Hi,
I've owned a Kel-Tec P32 for quite a few years now . . . getting it for the same reason you are considering it for. It has always been reliable too. However, today, it languishes in the safe, relegated for gym shorts only use. Its a 9 oz. gun that's better than being unarmed.
I've long ago transitioned to a S&W Airweight J-frame. It's a 15 oz revolver that can be shot inside the pocket if required without jamming. It is much more accurate and powerful. The trigger is incredible and I can shoot it extremely well . . . with groups under 1" at 10 yards and 2 1/2" at 25 yards at the range. Not so with the Kel-Tec.
One day I started thinking that if I was in the back end of a convenience store shopping and thugs rushed the counter, shooting the clerk, I'd be in a world of hurt with the Kel-Tec. With my Model 37 Airweight I'm quite comfortable with my odds if I had to use it.
Ditto with effective power. The .38 special in a snubby has had decades to develop a good reputation. We've all seen Jack Ruby's deliberate gut shot of Lee Harvey Oswald with his .38 snubbie. "I wanted him to hurt as bad as possible before he died," Jack said. That single shot to the gut put Oswald right down too.
Sure, if you hit the right spot with a .32ACP round it will PROBABLY do the job . . . but I've never seen a bad guy stand still like a paper target in a life or death fight.
I've been pleased that the little J frame is nearly as compact and almost as light. It has an incredible trigger and will shoot inside an inch at ten yards.
Once I got my first J-frame (they are addicting!), I instantly understood why so many people have trusted their lives with them when concealment prevents a more powerful option.
In a $12 Uncle Mike's #3 pocket holster, you can toss it in the pocket and go anywhere without worrying about being made. I bought it used on this forum' classifieds in like new condition, and the price wasn't too much more than the P32.
Food for thought,
Tom