Should Young People Buy a Car? – Factors to Consider

“Buying a buffalo, getting married, building a house” are considered the three major milestones in a person’s life. Replacing “buying a buffalo” with “buying a car” might not be far off, especially in modern times. Owning a car, whether it’s a truck for business or a personal vehicle, is not just about meeting transportation needs but also a significant milestone, marking the maturity and success of each individual. However, for young people just starting out in life, is buying a car the right decision? This article will analyze the pros and cons, as well as factors to consider to make the most informed choice.

Advantages of Buying a Car When You’re Young

Convenience and Comfort

Undeniably, owning a car offers significant convenience. You can freely travel anytime, anywhere without relying on public transportation or enduring crowded, hot conditions.

Imagine leisurely driving along Vo Chi Cong Street, admiring the shimmering city lights, or easily taking your family on weekend trips without worrying about booking tickets or schedules.

Enhanced Quality of Life

A car is not just a means of transportation but also a private space where you can relax, listen to music, and unwind after stressful working hours.

Many young people today choose to buy small trucks like the Teraco light truck from Daehan Motors, serving both daily commuting needs and enabling small businesses for extra income.

Daehan Motors Teraco Light Truck

Expressing Style and Social Status

For a significant portion of young people, a car is also a way to express their lifestyle, personality, and social status.

Creating Motivation

Buying a car can become a motivation for you to work hard, earn money, and develop your career.

Disadvantages of Buying a Car When You’re Young

Financial Pressure

Buying a car is a significant investment. In addition to the purchase price, you also have to consider expenses such as registration, insurance, tolls, fuel, maintenance, and repairs.

Financial expert Nguyen Van A, in his book “Personal Financial Planning,” advises that you should not let car expenses exceed 20% of your total monthly income.

Difficulty in Saving

Having to pay a large sum of money each month for a car can make it difficult for you to save for other long-term financial goals such as buying a house or investing in a business.

Depreciation Over Time

Cars are depreciating assets. Over time, the value of the car will gradually decrease, especially when you want to resell it.

Frequently Asked Questions

What is the Ideal Age to Buy a Car?

There’s no specific number for this question. The important thing is to carefully assess your financial situation, usage needs, and affordability.

Should You Buy a New or Used Car?

Each option has its own advantages and disadvantages. A new car offers peace of mind in terms of quality and warranty but comes with a higher price tag. A used car is more affordable but carries potential risks regarding quality and repair costs.

New Car vs. Used Car

Should You Buy a Car with a Loan or Pay in Full?

Buying a car with a loan reduces the initial financial burden but incurs interest payments. Paying in full allows you to fully own the car but requires strong financial capability.

What Type of Car is Suitable for Young People?

Depending on your usage needs, personal preferences, and financial capabilities, you can choose from various car types such as hatchbacks, sedans, and SUVs.

If you frequently commute within Hanoi’s congested traffic, a compact car like the Kia Morning or Hyundai Grand i10 would be a reasonable choice. If you want a spacious and comfortable car for family trips, you can consider SUVs like the Hyundai Santa Fe or Toyota Fortuner.