Transportation safety, one of the main driving forces of the development of vehicular communication (VC) systems, relies on high-rate safety messaging (beaconing). At the same time, there is consensus among authorities, industry, and academia on the need to secure VC systems. With specific proposals in the literature, a critical question must be answered: can secure VC systems be practical and satisfy the requirements of safety applications, in spite of the significant communication and processing overhead and other restrictions security and privacy-enhancing mechanisms impose? To answer this question, we investigate in this paper the following three dimensions for secure and privacy-enhancing VC schemes: the reliability of communication, the processing overhead at each node, and the impact on a safety application. The results indicate that with the appropriate system design, including sufficiently high processing power, applications enabled by secure VC can be in practice as effective...