For many, it is impractical to imagine life without a Car! Understandably, the modern world is built around automobile travel. Who would love to abandon the comfort and the luxury? But, I can swear, at some point, you would envy a cyclist when he glides past you while you are stuck in the traffic.
Well, there are many more worthy benefits of saying ‘Yes’ to ‘car-free life’, especially if you wish to save your earnings and make right investment choices. Read through this post at Moneymindz to agree with us!
Did you buy an expensive, brand new car? Congrats, but sorry! You lost lump sum in one go! Cars are usually expensive purchases, after home-purchase. Its large price tag does not make it an investment. Instead, cars depreciate over time. And the money you invested on the car is non-recoverable in full, any day. In simple words, a car is an asset that loses value over time! Whereas, if you invest the amount in a well-diversified portfolio, you have more chances to amplify your investments and get fruitful returns. Right investments help you to make money over time!
Car Maintenance Costs:
Maintenance of the car you own is an added burden. From expensive insurance costs to fuel charges, all make a way to empty your pocket. Even simple oiling and minor repairs cost you thousands every now and then. If all these expenses are accumulated, over the years, you could have a huge corpus in your account. Right investments would make a way to getting you richer.
Health and Social Life:
Without a car, you would walk more than before. If you opt for public transport you become a social being too. If you prefer to go cycling, you would get into shape, without paying the gym. Is it not a great way to secure your health as well as wealth?
Thus, all the above-listed benefits throw light on securing your money and health. Do give it your best shot to lead a car-free life.
On the practical note, when it comes to life without a car, we agree that it is not always easy to avoid buying a car. Circumstances make us dependent and so we may have to opt for a car, as then it becomes a necessity.
What if you cannot avoid buying a car?
As said, when a car becomes a necessity and you cannot help but depend on it, go for the one that serves your needs but not the one that makes you broke in the process. Ensure to buy an affordable car, based on your needs. At times it is important to decide between a small and a big car that fulfills your requirement.
Experts suggest that the total worth of one’s cars need to be less than half of his or her annual income.
Here are more ways to minimize the car-usage:
Car-pooling: Pooling a car is a great way to lessen the travel cost, get social and contribute to the environment. Most companies encourage their employees to pool cars, which is an environment-friendly initiative.
Share Cabs: In this age of private cab services like OLA and UBER, do we really need to rely on our own car?
To conclude, you can save up a lot by leading a car-free life or at least delay buying a car right away. Be a wise investor, by diverting the same amount to right investments that yield returns. It is surely a wise way to get richer. Get richer by cutting down on non-committed expenses. Learn more on buying decisions and how to start saving.
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