My friends and relatives often express their desire to buy a car, and my initial question to them is always, “Why do you need a car?” While it may seem unsympathetic, I’m genuinely concerned whether the car will be an asset or a liability. Many consider taking loans to purchase one.
We all dream of owning our dream car, but the reality is, owning a car is akin to having another dependent, requiring constant care and expenses. When I began working, I didn’t rush to buy one because I didn’t have a pressing need. However, circumstances arose that compelled my husband and me to purchase one—our son’s distant school necessitated expensive daily taxi rides.
After deliberation, we saved up and bought a car outright, avoiding loans. The cost of fuel alone was significant, but later, my cake business helped cover the car’s expenses through deliveries and rentals. Today, I use the car sparingly, primarily for essential errands and occasional rentals for extra income.
Before considering buying a car, ask yourself: Do you truly need it? Can you afford it without financial strain, including loan repayments, fuel, maintenance, insurance, and fines?