Cars provide you with the convenience of mobility to travel anywhere in the world. When you get financially stable in life, you think of buying your dream car and house. It is a status symbol that gives you an edge over your competitors or fellow mates.

Factors to decide whether you should own a car or buy one :

1) Valuation of the car

Owning a car gives you the satisfaction of self-achievement and a sense of ownership. You can use the car at your convenience. But you must consider other expenses attached with owning a car. You need to pay a substantial down payment and monthly installments with a 9-12% interest rate. You need to take care of the extra cost of maintaining the car like replacement of tires, insurance, regular servicing cost and fuel charges. If you get a used cars brisbane then all the above cost is not your matter of concern. Many used car dealers brisbane also offer bad credit car loans.

2) Financial and Job Stability

Buying a car is a substantial financial commitment. You need to make timely payments of the installments, and defaulting on EMIs will make your credit score terrible, so you must consider your financial situation before buying a car on loan. The value of the assets depreciates over time. As soon as you take your car outside the showroom, its value depreciates by 10%. If you lose your job, expenses like EMIs, service and fuel charges will become unbearable. So if you do not see stability in your job, renting a car is the best option.

3) Purpose of buying

If you regularly use a car for various purposes like going to the office, shopping etc., then buying your car is better for you. But if you don’t use a car regularly and it stays stationary in the parking for days or if you are visiting a location for a specific period for some work purpose, consider renting a used cars brisbane as it will save you from many costs like EMIs, maintenance charges and cab charges.

4) Environmental concerns

Pollution and road traffic congestion are growing concerns for the environment. Owning a car is a huge responsibility and quite expensive; between the rent to buy cars option, youngsters choose to rent a car to live a hassle-free and environment-friendly life. So used car dealers brisbane provides you with cars in which you only need to pay the rent for the usage, and you are saved from making a substantial financial commitment to buying a car. You can drive used cars brisbane in however you choose.

Pros and cons of renting a car

Pros 

Renting a car is more affordable than car loans. You can easily switch cars according to the occasion without selling them. There is no responsibility for the maintenance of cars.

Cons

If you fail to comply with the terms of the agreement, then you are subjected to various penalties. You will not get ownership or money at the end of the lease, the way you get in an owned car. You cannot modify or customize the car according to your requirements. You need to adjust to the features already present in it.

Pros and cons of owning a car

Pros

Owning a car provides you with the convenience and satisfaction of ownership. You don’t have to worry about the mileage limits; you can drive miles with no stress. At the end of monthly payments, you are the car’s owner, unlike the rented cars. You can modify the car’s features per your requirements and earn money by selling it if you want to switch.

Cons

It is a long-term commitment; you need to check whether you can afford this loan for a longer duration or not. After selling the car, you get a much lower value than its initial value. You need to bear all the maintenance and fuel charges, which are a bit expensive.

Conclusion

There are pros and cons for both buying or renting a car. Your decision to rent to buy cars will depend on your financial stability and capacity to afford the loan. If you want to buy a car for a longer duration and luxury and comfort are your priority, own a car. But if you want a car for a shorter duration and have less financial stability, consider buying used cars brisbane.

Crossy’s car is a used car dealers brisbane providing the best cars at affordable prices and bad credit car loans. Reach out for more.

Source URL: https://crossyscars.com.au/