Cars have evolved to become status symbols that are often associated with success and financial stability. Such is the case for the common millennials who strive hard to make ends meet and still manage to pay the car mortgage that they have to pay at the end of each month. Most of these hardworking members of the working class bought cars as symbols of their success where the practical reasons usually come secondary. If you want to avoid the dreaded buyers regret those who bought the wrong cars for the wrong reasons, then you must go through these five things that you need to evaluate before driving home a new car.
Do you have a parking space already or do you still plan to find one? This is an important aspect to consider because having no parking space immediately available may require you to pay more for parking rental fees or even moving to a totally new place so that you could accommodate your latest expensive purchase.
Some people go into buying cars thinking that they can afford the monthly mortgage, but failed to include the cost of car insurance. The worst case scenario is not getting car insurance at all. This puts you at a greater disadvantage because accidents resulting in damage can occur even with the most careful drivers. Car insurance exists to protect your car which in some ways is a form of investment. When you make an investment, it is important that you take all measures as well to secure it.
Sometimes owning a car is a lot more expensive than not having one at all. Some people reason out that it would be best to have your transportation rather than spend on the daily commute every day. Quite honestly some countries in Asia such as Japan and Korea have their public transport systems perfected that people prefer to take them rather than drive their private cars.
Don’t even think about buying a car if you do not know how to drive for more reasons than one. You would not be able to effectively test drive your prospective purchase if you do not know how to drive one. The other important reason is quite obvious; you will not be able to drive your car on the road without a license, not legally at least.
Cars are like pets they need to be maintained to keep their engines functioning. Aside from the regular car wash to prevent rusting and other damage or discoloration you also need to have the tires regularly checked, the brake fluids replaced, and the oil changed every once in a while. If you do not have the capability to do that yourself, or have access to someone who can then don’t even think about buying a car.
A car is an investment, which is also the reason why you need to carefully consider a few factors before deciding to even own one.