And here we are. You may or may not have a driving license, but you’re thinking about buying your first car. Maybe you have a suspicion that it will cost you some money, but you are not sure how much exactly. Buying a car is quite a commitment and here are all the things you may want to consider before buying a car.
Getting A Loan Or Saving
A car can be expensive just to run in – repairs and insurance. But you first got to pay to have it in the first place. Have you already saved enough money for a whole car, or are you going to borrow some money? There are three ways you can borrow for a car – personal loan, lease, or Hire Purchase.
Do remember that it is going to be another thing to pay for every month and it can restrict you to save money for something else, like a house or your pension (always start to think about these as early as possible).
Here are some resources to look at if you’re thinking about the loan:
- Best Way To Buying A Car, by MAS
- Buying A Car With Personal Loan, by MAS
- How To Buy A Car On Finance, by RAC
Do You Need It?
I know people who bought shiny new cars on a loan just because of the status that comes with it. Personally, I think it is a wiser decision to get a used car as it is much more affordable. While a car can provide you with lots of freedom of being able to go wherever you want and helps you out in emergencies, consider if you are be able to do these things in some other way.
For example, if you yearn for camping on weekends and are thinking that with the car it will be much easier to get to camping places, then why not you get there with a bike or even walk (the camping days don’t need to be long to enjoy some time next to a campfire)?
Is getting a car to save that one hour in the morning really that worth it? Every time you’re using your car, you do a disservice to your body. This study found out that people might not be burning 30% of the calories they consume daily if they use cars in comparison to those who use public transport.
And, I believe that keeping a healthy lifestyle and striving to exercise your body to become more resilient to any illnesses or injuries can really help you out in a long term because you won’t need to spend as much money on seeing doctors (or at least postpone it).
And, do not forget that having a car means that you will have another item in your possession that you need to take care of. This means to drive safely to not damage it, cleaning and washing it regularly, fuel costs, occasional repair costs and insurance. In my opinion, it is best to not take on a responsibility that you know (or previous experiences show) that you won’t be able to commit to all that accompanies it.
Damage To The Environment
One of the main reasons why I decided not to buy a car myself is because of the CO2 emissions they produce. And it’s not just about riding it that is bad for the environment too. The environmental damage that cars create also comes from car landfills, factories that make them, all the animals that get run over by them, and the people who die in crashes.
So I hope that you make a right choice. Remember that it is really up to you and no one at Tamed Money is judging anyone for their choices.
Thank you for reading this post, I’ll be back to you with more money wisdom’s for artists tomorrow!
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