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Cars can cost you more than you think!

1 August 2021 8:30 AM
Tags:
car insurance
ehailing
#cars

Certified financial planner Paul Roelofse says e-hailing services have become more convenient than owning a car.

Certified financial planner Paul Roelofse argued that people can easily save more money using e-hailing services than owning a car.

Roelofse supported his statement by challenging listeners to consider the extra costs of insurance, maintenance, licensing, and petrol when owning a car, while you could save by ordering an e-hailing service at a touch of a button.

It's becoming more of a probability for many lifestyles because we have this idea of having a car or two in a household. This needs to be looked into in an honest way and in terms of how much it will cost you, especially with the rise of e-hailing services which are literally on the tap of the phone and an element of convenience.

Paul Roelofse, Certified Financial Planner

When you purchase a car what you need to understand is the moment you sign on the dotted line that car becomes 20% less and you are on the hook of let's say 60 months of committing to paying it off and even after the 60 months the car will be your but costs and probably a 3rd of the cost.

Paul Roelofse, Certified Financial Planner

RELATED: 'Don't spend 20 years paying off your bond' Certified financial planner advices

If you work out how much you use when using your own car on a daily basis compared to e-hailing services then you may see the difference.

Paul Roelofse, Certified Financial Planner

If your car repayments are higher than your savings then I think you are on the wrong side of the tracks.

Paul Roelofse, Certified Financial Planner

Listen to the full interview below...




1 August 2021 8:30 AM
Tags:
car insurance
ehailing
#cars

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