never know what can happen.
Secondly, be sure to plug your car into a trickle charger in order to preserve the battery, otherwise, the battery might die and this can cause multiple different issues and inconveniences. You also need to park the cars in a safe environment such as a garage or private driveway.
Car theft is also an aspect worth considering, so you should invest in alarms and surveillance cameras if your cars are not protected adequately. Cars are meant to be driven, this means that many things can go wrong if your car just sits unused.
Specific tire cushions are also necessary if you want to avoid tire flat spots and so are dedicated car covers to preserve the paint and other external panels from dust and adverse weather conditions.
How many cars can I sell per year?
It depends on the state you reside in, some states enable you to sell as much as 15 cars per year if those cars are for personal use, other states only enable you to sell up to 5 cars. If you want to sell cars for profit, you are most likely going to need a dealer’s/trader’s license.
If you don’t acquire a dealer’s/trade’s license and you sell many cars for profit, you might face numerous different criminal charges and tax fraud charges. Be sure to investigate how your state regulates selling cars before you do anything on your own.
Which cars retain value the best?
Owning multiple cars can sometimes even be profitable if you know which cars to buy. Some supercars and classic cars are known to depreciate slowly, or even sometimes appreciate over time. Such cars are usually manufactured by Ferrari, Porsche, Bugatti, Lamborghini, McLaren, Pagani, Koenigsegg, and other high-end manufacturers.
It’s worth mentioning that you should keep the milage down to retain the value. Furthermore, these cars can not be serviced anywhere else besides a licensed workshop if you want to maximize the value.
Is it worth it owning a car collection?
Car collecting can be a successful business, but it usually takes exorbitant amounts of money before you start seeing any profits. Only the most amazing car collections are profitable, most of them exist because collectors love to collect cars, and it’s not necessarily about profit.
If you have the financial means and you also have access to safe storage space, collecting cars can be an extremely fun thing to do, but if you want to earn money this way, you should invest in something more profitable.