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SMT TV Ep. 22 – Should You Buy a Car?

SMT TV Ep. 22 – Should You Buy a Car?

Hi everyone! Welcome to the SMT TV Channel,
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and click the bell. See you inside the channel! Okay, so some young people asked me ” Collin,
I am going to start work soon. Should I be thinking of buying a car?” That’s a very good
question because frankly i got my car when I was 21 or 22. But it is a very different
thing because for me I don’t have rich parents I earn to buy a car. But the reason why I
bought a car is because car was a tool for me. Car was a tool to make money because I
needed to travel around which helps me to save time and that’s why I bought a car to
move around. So to answer the question whether it is a good idea to buy a car when you are
young. It really depends on your need. If you need to have a car to move around and
save you time and you feel that every hour you save in owning a car you can make more,
then buying a car is a good investment. But most of the time, buying a car is not that
good of an investment because on average, your depreciation for the car is about let’s
say a thousand dollars a month. Add in parking and all these things, let’s say you need to
spend another $500 a month. So in a year you lose maybe 18 to 20 thousand a year just by
owning a car, including maintenance, including road tax all these things. You will be losing
maybe around thousand thousand five dollars a month just by owning a car. If you can save
this money and invest it wisely, this can also help you in your future for your other
investment plans. Okay so conclusion, it depends whether you need the car or not, whether when
you buy a car can you make more from owning a car by saving you time. So that will be
the answer to this question.

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