Most people, starting from adolescence, have a dream of buying their own car. But no one dreams of buying an old Toyota with high mileage, no. Everyone dreams of owning a luxury technologically advanced vehicle of the latest.
You can go anywhere at any time of the day or night. In addition, it will be new, and shiny and all passers-by will pay attention to it. Undoubtedly, many people recognize in these lines their thoughts and dreams of long ago.
However, is buying a new vehicle a smart idea?
If you’ve ever owned a car, new or old, you’ll understand why we’re asking this question. Maintaining a car is expensive.
We will talk about why buying a new vehicle is a waste of money, rather than something to strive for.
You Can Find A Car If You Need
The main argument of car ownership supporters is that you can easily get into the car at any time of the day or night, and go wherever you need. This argument has long ceased to be convincing since each person has the opportunity to order a taxi, use car sharing, and also rent a car.
You can make the argument that you can go on a long road trip and you don’t have to worry about other problems. If for short trips, you can use a taxi or car sharing, then in the case of long-distance trips, this is an expensive pleasure.
That’s not a problem now, since car rentals operate in many cities around the world. You just need to make a Google search for “near rent a car” and you will get a lot of results. If you have a driving license and driving experience, then in just a few minutes you can rent a car and go wherever you need. In addition, you can rent absolutely any vehicle, whether it is a supercar or an economy car, depending on your budget.
Going on a long journey, you can take advantage of a weekly or monthly car rental, which will be even cheaper than renting a vehicle for a day. Most importantly, a car rental will provide you with a vehicle in perfect condition.
Yes, a new car looks irresistible, plus it smells amazing. However, did you know that as soon as you drive a brand-new car from a car dealership, its value instantly decreases?
By the end of the first year, the value of your vehicle can be reduced by up to thirty percent. Just think about how much it will cost in 5-10 years. The saddest thing is that newer models depreciate much faster than older models. Investing in a new car is, of all things, your worst choice.
Interesting but true, if you google what cars millionaires drive, you won’t see Ferraris, Lamborghinis, or Porsches in the results. Many millionaires prefer to drive affordable vehicles such as Toyota, Ford, or Honda. Isn’t that surprising?
For the first few years, when buying a new vehicle, you won’t have to worry about anything, just change tires and engine oil. However, in five years you will realize that you will be a frequent customer of car services.
A car is made up of a huge number of parts and components, each of which is not durable. They wear and break, and you will need to open your wallet every time and pay hundreds or even thousands of dollars, depending on your vehicle.
In addition, if you plan to take out a loan for a car, then try to figure out how much money you will need to pay per month to cover the loan, as well as to repair your car in case of a breakdown.
A car needs your constant attention. If you do not regularly service it, then the number of breakdowns and repairs will increase every time. Instead of spending money on a vacation, you will give every penny to the repair of your precious car.
The idea of buying a new vehicle is not bad, but if you think about it, it is far from a smart idea. You can enjoy the novelty of your vehicle for only a few years. After 5 years, you will realize that this investment is not worth it. Start thinking like a millionaire and better choose another asset.