Why I should not get a 2nd car just yet...

This entry is to remind me that i have gone through numerous brainstorming sessions regarding buying a car for myself and every single time the conclusion is the same and that is it is not at all feasible to buy a second car.

1) I will drive the car no more than 2 weekdays during the office week.

2) I will not have an opportunity to drive the car on Sundays as we need the family car to go to church.

3) I will only consider specialty cars as there is no reason to get a 2nd 4 door family car and all specialty cars will cost me at least S$20,000 a year just to drive it and that's a lot of money considering points (1) and (2).

4) Specialty cars are much harder to sell off due to it's niche market and this will pose liquidity issues during emergency scenerios.

5) If i am taking a loan for the car, i will need to service the car loan for at least 3 years before breaking even on the car due to the bank interest payable. Do i really want to be stuck with a specialty car for 3 years?

6) I don't want to be throwing away my hard earned money on bank interests. Even at interest rates of 2.45% per annum, i am paying annual interest of S$1,960 (S$80k loan) / S$2,205 (S$90k loan) / S$2,450 (S$100k loan).

I should only get a 2nd car if:

A) I find a new job.

B) I do not need to take a bank loan to finance the car.