In today’s fast paced world, managing professional and personal lives can be challenging. Without a personal mode of transportation, everyday life can become more hectic – this is why a reliable personal car is important.
Why is owning a car important?
- One of the major reasons why owning a car has become important is because it is one of the easiest modes of personal transportation. You do not have to rely on public transportation for daily commutes and you can enjoy the independence and liberty that comes with owning a car.
- Second to buying a home, owning a car is considered one of the major expenses you would make in your adult life – that you can make to improve the quality of your life. A car isn’t just a car any more, it now an essential mode of personal transportation.
- Public transportation is unreliable. Picture this – you rush daily to catch the bus but half of the time you are left frustrated because it’s already full. At other times, the bus is late, so you end up getting into school or work a couple of minutes later than you would prefer. Owning a car makes it possible for you to better control your daily commute and gives you total autonomy.
Buying A Used Car
We’ve discussed the importance of owning a car, but in order to save on the cost of buying one, you decide to go with a used version. This is a smart move for a couple of reasons.
Used cars last longer
The used car market saw much higher quality second hand units , than it used to in 2018. This is because we are now in an era of rapid technological advancements and even older versions of cars are built to last a long time.
You bypass the depreciation hit
Did you know that a brand new car appreciated in value by over 30%, immediately it is driven off the lot? When you purchase a used car, you avoid that. Even if the car is a couple of years old, you basically get all the benefits of a new car at a very discounted price. In some instances, you might find a car that is half the original price -yes with nothing wrong with it. Essentially, the first owner takes all the depreciation hit.
More value for your money
When you buy a used car, you get more value for your money. For instance, you might be able to purchase a top model car for the same price as a mid level brand new vehicle. Or get an old used Lexus or a three-year-old used Audi for the same amount as a brand-new Honda Accord.
Lower insurance premiums
The major factor that determines a car’s insurance premium is its value – this means that by buying a used car, you would have lower premiums on your auto insurance policy. Please note, the previous record, age and order factors would still play a role -however, you are still going to have more savings by buying a second-hand unit.
In most instances, buying a used car is never a loss – you are able to carry out your day-to-day tasks without having to shell out a lot of money for the initial investment.
This might come as a shock to some – it might be interesting for you to learn that some cars hold their value and even appreciate as a result of consumer interest or certain features.
Some examples include-Audi TT Land Rover Discovery, Peugeot 360 GTi -6,BMW 328 sports and so on, are just some of the cars that are gaining a ‘classic cars tag’ and are increasing in value as time passes. Owning one of the above cars even if it is purchased used, means that you get a great bargain that increase in value – that you can sell it at a later time for more money.
This article was written by James Cummings, a business psychologist and serial entrepreneur, with over a decade working in finance, IT, marketing and recruitment sectors. He has authored numerous books in the management space and is Founder and CEO of www.dailyposts.co.uk.