Imagine not owning a car. How would you get the kids to school without losing your mind every morning? How would you get to work when it’s raining and the bus is late? How much would you spend on taxi fares?!
Look, nobody is saying that you should be without a motor. Vehicles are essential facets of life that make the hardest of routines simple. However, the urge to purchase a car outright isn’t always the best option. Sometimes, it’s smarter to put the brakes on and take another route.
These are the reasons why.
Old Cars Aren’t Obsolete
As soon as the clock strikes one-hundred-thousand miles, you might start to get fidgety. After all, the longer an engine goes, the higher the chance it will breakdown into a ball of flames by the side of the road. Therefore, a chequered past is a bad sign for motorists. The thing is, it’s an indicator of reliability too. Making the most out of an ageing vehicle isn’t difficult if you take the right precautions. It is cheaper and less time-consuming because you don’t have to deal with market research techniques and pushy salespeople. In short, there’s no reason to buy a car when you already own one.
Leasing Has Lots Of Pros
To lease a car isn’t as exciting as purchasing one outright. You can’t show off as much, for example, or make out that you’re super-wealthy and important. Still, car leasing offers are incredibly competitive these days, which is why they offer lots of pros. For instance, you can level-up and drive a vehicle that’s normally out of your budget for an affordable fee. Yes, you won’t own the car, yet you don’t need to when you get all the perks and none of the headaches. The dealer tells you when to renew or cancel the lease, when to take it for a service, and how to fix repairs that aren’t your fault.
Buying Is Expensive
Okay, you can’t live your life evaluating the monetary value of every purchase. If you did, you would be homeless! Of course, a mortgage is healthy debt since what you receive at the end of the loan is more than what you started with. A car is different. Vehicles depreciate once you drive them off the dealership car park by a significant amount. Some estimates have it as high as 60%. Considering you can lease a nicer car for less money, you can see why people believe ownership is outdated.
It’s The Future
Apart from leasing, there are new avenues for the motoring industry, such as self-driving vehicles. As the name suggests, there’s no reason to own a motor you won’t operate. And, it’s likely that they will become more popular in the future, especially since humans account for 90% of all road traffic accidents. A US study released in 2017 estimates that 95% of the world’s population won’t own a car by 2030, so it’s not unrealistic. If this happens, the financial aspect of vehicle ownership goes out of the window as they’ll be no demand for used vehicles.
What are your thoughts? Are you a fan of ownership or non-ownership?