Can you really afford a car? Whether you use it to drive to your office in the city or to visit your relatives out of town, you can’t deny the long-term benefits of having your own private vehicle. Car spending, however, is about much more than the amount you paid for at the dealership.
If you were living the best-case scenario where road accidents never happen and engines never break down for any reason, the costs associated with car ownership still add up. You would need to shell out for fuel, cleaning, maintenance, insurance and other regular expenses. Even if you were the most careful driver in the world, you can’t fight the inevitable wear and tear that comes with years of use. And thanks to depreciation, not even reselling your car in near-perfect condition would guarantee a 100% return on the money you spent.
Familiarising yourself with the basic costs of owning a car can go a long way in keeping you out of the red financially. In addition to estimating the cost of oil changes and new license plates, you’d also have to consider factors such as drive distance, traffic and public transport in your area. If you can handle the total expenses without breaking the bank then by all means, take your spot behind that wheel.