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is your new and financed car keeping you poor ?
the running costs of a new car are not just the fuel – they also include
- tyres / tires
- servicing every 3 months
- oil change every 3 months
- the depreciation in value
- the financing costs
- car insurance – you cannot drive the car without one
your new car is worth a lot less when you drive it away from the dealer – due to depreciation
the further your home is from the office , the longer is your commute , the higher your fuel costs and other car expenses and the less time you get to spend with your family
so do yourself a favour – find a home near your workplace ( or vice versa ) – where you can walk or bike to work – get some exercise on the way , have a good work life balance , spend more time with your family and invest the car money into stocks or an index fund – you will not be a slave to your job because of your daily commute.
and if you still think you need a car , get a good certified used car with less mileage on it – non financed – it will be cheaper and will last longer ( since you will not be using it that much )
the only thing variable is the fuel cost – the rest are almost fixed. you can get the fixed costs ( insurance ) via websites that offer car insurance.
the alternate method of commute would be carpool – apps like sride or quick ride or if the office provides you a transport – you would get your hands free and will be free to read a book while commuting and become smarter too
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