Is Owning a Car Still Worth the Investment?

Use your ← → (arrow) keys to browse

Owning a car

Owning a car has, for a very long time, been an absolute necessity for many people around the world. Whether you live in a remote location or a busy city, owning a car used to be a necessity. That is until public transport improved and services like Uber became widespread. Nowadays, we’re looking for more and more ways to cut the cost of owning a vehicle such as forming car pools. As reported in our article at http://www.theworldreporter.com/2017/02/how-to-cut-costs-when-it-comes-to-multiple-car-households.html, the United Kingdom currently has an average of 2 cars per household. One is usually used as a family vehicle and the other could be for a young adult or for leisure, and the costs of maintaining two vehicles are set to increase.

So we have to ask ourselves this question: is it worth owning a car anymore? Uber prices are incredibly low and improved public transport makes it far easier for us to travel around the country. The fear of getting into accidents due to reckless drivers and the rising cost of obtaining a driving license are making car ownership more of a status symbol than something practical. According to http://www.1driver.co.uk/cost-to-get-a-driving-licence.html, the average cost of a driving license in the United Kingdom amounts of about £1353. That’s a staggering amount and could even buy you a small vehicle if you were looking for something second-hand.

Rising Gas Prices

Compared to previous years, gas prices have been steadily increasing and the cost of driving our vehicles is getting more and more expensive as the years go by. In fact, petrol prices have risen to a new two-year high recently and they don’t seem to be budging. The average UK price for petrol is now around £1.17 for petrol and £1.20 for diesel, but this changes depending on where you top up your tank. Sadly, with no upcoming events that could affect the price of fuel in the United Kingdom, it seems like we’ll just have to get used to these high prices. If you want more information about the rising price of gas, you can read Oilandenergyinvestor.com/2011/04/why-gas-prices-are-outrunning-oil-prices/ for all of the juicy details.

Read  Trump Is A Cash Cow For Swedish Vehicle Tester

Overall Car Costs Are High

Not only do we have to worry about fueling our vehicles, we also have to worry about parking permits depending on where we live, insurance costs, MOT and maintenance costs. The Standard reports that the average cost of owning a vehicle in London is over £3,000 a year. You can read that article at http://www.standard.co.uk/news/transport/car-ownership-costs-london-drivers-more-than-3000-a-year-a3172511.html. The research also uncovered a disturbing fact; the average Londoner only spends about half an hour per day driving their car, and it’s usually to get to and from work.

Summary

Since we’re only driving 30 minutes per day, perhaps it’s time to cut out that £3,000 annual expense and look for alternative options. Sitting in an Uber for 30 minutes a day will probably cost less than it does to finance and maintain a car, and you could always resort to alternative methods of travel such as public transport, cycling or even walking. Owning a car is more of a status symbol than something you do for practicality, and unless the costs of owning a car fall, it will remain that way.

Use your ← → (arrow) keys to browse

Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.