How Many Cars Does the Average American Family Need?

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How many cars should a family own?

According to Experian, the average family owns two cars, while 35 percent of American households own three cars or more.

Ownership rates vary greatly across the country and are influenced more by location than income levels. In fact, households with incomes over $250,000 are just as likely to own a single vehicle as households with incomes of $25,000. No matter what your income, is it better to own one car that is an all-purpose, all-season vehicle, or two or more cars that each serve a specific purpose and are used only in certain conditions?

For many families, owning a single car can mean splurging on a luxury brand or buying brand new, while a 4-car family might prefer older used cars that can be purchased with cash.

Let’s look at a couple of scenarios. Which one is closest to your family’s preference?

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