Nowadays, the idea of vehicle ownership is often met with scepticism. Many people view car ownership as a constant drain on financial resources due to the costs of purchasing, maintaining, and insuring one. Then there’s also the fact that its value depreciates. However, if studied more deeply, vehicle ownership can be considered an asset.
In this article, we will explain the many benefits of having your own vehicle. So if you are thinking of getting one with the help of quick money lenders in Singapore, consider the following facts first.
Dependable mode of transportation
Having reliable transportation is the most obvious advantage a private vehicle can provide. Wherever and whenever you want to travel, you can use it without having to consider your travel schedule, like public transportation. This convenience is especially felt in situations that require quick mobility, such as emergencies, medical appointments, or work-related needs.
In the long run, having control over your travel time and comfortability can increase productivity and improve your work-life balance. Additionally, having a private vehicle means having privacy while travelling, as you’re not sharing the ride with people you don’t know or like.
Income prospect
There are many ways to turn things into businesses that make money on the side. You can use it to earn income through ride-sharing services and food delivery platforms, such as Uber Eats or GrabFood. If you don’t want or can’t use the vehicle for those part-time jobs yourself, you can rent it out as an additional income stream.
This opportunity can not only help offset maintenance costs associated with vehicle maintenance but also earn more income.
In addition to regular maintenance, ensuring your vehicle's tires are clean can enhance both safety and longevity. You can explore options to buy tyre cleaner from reputable suppliers like JennyChem for effective tire care solutions.
Another additional income prospect
Many people believe that owning a vehicle is an ongoing obligation. It definitely is, but it can become a high-value asset if you maintain it well. Moreover, if the vehicle model is a vintage or antique item, then it has a high resale value. It helps a lot that there is a demand for antique cars and classic models. Some have even become car collectors and enthusiasts because of the business side of things.
But what if you only have a new car? You can still sell it if you need money, but remember that the selling price usually drops to 40% of the buying price five years after the purchase. Nevertheless, it’s better to go that route than to be in financial distress.
If you want to sell your vehicle, you can research the basic information about the make and model of your car and how you plan to sell it—privately or trade-in—to get its value. A simpler method is to check the internet for what other individuals are selling the same car for (make, model, and year).
First, if you trade in a car at a dealer, you will get less money because the dealer will have to pay for maintenance and repairs on the car so it can sell quickly.
Second, when you calculate a car's value based on its age, use the price you paid for the vehicle, not the retail price. Most people negotiate the sales price before buying a car, so use that to your advantage.
Asset to quick money lenders
Did you know that there are secured loans that use assets when we want to borrow money? Vehicle ownership can be used as collateral, or it can be valuable collateral for obtaining a loan from a lender. Having collateral in the form of a vehicle makes you more likely to get a loan from quick money lenders compared to applying for personal and unsecured loans.
Also Read - Overview of Vehicle's history search
Conclusion
The role of vehicle ownership can be very helpful in everyday life and can even be a way to earn money. That means it shouldn’t just be written off as a financial liability. Instead, it can be considered a valuable asset. So if buying a car won’t put you in a red, then go for it.