Is it the best time to buy your own car now?
We have all been sort of comfortable inside our homes for about two years not worrying about the traffic jams, the stress of commuting or traveling, and pollution, thanks to Covid-19. But now that the world has finally opened up again, a lot of us are now asked back to the office or go out to meet people for work. And also because of the 2-year halt, a lot of us are also excited to go out and do rebound travel or a road trip.
You think you need your own car for your disposal. It’s sort of safer to be in your own vehicle than sharing some car with someone you don’t know who might have some virus or sort (if you are taking a ride-sharing, taxi, or public transport). Better safe than sorry you think.
Yes, the lockdown spoiled us in a way, we need to go out. Do you need a car? Should you buy one? Ok, let me help you sort it out. Here are 2 crucial things you need to consider when buying your own car:
1 Lifestyle
What's Inside
First, do a lifestyle check. You have to consider if owning a car is of convenient for your than another thing to worry about often? Do you travel a lot for work or for leisure? Or are the available modes of public transportation good enough for your needs?
Do you have a safe and secure parking space that you don’t have to pay too much for it?
Do you miss more work opportunities because you are not mobile enough because you don’t have a car that’s readily available at your disposal?
If you are at home or in the office more for work and have the car parked somewhere for hours then maybe the public transport might be enough but if it’s taking a toll on your budget and your health because of the stress of commuting, maybe owning a car be a better choice.
2 Budget
Do you have enough money to buy a car? Are you buying a new car or a second hand? Are you planning to get it on a loan or are you paying in cash? Would a loan you will have to pay monthly or quarterly or yearly be more practical and less expensive than the amount you spend for commuting (bus, jeep, MRT, LRT, taxi, Grab, Uber, Lyft, private car rental, etc)?
If you have to be around a lot of places for work, then having your own car would be the best choice. If it will just be parked somewhere waiting for you after work and you have to pay parking fees and all,
maybe you have to consider. Personally, the only time I need a car at my disposal is when I want to go out-out-of-town for a quick getaway beach trip, the rest, I can settle with a Grab/ taxi that I don’t need to worry about parking fees, maintenance fees, driver fees or sort.
To see how much you will actually spend for a car, second hand, used car, trade-in, no trade-in, etc. you may try this calculator works with just about any scenario https://www.carpaymentcalculator.net
Is it the best time to buy a new car?
I am not sure, but with the fuel prices going up and there’s no way but up in the next coming months, I don’t think it is a practical choice for me to get my own car.
New car models have limited supplies I heard. Used cars might be a good choice but then how much mileage is left and all maintenance needed, it might be better to get a new car.
Up to you
If all the answers above point to a more positive outcome of owning your own car, by all means, go get it. If I can take driving in the traffic-congested city, I might get my own car, but for now, the ride-sharing apps I use are enough for me. I used to dream of riding a different car every day of my life, now that there is Grab, Uber, Lyft it made it possible. The best thing is I don’t have to worry about parking, maintenance, and driver or driving, so convenient.
