CRA Motoring News & Personal Finance – South Africa
BY Matthys Ferreira
We live in a modern society where people and individuals value their independence.
The latter is often tied to mobility and having access to one’s own mode of transport.
But then love happens and marriage follows. And ultimately, the family of two become three or more, adding pets and even leisure activities and equipment.
Many families though, initially only have access to one vehicle.
The need for another, may well eventually present itself and this may require careful consideration of the following elements.
Clarity on the why
Once kids start school, leisure activities and sport will be added to the itinerary sooner rather than later.
If you are a one-car family, working moms and dads may, in due time, find it impossible to satisfy everyone’s transport demands with one vehicle at hand.
So the logical decision will be to acquire another vehicle – YES…
What vehicle to buy
First, you have to determine the purpose. Just kids? Mom’s taxi? Luggage – pets – holidays – friends?
What are your safety requirements?
If your family is growing, the space and versatility offered by potential vehicles will need to be scrutinised and considered.
Which would be more appropriate: a bakkie or an SUV?
The “second” car, especially if one of the aforementioned, often tends to become the primary vehicle for a family so it dictates careful consideration and a proper shortlist and test drives before any buying decisions are made.
SUVs are the fastest-growing segment within the passenger vehicle industry. They offer space, luxury, and are often more practical than a double-cab bakkie.
Cost of ownership
The cost of ownership includes much more than just the monthly premium. You have to account for insurance, maintenance, and fuel consumption.
If your existing vehicle is paid up, this part of this exercise may be less strenuous.
Buying new versus pre-owned needs to be considered.
You may well, if you included the second vehicle’s insurance cost with your existing household insurance, qualify for a discount. Be sure to ask though because it may not necessarily be offered.
Whatever the motivation to buy a second vehicle, remember that it requires a 36 to 72 months commitment.
Are you truly ready for this?
Once you have given all of the above careful consideration and can answer the need with a resounding yes, go out, do your homework, and enjoy the freedom and movement which a second vehicle brings to a growing family.
Article Credit To Rising Sun Chatsworth.