The need to drive a vehicle is non-negotiable for many people – especially those with families or jobs requiring a commute. Additionally, even if owning a car is a luxury, it is one that most people are willing to sacrifice many other things to possess. After all, even if there’s an argument to suggest you could survive without a car, you might not consider owning one a luxury.
Table of Contents
Higher Prices and Inflation
In 2022, the cost of just about everything for sale seems to be higher than it was only a few months ago. Sometimes, it is easy to forego luxuries you don’t need so you can save a bit of extra money for the things you do. However, with the rising prices of essentials like groceries and housing, saving money in 2022 is more challenging than ever.
Given the challenge of saving enough money to get by, your dream of owning a new vehicle or even your first vehicle might seem like something that needs to go on the backburner. On the other hand, every decision you make about your budget should b given careful consideration.
Can You Afford Not to Own a Car?
When you ask yourself whether or not you can afford to buy a car, you also need to consider whether owning one will make a solid investment. In other words, will a vehicle save you money in the long run or allow you to earn more? The answer will depend on your lifestyle, including a look at your current expenses and your ability to use your car to make money.
You need to assess the costs in total to get an accurate picture of what car ownership is worth to you. For example, how much money are you now spending on services that would be less expensive or of equal value to owning a car? Do you spend a lot of money on taxi services to get groceries or transportation to work? Would you save on other travel expenses by owning a vehicle?
Why Buying a Used Vehicle Makes a Lot of Sense
Given the dramatic fluctuation in cost relative to the different vehicles available on the market, the line between whether you consider vehicle ownership a luxury or not may come down to whether you can save on the initial cost it takes to buy one. If you want to assess your potential vehicle budget properly, you need to be able to look at the used cars for sale and determine what kind of cost will be necessary.
It will also help to talk to a used vehicle dealer to find out what financing packages are available. A car’s sticker price might seem like an enormous figure that’s out of your range, but it becomes much more manageable when broken down over time.
Other Advantages
If you’re currently looking for better employment options, owning a vehicle may open up your opportunities by allowing you to apply for positions that require a vehicle or to locations that are out of reach of public transit.
In this case, you could earn a lot more money by owning a car that would justify your purchase. You’ll also be opening up the door to other opportunities, such as using your car to become an Uber driver to earn extra income.
Buying a car might seem impossible when you’ve never owned one before, but once you factor in all the contingencies that impact your long-term budget, you might find it an expense you can’t afford to pass up. Talk to a used car dealer near you today to start making a plan.