I have now both a 1/4" cordless impact driver and a 1/2" cordless impact driver just recently acquired, both in Ryobi 18v formats. The 1/4" is great for woodworking, driving up to about 3" screws into wood, predrilled or similar. I have used it on the cars for various things and loosening/tightening up to 1/2" bolts with it, but it has about 1500 in pounds of torque. Can't do things like lug nuts on wheels with this. This type of 1/4" impact driver is the only way to install drywall after I've used it on my basement project. Use screws not nails in drywall and use one of these type drivers to do it fast and easy. You could easily use the 1/4" impact driver with a 3/8" end for 3/8" sockets and would work fine. You could also use a 3/8" end on the 1/2" size impact driver too, but risk overtorquing/breaking 3/8" size sockets with that (see below) so woul dhave to be careful there.
I got the 1/2" with 200 ft pounds ability to handle any bigger job and auto use, but also for bigger woodworking uses, for long big bolt driving or loosening or whenever needed. You would not want to use that for all needs, as the 1/4" size covers the smaller bolt or screw tightening or loosening needs much better than the big one and much lighter to hold. Risk is the big one will drive things in too far too quickly or to too high a torque. It also is heavier to use all the time. Two tools to do the jobs. An air powered impact would be more powerful by far with a good compressor, but for occasional (not a pro mechanic) use, the 1/2" battery powered impact driver will cover most of my needs well as my homeowner big dog tool. For final torquing of any critical fastener, a torque wrench by hand must always be used to set the proper torque. You don't want too little or too much torque on any critical joint. These are to either loosen or to get you close to final torque but not all the way. For non-critical joints, I just use the 1/4" impact and let it finish the job. If I very very rarely need more torque to loosen a fastener than the 1/2" impact can do, then pull out that two foot long 1/2" Harbor Freight manual breaker bar for that.
Also, use IMPACT sockets with any impact wrench/driver to avoid sockets breaking. Impact sockets are different than normal chromed sockets and made to take impact loads. Chromed normal sockets might work fine, but can also break and do sometimes and are dangerous as a result. Impact sockets won't break. Similarly, use normal chromed sockets for normal (non impact) hand wrenching as they are best for that use. Also, the above Ryobi impacts are the same as Craftsman C3. Ryobi rebadges all the Craftsman C3 tools and makes them all. C3 has slightly different battery than Ryobi, but guts are same and tools are same. - Paul