Four Biggest Benefits to Vehicle Ownership
In today’s world, there are lots of transportation options for people who don’t own cars, including public transportation, taxis, ride-sharing services, short-term rental companies, and car dealers that offer leased vehicles. While these options work for some, many people find that owning a vehicle is necessary for daily life. Here are four major benefits to vehicle ownership.
People who don’t own cars are often tied to public transportation schedules. It costs a lot more time and money to run errands, travel, or visit friends when one relies on public transit. Car owners can hop in their vehicle at any time and drive wherever they please without restrictions.
Drivers can take direct routes to their destination without waiting for connections or dealing with unreliable transit schedules. Errands that might take an hour or more by bus could be cut down to 20 minutes.
3. It’s an asset.
A vehicle is an investment that, once paid off, can either be driven until it breaks down or until the owner sells it. Although the value depreciates over time, the only expenses after it’s paid off are fuel and maintenance. Many car dealers lease vehicles, which may be appealing to some drivers because of lower monthly payments. But in the long run, leasing is more expensive than ownership because the driver must continue to make monthly payments as long as he wants to drive. Many of today’s cars last 15 years and make it to 200,000 miles or more. With the average loan lasting only three to five years, that leaves a lot of years of freedom from car payments! Additionally, owners typically benefit from lower insurance costs than lessees.
4. It belongs to the driver.
Unlike with a leased vehicle, drivers can customize their cars as they please according to their tastes and needs. The owner is the ultimate authority on the car, so he is free to do with it as he wishes. Unlike with leased cars, owners won’t be punished financially for exceeding mileage limits on their own vehicles, nor will they have to pay for minor wear and tear on the vehicle at the end of the lease term.
Alternative transportation works for some people, but car ownership makes life easier for many drivers. Anyone interested in purchasing a vehicle should research models, visit car dealers for test drives, and explore financing options to make the smartest investment possible.