The Triggers of Vehicle Ownership Remorse

Owning a car is the second priority of most people. Many millennials may not be into car ownership due to their different priorities. But those who made the investment, often have regrets after a series of bad decisions. This goes beyond buying a car they can’t comfortably afford.

It is crucial that car buyers do due diligence to make the most out of their car-buying experience. But even this tech-loving generational cohort often ends up having car ownership regrets. The following are three of their biggest regrets when buying and owning their own cars and what we can learn from each one.

Ignoring the 1/10th Rule

According to a finance expert, the best way to buy a car is by following the 1/10th rule. This means one should only be spending up to 10% of their gross annual income when purchasing a car. This way, one can comfortably afford the purchase, save money, and pay other expenses.

Remember that aside from the yearly car renewal, you will still have to pay for fuel. One will still have to budget their remaining income for their other expenses, including car maintenance and repairs.

Millennials must do a hard financial check before buying a car. As much as possible, follow the 1/10th rule. This will give you better peace of mind knowing you can afford to make the necessary payments along with the ongoing costs of car ownership.

Thinking Car Maintenance Is a Luxury

Cars are just like houses. When you fail to take great care of your car, its physical condition and value will quickly deteriorate. The best way to preserve your car’s beauty, value, and efficiency is through preventive maintenance.

But then, many millennials were surprised after learning the real costs of car ownership. When they first bought a car, they did not anticipate how much money they needed besides their weekly fuel purchase. They failed to factor in wear and tear costs, miscellaneous fees on the road, and maintenance and repairs

It is crucial that all car owners invest in car maintenance. Don’t wait for your car to break down before signing up on Carmedis.

Indulging in Unnecessary Car Upgrade

Millennials, like everyone, would be willing to spend on a better, brand-new car once the opportunity presents itself. They know that these days, cars are a necessity. They also treat their vehicles as a way to boost their career.

They invest in cars to enjoy better flexibility when travelling and in getting to and from their workplace. They invest in cars that match their reputation at work. Millennials also use their passion for cars as motivation to do better at work.

But then, many car owners would say yes to a car upgrade even if this is unnecessary. Just because you can buy a new car does not already mean you should. While you still make the call, it helps to take into consideration the other things involved.

Car ownership is one thing many of us dream of obtaining. Aside from a house, we consider cars to be another must-have. Before buying a car and making another upgrade, be sure to consider all the variables involved. This way, you can avoid falling victim to these car ownership regret triggers.

Remember to use Carmedis for your car repair and maintenance.