In today’s hedonistic world that endorses the most unsustainable form of hustle culture and pressures its people to seek material wealth instead of happiness. It seems that the moment someone secures a high-paying job, they are expected to make a life-altering investment—either in the house, in the stock market, or a car. While buying a home has become extremely difficult in the last decade. With its intangible results, investing in the stock market rarely provides a sense of achievement to the youth. So, most of the time, purchasing a car is justified because it gives the owner a sense of self-reliance and becomes symbolic of their status.
However, what usually happens is that individuals do not conduct thorough research regarding the pros and cons before making such a big purchase. Buying a car requires a considerable investment and regular maintenance. One can easily find themselves stuck in a debt trap if one fails to make proper arrangements for such expenses.
Thus, to stop individuals from making hasty decisions regarding such a huge purchase, this article suggests rational alternatives to buying a car. It includes looking for a Dubai car rental company, where the options are plenty and affordable.
Why Is Purchasing A Car A Bigger Investment Than It Seems?
Buying a car is not a one-time investment:
● Before the purchase, one needs to make arrangements for the required funds. If one takes a car loan, they’ll be burdened with the EMI.
● Arrangements for the post-purchase costs, such as car insurance and the cost of fuel, will also need to be made. Sometimes, one may need to consider the cost of hiring a driver.
● The annual maintenance cost of a car is also high, owing to its depreciation.
If one lives in a city where parking and garage facilities are expensive, then the daily average cost of owning a car automatically goes up. Driving a car is also mentally draining because of the number of road accidents that take place daily. For this reason, one should have a good insurance policy, the cost of which is generally higher than the average one.
When Should You Rent A Car Instead Of Buying (and When You Shouldn’t)
Suppose you feel that making arrangements for all the above expenditures would feel like a burden. In that case, it is advised that you should rent a car instead of buying it, especially if pre-existing educational and personal loans already encumber you.
Then the question arises- when should you buy a car? You can go for it if you can access all the required resources to finance a car. Moreover, if you are looking for a specific vehicle with a definite set of features, you may not get that from rental companies. In such cases, buying a car may be the right choice for you.
To sum it up, whether one should buy a car or rent one depends on the resources at their disposal, the timeframe for which the vehicle will be used, and personal biases. Look for a rent a car near me and choose from the wide selection.