Single Car Ownership, Why You Should And Why Its Worth It To Own Your Own Transportation.

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It is not always the case that we get to decide when it’s time for a new car or truck. In an ideal world, our vehicles would last and continue to suit our needs until the moment we choose to make a change. Unfortunately, real life does not work that way and you may find yourself in need of a new way to get around.
 
There are many options for personal transpiration in today’s world, but the automotive market is seeing changes to the way car buying and getting from place to place is playing out for many people. In large towns and cities like Indianapolis or Bloomington, IN, many people thought that owning a car would soon fall by the wayside.

Ridesharing Is Not the Future Many Thought It Would Be

Prior to sharing rides, leasing cars and trucks was the direction in which the automotive industry was seeing its greatest growth. With lease payments historically being much lower than loan payments on a new vehicle, it was an attractive option for those wanting to drive a more expensive car then they could afford.

By the late 2000’s, it was estimated that leasing vehicles made up over a quarter of all new car financing. While many drivers look at the monthly cost and see it as attainable over the length of the lease, they do not consider the upfront costs of deposits, taxes, fees, and other charges that accompany a lease agreement.

We are now almost 10 years into the ridesharing trend. Many analysts assumed that the likes of Lyft and Uber would disrupt the industry entirely and hailing a ride through a smartphone app would overtake both buying and leasing.

These projections, however, have failed to come to fruition. In fact, even with ride sharing as an option, car ownership is on the rise. This means more cars on the road in general rather than fewer. There are side gig drivers out and about hoping to be summoned for a pickup along with more people driving their own vehicles.

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Convenience Is King for Car Owners

The reason most drivers are opting to own their own vehicle rather than go with public transportation or ridesharing can be summed up in one word: convenience. People simply value the ability to have immediate door to door service without the need to be in multiple vehicles.

Drivers also appreciate the ability to leave at a moment’s notice without having to wait around for a ride to show up. Knowing that you can leave your location at will is well worth the cost to own your own vehicle. It is tough to put a price on freedom, independence, and personal safety.

The recent Coronavirus epidemic has also caused Americans to think twice about giving up their car and relying on public transportation or ridesharing services. This trend will likely continue until COVID-19 is finally at bay, which no one really knows when that will actually happen.

Owning Your Own Vehicle Makes Economic Sense

Several economic trends lend to car ownership being a better choice for riders and drivers. Metropolitan centers and their suburbs like Bloomington, IN continue to benefit from rising job markets and other conditions that have led to a growth in population. Couple these factors with falling gas prices and the rise in vehicle quality, and many consumers are starting to see that owning a car is requiring less of their disposable income than it has in the past.

So, when it comes time for you to make the decision on how to get to where you need to be when you need to be there, purchasing a new or used car is the way to go. A go-to dealer for the latest cars, SUVs, pickup trucks from today’s top automakers is Community Auto Group, which proudly serves the Bloomington, IN area. We even offer a number of ways that you can shop for a new vehicle from the comfort of your own home thanks to our online inventory. Feel free to reach out to one of our team members today by phone or live chat on our website. At Community Auto Group, convenience is king and we’ll always do our best to put you in a vehicle that works for you and your budget.