Millions of consumers purchase a car each and every year. These individuals purchase a wide variety of vehicles for a number of different reasons. While most consumers who purchase a vehicle are extremely happy with their purchase, some individuals regret buying a car. There are a number of reasons that individuals should not buy a car.
Many Americans want to purchase a new car whenever they can afford it. However, many vehicles do not need to be replaced every three to four years. Most vehicles can stay on the road for a decade or more as long as they receive the scheduled maintenance as recommended by the manufacturer. Americans also like to buy more car than they can truly afford. Make sure that you are able to afford the monthly payments on your vehicle before you purchase it. Finding out that the monthly payment is putting a strain on your finances six months into your loan will not help you out in the long run.
Loans can be a major responsibility for consumers. Individuals who have less than perfect credit or are relatively new to the credit market may want to save up a large down payment that they can make on a vehicle. Placing a small down payment on a vehicle leads to a longer duration of loan as well as higher monthly payments.
Alternative Methods of Transportation
Many individuals who live in large urban environments are able to walk, bike or ride public transportation to their day to day destinations. Large cities such as New York, Chicago and Washington DC have efficient mass transit systems that reach many outlying areas as well as dense urban centers. Depending upon your employer, employees may be able to realize a benefit from using alternative transportation to get to work. Employees should ask their employers for more information. Biking/walking/running allows individuals to stay in shape as well as elevate their mood.
Car insurance is one of the worst problems with owning a car. Even a vehicle that is not driven by the owner still needs to have coverage in case it is hit or damaged. Car insurance can add anywhere from $70 a month to $400 a month to the cost of owning a vehicle. There are many different policies and requirements that car insurance companies have for their policy holders. Some offer discounts to current students and safe drivers to reduce the cost of insuring the vehicle. Drivers can also shop around and ask for quotes from different insurance companies to reduce their rates.
Britney Baker usually looks at car insurance companies over at CarinsuranceCompanies.Org.
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