The World Economic Forum’s statement that people will “own nothing and be happy” is now mainstream news. It’s the idea that we won’t have anything because the powers that be want to make a world where private ownership becomes a thing of the past. 

But I’m not so sure this world they envision for us all will ever come to pass. After all, why would you go to the expense and inconvenience of renting a car (which someone presumably owns) when you can just buy one and get cheap transport as standard?

Here are some of the reasons I love my car and won’t give it up: 

It’s A Memory Machine

I don’t know about you, but my car is something of a memory machine. So many important life events occurred either inside it or using it. 

I’m sure you can relate. Perhaps you used your car to go to the hospital to have a child or went somewhere unique on vacation. It wouldn’t be the same if you had a subscription to Uber’s fleet or robot vehicles. 

It’s A Bubble Of Freedom

Then there’s the fact that vehicles are a bubble of freedom in an increasingly controlled world. Most humans feel like they live in a zoo. But getting out in a motor vehicle reminds you that the globe is a gigantic place, and nothing is stopping you from exploring it in all its glory. 

Compared to public transport, owning a car is a joy. You don’t have to wait in the cold at the bus stop, and you can avoid squeezing into tight seats next to people with personal hygiene issues. 

It’s Reliable

There’s also the argument that cars are reliable. Now, I know that some aren’t. But for the most part, the motor vehicles we buy today just work and can drive hundreds of thousands of miles before conking out. 

Skoda approved used is a good example. These vehicles (and others like them) are engineered to such a high standard that there’s no need to replace them. You can simply swap out defective parts for new ones, keeping them in service for decades. 

It’s Special

But perhaps the ultimate reason I don’t want to get rid of my car and live like the World Economic Forum wants me to is because it is a special experience. While it might sound strange, getting into a car feels different from virtually any other form of transport, even the first-class cabin on an international flight. 

My car, like many, has a certain personality I love. I don’t want to change to a subscription service where a soulless autonomous vehicle collects me from my home and takes me to the store. I want to do it myself. 

I also don’t want to give up the fact that I own the vehicle. It isn’t the property of some vast corporation that can be taken away from me at any time. 

So there you have it: why I’m not going to be giving up my car any time soon. 

The reality of getting a car isn’t as simple as it used to be. Not only are vehicles becoming increasingly expensive to buy, but they are also pretty pricey to maintain. This is why many people choose car financing as their most viable option, as it doesn’t involve paying for the car outright. Whether you want to invest your money into financing a car, or you’d rather look into options there are numerous considerations you need to make this commitment. Although there are many advantages of car financing, here are some of the main downsides you should also be aware of.

Not all Finance Deals are Legitimate

Unfortunately, some finance deals don’t always live up to expectations, especially when they seem too good to be true. Today, many vehicle owners are looking into PCP Refunds as they were mis-sold their car finance plan in the past. Some agreements may not have been clear about monthly instalments, restrictions on mileage and other stipulations. This could leave someone struggling to keep up with their monthly payments and in financial hardship as a result. This is why it’s so important to stay across legitimate finance deals and look into every possible flaw that you’re presented with. You may be able to take out a car lease that aligns with your expectations and monthly budget but be wary of deals that seem too good to be true.

There May Be Limits on Mileage

As mentioned earlier, not all car finance options are viable and suitable for your needs, so you should be clear on what the expectations are in your contract. Many car finance loans are inclusive of mileage caps which means you’re not always able to use it as freely as you’d like to. This type of agreement is most common with PCP options, so a hire purchase may be a well-suited option for you.

Owning the Car Outright May Not Be Possible

If your end goal is to own your car outright, then you may struggle with many of the usual car finance options. Not only do you have to pay for all of your instalments before you’re close to owning your car, but you may also need to settle any additional costs incurred during your contract too. This is one of the biggest downsides of financing a car as you’re in a cycle of making large payments, but not actually owning your vehicle.

You May Be Liable for Damage

Accidents and general wear and tear is very common with vehicles, but when you don’t own the car, you could be liable for this damage. Anything abnormal after an inspection may be chargeable, from exterior scratches to interior damage, so you have to be extra careful when leasing a car.

You Can’t Make Alterations to the Car

Many vehicle owners like the idea of personalizing their car and making it their own, however, you won’t have the freedom to do this if you’re financing your vehicle. Changing the registration plate, upgrading the interior or altering the exterior colors are usually a strict no-no for car finance companies, so this is worth keeping in mind too.

You’re Tied to Fixed Monthly Payments

If your financial situation changes, you are still going to be tied to the same monthly payments until your contract is over. This is the risk you run with any car financing deal and it may not suit everyone’s work situations. If you’re self-employed this may be something you’re worried about when it comes to staying on top of payments.

There May Be Limited Options When Choosing a Vehicle

When it comes to choosing the best car for you, it’s always good to have a wide variety of options. If you’re looking for a finance deal, you may be quite limited on what brands and styles you can choose from. You often have to go with the options that are given to you by the lenders, which can be quite basic.

As you can see, there are several different downsides you need to consider when financing a car. Understanding the terms and conditions of financing a car is the most important aspect, but you also need to be careful not to get caught out by deals that are too good to be true. Hopefully, this gives you a transparent idea of what you’re getting into when financing a car so that you can make the most sensible option to suit your circumstances.