Young professionals often do not feel the ‘need’ to invest, but there is one financial investment that should always be a priority: a car. It may seem like something that will use up your much-needed funds, but it is an asset that will increase not only your credit rating if you purchase it using car finance, but can help you in a variety of other surprising ways.
Your first car can determine your retirement
This might sound far-fetched, after all, you are still young and fit, but the first cat that you buy can determine what sort of lifestyle you will live in later years. If you buy something sporty, flashy and expensive car, you could live a life of repaying debt after debt.
If you purchase a car that is within your price range and will last for over five years, you can look forward to a future of being a cash buyer and asset owner. Many young professionals feel that after the years of hard work studying and relying on rides from friends and family members, they deserve a fancy luxury car, but this is a detrimental belief. However, if you invest in an affordable and durable model, your retirement years will be comfortable and easy.
A car will save you money
Investing in a car may feel as though you are spending money, especially if you are making monthly repayments, but if you calculate how much you will be spending per month on public transport costs, you will soon see the difference.
While you will have to make monthly repayments, pay for maintenance costs and factor in petrol expenses to your budget, you will still be saving money in the long run. In times of need, you can sell your current car for a less expensive model, and use the remainder of the money for something useful to your situation. A car is as much of an investment as a house, and if you maintain your car well and keep up-to-date on repairs, you will find that your investment will pay out.
It can help to open new opportunities
Young professionals often have to travel for work, but there are other uses for a car besides work travel. You can drive to out-of-the-way places on weekends and experience new things or for those who are looking to start up their own business, you can use your car as advertising with a wrap-around vinyl graphic.
If you are in a position that needs you to travel frequently, having your own car will allow you more independence in your travel arrangements. You can arrive at a meeting early and use this time to network and meet the people who you will be speaking to in the boardroom later. This will reflect positively on you and your superiors will begin to notice an employee who makes an effort to arrive on time to meetings and conferences, especially as you are representing their company.
Save time… and your mind
If you have to rely on public transport, you will constantly be watching the time while you work or while you are out with friends. This could cause you to become unduly stressed and you may even lose concentration on your work which could lead to reprimands from your boss.
The stops along the way of the bus or train route also mean that you have a long journey ahead of you, which can be particularly unpleasant after a hard day at work. Owning a car can ease the burden and stress of having to wait for public transport every day. Bus strikes and other such events also negatively affect your ability to get to work if you rely on transport, which is why having a car is so helpful.
Daily commutes and short errands are easier
If you are the sole breadwinner of your home or are caring for an elderly parent, then having to rely on public transport is not an ideal situation. Short errands and emergencies become highly difficult to handle without a car, and you may find yourself having to create intricate routines to accommodate for lack of transport.
Your daily commute will also become much easier in a car, especially if you work far away from home. Public transport may be delayed by up to an hour, making you late for work. Even if you only work a short distance from home, having your own car will enable you to run errands after work with ease and efficiency. You will also be able to arrive earlier to work and get your day started, lifting stress and making your day easier.
Not just a way to get from Point A to Point B
A car is more than just a mode of transport, it is a form of independence that all young professionals need to have in their lives. For work, you will need to be able to travel to and from meetings without having to arrange an Uber or a lift, and on the weekends a car allows you to travel and experience new places. It can also help with new opportunities in your career, as well as helping to alleviate stress. Investing in a car should be a no-brainer for any young working professional, and should be done sooner rather than later.