As you scale up Financially, you start adding latest gizmos too..The latest i-
phone, the latest laptop and obviously the next on your radar would be the
BRAND NEW CAR (sometimes, even a High End Second Hand Car)
Having your own Car obviously shows to the World that YOU HAVE ARRIVED!!
But, have you truly???
Is it worth buying a Car just to show off?
Is it financially prudent decision??
Just like buying a Smartphone brings with it loads of accompanying recurring
expenses like Data Plan, App Service Fees, etc and thus force you to do
research before buying one....
Same goes towards buying a Car too...
Buying a Car brings with it loads of recurring expenses like Regular Servicing,
Annual Insurance, Parking, the Regular repairs and not to forget Depreciation
True, there are hordes of Ads all over the place luring you...
Low Rates, Longer Warranties, Higher Mileage, Promised Buyback, etc.
So, before heading off to purchase your New Car consider the following:
1. Do you have any load to clear off ? (Education, etc)
2. Do you have a Secure Job?
3. Do you have a BIG expense coming up (your marriage, perhaps?)
4. How many times you will be taking out the Car.... (Are you buying the car to
show off or do you really NEED it)
And, last but not the least......
Do not forget this is the era of Door Services and hence just a click of a button,
you have a chauffeur driver Cab (Uber/Ola) on your doorsteps to serve you at
very nominal rates.
For your information, a recent article in www.fastcoexist.com revealed that
there was a almost 30% drop in the number of cars purchased by people aged
18 to 34 in the US!
Remember, CAR is ultimately a Tool to travel and not an Aspiration, especially
for those who have just started earning.
First earn your Millions and then think of a Personal Car.
I personally do not own one. Many of my Advisor friends are shocked and ask
me “What will your clients think about you”
I reply “My client comes to me for my Knowledge not to look at my Means of
And, moreover for me, REAL VACATION is not driving for many hours, hundreds
of miles in my car with full of stress.....I would rather relax and enjoy the
Shatbadi Train Journey or the good old Volvo A/c Bus without having to worry about navigating the Traffic!!!
Also visit http:/http://goodinsuranceadvisor.blogspot.in/