I don’t embrace all aspects of simple living. However, many of them are right for me. One of the biggest changes I’ve made to simplify my life is going car-free. I haven’t owned a car in over 15 years. Before that, I had used cars that I bought outright, is it’s been even longer since I’ve had a car payment. Here’s why I hate car notes and love living without a car.
What Are Car Notes?
Car notes are the payments that you make every month on a loan for an automobile. Typically, you get the loan through the automobile company where you purchased your vehicle. I’ve only done this twice before in my life. My mother had to co-sign for me at the time. Then I had to make payments each month for 3-5 years on each vehicle. Wondering why I hate car notes? It dates back to the struggle to make those payments.
Car Notes Are One Of Many Vehicle Expenses
Anytime that you take out a loan, you obviously have to make payments on that loan. Even though I thought that I was earning enough money to easily make those payments, sometimes it was a struggle. When you take on a vehicle, you don’t just take on the payment itself. You also have to pay for car insurance, gas, repairs and maintenance, etc. So, honestly, this isn’t just about why I hate car notes but why I hate dealing with the total cost of cars.
Depreciation of Vehicles
One of the reasons why I hate car notes is that you’re often making payments on the vehicle long after the value of the car has gone down. I bought one of my trucks new and the other used but in great condition. In particular with a new car, the vehicle depreciates so fast. It’s hard to reconcile that you’re still paying these huge monthly payments on the loan five months later when the car isn’t even worth that much anymore. Plus you’re now making repairs because the car is beginning to break down.
The Benefits of Paying Outright For a Car
I had a few other cars in addition to the two that I got loans for. These were much older cars. I paid outright for them. In other words, I saved up my money and paid cash. The drawback was that these were vehicles that had more problems because they were older. They needed more repairs. However, I still felt like it was a benefit not to have to make monthly loan payments all of the time. I was able to set aside that money instead so that I would have the money to make repairs as needed.
The Benefits of Not Owning a Car
Ultimately, I decided that I didn’t want to own a car at all. I moved to San Francisco where it’s easy to be car-free. I have freed myself of car payments, maintenance and repairs, insurance, parking costs, and all of the stressors that come with dealing with owning a vehicle. Plus, I get to live a greener life. I set aside a certain amount of money each month for ride shares and public transportation. It’s significantly cheaper than monthly car payments.
Have you ever thought about going car-free? What’s holding you back?
Read More:
- What To Look For In A Car Loan
- Pay Off My Car Or Make Monthly Payments – Which Is Best?
- Should I Be Buying A Car Now?
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Kathryn Vercillo is a professional writer who loves to live a balanced life. She appreciates a good work-life balance. She enjoys balance in her relationships and has worked hard to learn how to balance her finances to allow for a balanced life overall. Although she’s only blonde some of the time, she’s always striving for total balance. She’s excited to share what she’s learned with you and to discover more together along the way.
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