Im really surprised, given the amount of automobile knowledge in this forum, that this thread has gone on so long without anyone mentioning that there is no such thing as an emergency brake. it is properly called a PARKING brake, and for a reason. sure, in the advent of a catastrophic brake failure, the parking brake CAN be used as an emergency brake. but its primary function is for parking.
most of the above posts have dealt with the common whys and wherefores of regular usage of the parking brake. however, there are a couple of other reasons to use it religiously.
first and foremost, you want to use it regularly to keep the cables from rusting and freezing up inside the liner/housing. sure wouldnt be much of an emergency brake if, on that rare occasion that you needed it, the sucker wouldnt move. if you dont use it regularly, there is a very strong probability that the cable will rust up solid in the liner. at that point (if the parking brake is not engaged) then the whole system is nothing more than useless, excess weight that you are carrying around, and consuming gas to do so. thats the best case scenario.
another possibility is that you have to park on a hill, so you decide to use the parking brake for the first time in years. great, it works and keeps the car in place. then it comes time for you to leave, and either it wont release, or wont release all the way. then you are either unable to drive and require a tow, or you are able to drive, but since the brakes are partially engaged, the vehicle is sluggish and your fuel economy goes into the shitter.
a final possibility was partially mentioned by JusticeForPhat: "in some cars with single piston floating calipers in the back. The e-brake helps to re-center the caliper on its guide pins so the brake acts evenly. This isnt true for every single piston floater but I have been told this is true for some makes." this is true of most rear disc systems (except those that incorporate a small drum within the rear rotors (these are mostly european cars) for the parking brake system). but what JFP failed to mention is that not only does it keep the caliper properly centered, but it also prevents the calipers from freezing up on the guide pins. the GM W-body models (Cutlass Supreme, Lumina and Lesabre, from 88 to 96 ? not 100% sure of the years) were NOTORIOUS in the auto repair and parts biz for having the rear calipers lock up on the pins. so much so that aftermarket pin repair kits were put out specifically to address the problem.
and to make matters worse, not only do the calipers freeze to the pins, but also that means that the rear brakes are not doing much, if any, of the braking work. that means longer stopping distances and more wear and tear on the fronts. and that means more $$ in repair/replacement to be borne by the owner.
so, in summation, the simple answer is this:
USE THE PARKING BRAKE REGULARLY, regardless of automatic or manual transmission. it is there for a reason.
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