Even though this is a financial blog and I generally do not encourage high value spending, this is one post where I will make an exception. I personally like cars and feel that people who do so should definitely strive to own multiple cars through their working life. Some part of it is definitely personal bias but there is much more to it.
Firstly, let me completely disagree with people that a car is only a means of transportation which can take you from point A to point B. You see, people saying that either have not owned a car or do not like cars in general. Ownership of a car is way more than an ability to hire a cab. Yes, a cab will also take you to your destination but the feeling you get while you travel is not comparable by any stretch of imagination.
Secondly when you are owning a car you are owning a piece of equipment that is a tribute to human ingenuity and engineering marvel. Purely from a viewpoint of technology, few items have produced such awe and inspiration and can yet be owned by common men. It has also evolved over a period of time that few other products have in the history of mankind.
Thirdly, the thrill experienced by someone who loves driving in a good car on a decent highway has no parallel. It is also the one thing that a man can get for himself and yet have his whole family feel that he is buying it for them. Owning a car can be very productive for all members of the family and is a great value addition to whatever lifestyle choices the family wants to make.
From a purely financial angle, one can argue in terms of using alternate means of transport and not spending a good amount that a car ownership entails. I hope our public transportation improves to the extent that this logic will make sense one day – today it is simply not true and this is the reason many families have multiple cars.
A car is very much a lifestyle issue and a choice for individuals. It is also an imperative for all those who love driving. The flexibility offered by owning a car is worth to me much more than the one time and recurring costs that I incur for it.
At the end of the day what do you really need in life? Well, many things but a fast car and a good road are probably the two things I look forward to the most.