Unique Advantages of Owning A Car 2023
Cars are a symbol of freedom. When you have a car, you can always go where you want or leave a situation. You are never stuck. Driving a car is important for people in general because it provides status and the opportunity for personal control and autonomy. In sparsely populated areas, owning a car is even more important, since it provides the only opportunity for traveling long distances due to a lack of public transport.
AAA reports that the depreciation of a vehicle is roughly 36% of the overall cost of your vehicle! That percentage will be even higher if you buy a new car every few years. That’s why money nerds (like us) will often recommend that you buy used – to sidestep the steep cost of depreciation.
When shopping for a new or used vehicle, it comes down to your personal preference and peace of mind. Newer vehicles typically cost more but come with the latest features, while used vehicles are more budget-friendly but might not be reliable.
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However, in addition to freedom, there are plenty of unique advantages of owning a car:
Food Delivery Driver
If you have a car and a valid driver’s license, you can become a delivery driver for restaurants or apps that service your area. While this stream of income likely won’t make you a million dollars, it is a good, steady income stream that you can count on for some extra cash.
Take on Odd Jobs
When you own your car, you have more than just the freedom to go where you want to go. Having a vehicle opens your opportunities up to many entrepreneurial endeavors too. With a car, you can take on cleaning jobs, some home repair, and upkeep work, as well as lawn care and landscaping.
If this type of work isn’t something you are interested in, though, you could become a personal shopper, where you pick up items and deliver them to your customer’s door. Or, you could give rides to the elderly looking to go shopping.
Related: Understanding Mortgage Impound Account
Title Loans
If you need a lump sum of cash quickly, you can use your car to obtain a title loan. Instead of the traditional loan process, title loans use your car’s value to determine the amount you are eligible to borrow.
Through the quick and easy application process, you can borrow between $2,000 to $50,000, depending on your vehicle’s value.
To find out what you can get for your car, just google title loans near me. There should be various local and online options available.
Delivering Items
Food isn’t the only delivery item that is hot right now. While there is no shortage of postal service deliveries, sometimes it is cheaper and easier to use individuals. This situation is where people with cars come in.
There are plenty of legitimate transactions with people needing items delivered many different distances.
Whether you are picking up groceries or transporting a package to another state, this is a side business that can pay very well.
Read Also: First Mortgage Direct
The Pros:
- Low-Interest Rates. The continual and historic low-interest rates set by the Federal Reserve have trickled down to auto loans, as well.
- Warranties. Most vehicles come with a manufacturer’s warranty that, on average, covers three years or 60,000 miles.
- Latest Technology.
- Depreciation.
- Insurance.
- Return on Investment.
Drive Safely
For self-preservation, it makes sense to be a safe driver. However, being a safe driver is also a great way to help your car work for you.
Whether you own, lease, or rent a car, you need insurance, and you need to take care of that car to continue using that car. So, when you drive safely in a car you own, you are investing in yourself.
When you drive safely, you are less likely to get in an accident and maintain a good driving record. When you have a good driving record, your insurance rates will be substantially lower.
7 benefits of a car: What you should know
- Health and Emergencies. The safest way to ensure your health in the pandemic is by owning a private car.
- Independence and Freedom. Relying on others for travel or using public vehicles could be detrimental.
- Privacy. When you own a car, one of the benefits is privacy.
- Safety.
- Save Time.
- Take Pleasure Trips.
- Flexibility.
Disadvantages of having a car:
The biggest disadvantage of buying a new car is that you lose money on it as soon as you drive it off the lot. A new car takes its biggest depreciation in the first two or three years. 1 This means that you are basically throwing away several thousand dollars that you will never be able to get back.
- Owning a car is expensive and requires additional costs to maintain and repair.
- Cars have increased the level of air and noise pollution in cities, causing more humans to suffer from respiratory, heart diseases, or cancers.
- City travelers have to spend long hours in traffic jams.
Getting your used car insured will cost you a lot less as compared to a new car. … Even if you decide to sell it in the future, it won’t dent your wallet much by losing less amount of money than a new car would do. Especially for the first-timers, a used purchase is more practical and affordable at the same time.
8 Vehicle Maintenance Measures You Can DIY
- Acquaint Yourself With Your Owner’s Manual.
- Check Your Tires Monthly.
- Change Your Oil and Oil Filter on Schedule.
- Replace the Air Filter With Oil Changes.
- Inspect All Other Fluids.
- Examine Belts and Hoses.
- Always Listen and Feel for Brake Issues.
- Replace Wiper Blades as Needed.
So, as you can see, there are many ways to make your car work for you. While these unique advantages of owning a car may not be the most obvious, they all help your car work for you.
Do more than just own your car, profit from your car.
