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Which makes more financial sense? how would you decide whether or not buying a car is better for you long term?
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Pang Zhe Liang
26 Dec 2019
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-pers...
Next, I will suggest you to study your travel pattern and understand the extent to which you require a car in your life. For instance, if you travel 100km a day, or need to carry a lot of stuff everyday, then owning a car may be more convenient.
That being said, go back to your cashflow and understand your long-term affordability, including costs for maintenance, petrol, etc. Owning a car is not as easy as looking at things on the surface.
If you don't need a car often, then renting one will makes more sense.
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I think it depends on how frequent you need your car. if u need it everyday then it might be better for you to buy a car. but if u only it once in awhile then renting car might be a better option for you.
personally i used to rent car when i just started working. But bc i do sales and i need to keep travelling around everyday, eventually i bought a car for myself when i can afford it. I got my car fr https://www.motorist.sg/. if i rem correctly they have quite a variety of cars for you to choose from, bc i rem taking quite long before deciding which car i want to buy hahaha