There are many different opinions as to how many cars one person can have in their name, and the truth is that there isn’t a set number.
The main factor that determines how many cars you can register in your name is how much money you make and how stable your finances are. We know you have a lot of questions right now, but there’s no need to worry. We have all the answers you need. By the end of this post, we guarantee everything related to the topic of how many cars you can own will be cleared up.
So fasten your seatbelts because this post is ready for take-off!
The Number of Cars a Person Can Legally Own
Legally speaking, you can own as many cars as you want. There’s no law that dictates the maximum number of cars a person can own. The world record for owning the most vehicles is held by the 29th Sultan of Brunei who has the largest private car collection in the world, consisting of approximately 7,000 cars which have an estimated combined value of over US$5 billion.
Why Buying Multiple Cars Is Good for Your Credit
For maintaining an ideal credit, the consensus among financial institutions is to own two or three vehicles per household.
By having multiple cars registered under your name, you will have more chances for loans and other financing opportunities because it proves how stable your finances are. However, this doesn’t mean you should go out and buy six brand new Mercedes-Benz just so you can be approved for a loan at five percent interest instead of nine percent like everyone else.
Buying multiple cars and having them registered under your name isn’t always a good idea. If money is tight and you can’t afford to maintain all the vehicles, it’s best not to purchase them in the first place.
The Number of Cars In An Average Household
Statistically speaking, how many cars does a household have? According to the latest survey conducted in 2013 by The Society of Motor Manufacturers and Traders (SMMT), there are approximately two vehicles per household.
In 2002, it was reported that 29 percent of households had no car at all while 13 percent only owned one vehicle. This means more than half of the UK’s population were living without any form of personal transportation other than public transit or walking on foot. By 2010 however, these numbers jumped up significantly with close to three-quarters owning a vehicle either as their own or shared among family members.
By 2011, nearly 74% of British homes had access to a car and the average number of vehicles per household was two.
How Many Cars You Should Own
Do you feel like one car just isn’t enough for you? If so, don’t rush off to a local dealership to buy more vehicles just yet. First, consider the following three factors to ensure you’re making the right decision.
1. Parking Space
One thing you’ll need to take into account is how much parking space is available on your property. If you live in a metropolitan area with little to no parking, buying an extra car might not be the best idea. Not only will you have a hard time finding a place to store it, but there’s also the added expense of monthly parking fees.
If storage isn’t an issue and you’re able to park all your cars comfortably on your property, then go ahead and buy that second, third, or fourth vehicle!
2. Your Earnings
Another important factor is how much money you make and how stable your finances are. If you don’t make enough money to cover the costs of owning and maintaining multiple cars, then it’s not wise to purchase them.
A good rule of thumb is to only buy as many cars as you can afford. This means having a budget for not just the car itself, but also how much money you’ll be spending on it for the next several years. If you’re able to keep your expenses low and save money each month, then go ahead and buy that extra car.
3 . Your Driving Habits and Needs
Do you drive a lot or very little? If your answer is the latter, then it’s best not to purchase multiple cars.
The more vehicles you have under your name, the higher risk of insurance claims and accidents there will be. Although they’re still covered by comprehensive car insurance policies in case anything does happen, having an accident can cost thousands in repairs alone if all of them are involved.
On the other hand, if your answer is the former, then owning multiple cars may be better for you.
Also, the vehicles in your household should meet the requirements of your family. For instance, while a family of two may need just one car, a family of four may need two cars and maybe even three depending on how often the members need a vehicle for travel.
Ultimately, how many cars a person can own comes down to personal preference and financial stability. There isn’t one definitive answer to this question that works for everyone.
Did You Get the Answers You Were Looking for?
We hope any questions you had about car ownership at the beginning of this post have now been cleared up. But if still have any queries, just drop a comment below and we will get back to you as soon as possible.