Even with complete insurance coverage, writing off a car in an accident is hard on a person. If the collision was traumatizing, it might take a while to feel comfortable behind the wheel again. You may also feel sad about the loss of a car you'd grown attached to.
In today's world, more people are deciding against owning a car. With rideshare services supplementing public transport, having your own car is no longer as necessary as it once was. Now that your car has been written off, is it worth buying a new one?
These are some of the pros and cons of buying a new car.
Pro: A sense of freedom
No matter how good public transport or ridesharing services may be, they don't offer the same sense of freedom you get from owning a car. When you own a car, you don't have to think about availability of transport or worry about the high costs of ridesharing during peak hours. You can get in and go wherever you want, even if it is just down the road.
There is also the ability to enjoy yourself in a space that is wholly yours. Putting on your favorite music and singing along at the top of your lungs with no self-consciousness is an experience reserved for car owners (and great singers).
Con: Traffic and parking
On the flipside, owning a car also means you're bound to the ways it limits you. You not only have to sit in traffic, but you're also adding to traffic. Whenever you go somewhere, you need to consider where you are going to park. You cannot just sit back and let these be someone else's problems.
Pro: Fixed monthly costs
You can certainly save money by using public transport and ridesharing services. After all, you're not paying off a car or paying for petrol. However, you are still going to be spending on your trips, and the amount you spend can add up. This is especially true if the public transport in your area is slow or unreliable and you need to use ridesharing services every day.
When you own a car, your monthly payments are fixed. You don't have to worry that one month they will be more, because you're tied into a contract.
Con: You need insurance
In addition to the value of your car, however, you also need to pay for insurance. Insurance is incredibly important for when you get into a collision, and there are even options you can get for regular car repair. But it will cost you over a thousand dollars a year, and you still have to deal with the admin of an insurance claim if something happens.
It's even worse if you hit someone else and need to deal with their insurance as well.
Pro: You have control in emergencies
In an emergency, having to use public transport or wait for a rideshare is not only frustrating but can also be problematic. Sometimes, you just need to get to your destination as quickly as possible, and a car lets you do that. You have control over your trip, even if you can't account entirely for traffic.
Con: You're more likely to cause emergencies
Car accidents are all too common, and they can be life-threatening. If you're driving, you are at risk of causing collisions or falling victim to one. If instead you use public transport, you lower your risk significantly.
Pro: You can go out at any time
If you want a late night out on a Tuesday, finding a Lyft or Uber driver is going to be tough. With a car, you can decide in the middle of the night to go for a drive, no matter what the circumstances.
Con: Drunk driving is always a risk
Nearly every driver who sometimes enjoys drinking believes that they will never drive when they are too drunk. Unfortunately, after a few drinks, your decision-making skills decline. Many drunk drivers who have caused accidents had no intention of ever driving drunk. When you don't own a car, you will always need to use a designated driver.
Buying a new car is enticing, but it is not strictly necessary. Consider the above points before deciding whether or not you truly need to drive.
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