Automobiles have always been associated with excitement and passion, so it makes sense that they should be. Many factors support your decision, including the fact that a car symbolizes your success and self-reliance.
With your first
high-paying job under your belt comes the urge to buy that "dream
car" you've wanted for years. It could be a great way to spend your large
paychecks.
Automobiles have
always been associated with excitement and passion, so it makes sense that they
should be. Many factors support your decision, including the fact that a car
symbolizes your success and self-reliance.
Its mobility
allows you to travel long distances with ease, making you unstoppable and in
control of the situation.
Driving a car can
induce a feeling of accomplishment that is hard to describe. As a result,
owning a car gives you an advantage over your peers.
Buying a car, on
the other hand, is a complex undertaking. You have to be careful not to fall in
love at first sight.
It's a big decision that will cost you money, and hasty decisions always tend to hurt your
finances. It could also have serious ramifications for other important goals in
your life, such as your career.
This article aims
to reinforce the importance of rationality when it comes to making financial
decisions. So, instead of thinking that it is discouraging you from owning a
car, look at a few essential things that will help you enjoy the pleasure of a
car and fit into your financial budget.
Buying Vs. Renting
No one can deny
the fact that buying a car is an expensive endeavor. You have to consider the
cost of the vehicle itself – either upfront or in monthly installments – as
well as insurance, parking, and maintenance, and repairs.
It's tempting to
do the math on whether or not car rental is the better deal when all the
numbers are added up. Have a look at the points of comparison between the two.
● Rental cars
often have lower monthly costs than loan payments, which are available for
owning a car.
● In rental cars,
you are not responsible for the repairs.
● Rental cars
offer you the opportunity to change the model without spending much money.
● Buying a car
makes you the owner of the vehicle, which is not possible in rental cars.
● Buying allows
you to customize your vehicle, which is not permitted in the rental car.
● You can sell or
trade your car to update yourself, but this option is not available in rental
cars.
● There is no
monthly mileage limit when you own a car, but rental vehicles do have monthly
limits.
Final Thought
Both options have
advantages and disadvantages, but ultimately, it comes down to your budget and
how much you intend to use the vehicle.
You can rent a car
for an extended period if you want to drive a new car that would otherwise be
out of your price range or if you only need a vehicle for a short period.
It's also worth
considering buying a car if you drive a lot and long distances and want the
freedom to sell your vehicle.