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Thanks to fellow S&S reader, Cherie, for providing these tips to help you decide if car ownership is right for you.

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Owning a Car: Essential or an Expense too Far?

While learning to drive and getting your driver’s license is always useful, the decision of whether to buy a car of your own is a little trickier to make.

Owning a car is a big commitment, and there are many factors to consider before buying one. To help you decide if car ownership is right for you, here are some things to think about…

How Often Will You Use a Car?

To work out if it is worth your while to get a car, think about how often you will use it. Would you only use it on weekends, or would it be your primary mode of transport for getting to work and back each day and for trips on the weekend too?

If, for example, you work within walking distance of your home, a car may not get much use at all, so you may be paying for it to be parked in your drive 99% of the time.

Do you Have Parking?

Do you have safe and secure parking for your car at your home?

You certainly don’t want to be driving around in search of a place to park your car every night. If on the other hand, parking is available but is super expensive, you may want to rethink things.

Don’t forget to check whether or not your place of work will allow you to park on site too, or if you will need to purchase a permit to use their parking lot.

Extra Costs

Cars come with lots of extra regular costs, such as repairs and servicing. Insurance is, of course, an essential cost. If you were unfortunate and were in a collision, don’t forget that a personal injury lawyer should be able to help you. You will also need to take into account the cost of gas, and whether running a car is more cost-effective than using public transport.

Aside from the cost of running a car, some people feel safer using their car than they do using public transport, particularly if they are coming back from work late at night. The safety factor is something else to consider that you may feel more important than the financial side of things.

Buy New or Buy Used?

After buying a home, cars are many people’s next most significant expense, so they are right up near the top of the list when it comes to financial commitments.

In most cases, if you are buying a regular car, used will be cheaper than brand new. Even buying nearly new can knock a big chunk off of the price. If you decide to take out finance to pay for your new set of wheels, make sure that you are aware of exactly how much you will be paying back in total, and if a large payment is required at the end.