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Standardization and harmonization efforts have reached a consensus towards using a special-purpose Vehicular Public-Key Infrastructure (VPKI) in upcoming Vehicular Communication (VC) systems. However, there are still several technical challenges with no conclusive answers; one such an important yet open challenge is the acquisition of short-term credentials, pseudonym: how should each vehicle interact with the VPKI, e.g., how frequently and for how long? Should each vehicle itself determine the pseudonym lifetime? Answering these questions is far from trivial. Each choice can affect both the user privacy and the system performance and possibly, as a result, its security. In this paper, we make a novel systematic effort to address this multifaceted question. We craft three generally applicable policies and experimentally evaluate the VPKI system performance, leveraging two large-scale mobility datasets. We consider the most promising, in terms of efficiency, pseudonym acquisition policies; we find that within this class of policies, the most promising policy in terms of privacy protection can be supported with moderate overhead. Moreover, in all cases, this work is the first to provide tangible evidence that the state-of-the-art VPKI can serve sizable areas or domain with modest computing resources.