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A controversial question that a lot of people have asked: “is buying a car cheaper than building?” much research has been made to underscore the best poll that gave the highest percentage on the question to know the best route to follow.
Before we go down to the answer, we have to first study the following things:Cost of owning a car
Benefits of owning a car
Cost of building a house
Benefits of building a house
Car vs building (comparison from different perspectives)
Things to consider before buying a car
Things to consider before building a house
Hopefully, after going through the aforementioned list then we may know what best choice to make
Is buying a Car cheaper than Building
1. Cost of owning a car
It is common to say that cars are expensive. Additionally, there are things to include when you want to calculate the cost of acquiring a car, they include:MaintenanceInsuranceAverage gas consumption cost per year (which seems to be unstable and continually increases).
Perhaps, buying a car is expensive, but managing the ownership of the car is considered more expensive.
Owning a car is more like adding routine expenses to your budget because your car remains a liability from the day you purchase it. Some fees you must pay include; insurance, registration of the car, and emissions tests. These fees are required for a driver to get them in many states.
The cost of maintenance and refilling of gasoline is a routine cost, e.g replacement of Parts and repairing of faults, be it electrical or mechanical faults are inevitable once you own a car and for you to keep your car healthy you must be doing a routine check on its functions.
It was stipulated by the U.S Department of labour; the U.S Bureau of labour statistics in 2019, that to own and operate a vehicle costs $10,742 per year. The calculations were breakdown into $4,394 for the purchase of a vehicle, while $2,094 is for gasoline and oil expenses, and other miscellaneous costs for the vehicle which include maintenance, parts replacement e.t.c is $4.254.
2. Benefits of owning a car
There are several benefits of owning a car but in this post, I will list only but most important things a car can help you to do:
1. Freedom: can help you to be independent on anything that has to do with road transit. You have control of traffic and your destination.
2. Luxury: are you the type that hates getting stocked in some commercial vehicles? With your car, you can get all the necessary luxury car can give. Ranging from having good and soothing music, having a cool and free regulation of your car A/C or heater, and having a speed choice at an interval depending on how hasty you can be to your destination.
3. Time: having your car will make you control your time. You can save time wherever you want to go. There will be no bug of dropping someone along the road at every bus stop.
4. Safety/privacy: there is nothing more safety on the road than you driving yourself. If you are good at driving your confidence will be more strong when you drive yourself than when someone drives you. Additionally, you enjoy more privacy in your car than in public transit.
3. Cost of building a house
Building a house is no surprise to be costly, considering the different factors that are involved in it.
Although it is not obvious say this is the cost of building a house in general. Money spends on building differs in different countries and locations. Those buildings you find in America may be costlier than those found in most African States, likewise in Asia and other parts of the world.
things you want to consider when building a houseCost of the land and the sizeLand formation/surveyLocationDesignMaterials costs e.tc
Cost of the land and the size
It is best explained that every land has a measurement. This is recognised when the cost is placed.
Research, using the American database, it was found that the price of land per unit of area changes with plot size. To further stress this, the evidence shows that the price of land per unit of area increases or decreases with plot size. Currently, a study which looked at smaller sites which are otherwise identical in their characteristics professes the truism of the fact that land varies in price with the size.
It is therefore considered that before you get land you ought to measure the size of the land and do the mathematics. Although it could conflict when it comes to the location of the land. The detail will be better explained in the location segment of this post.
Land formation/survey
As we said earlier it is pertinent to measure the land to have a clear understanding of what structure of the building is best for you to erect. Sometimes people make mistakes in the place to build their houses and that’s the reason for the government demolition of so many buildings due to illegitimate land. Some lands were mapped out by the government for government projects, and it is important to not get involved in such lands.
Location
Location will not be overlooked when you want to build a house. The location in this context can be an urban or rural area. The cost of things in the urban area may be more considerable than in the rural area except for land acquisition. Yes! Lands are known to be very cheap in underdeveloped or developing areas than in a location that has developed.
Design
The design of the house is very necessary. It is more like a psychological sketch of how you want the building to look. The design gives guidance and direction on how to execute the building plans.
Materials costs
Before you can embark on a building project you must consider the cost of materials used in the project and they have to be recorded. The best thing to do when building a house is to make sure that the necessary materials are available.
Although this is one of the challenging parts of building projects. The unavailability of materials will instantly cause a halt in the building process.
4. Benefits of owning a house
Having a place you call home is the dream of 90 per cent of humans on this earth. Although the construction of a house is not easy if you have one you call your own I believe you will be enjoying the following benefits:Maximum privacy for you and your familyYou will enjoy all the hospitality find in a homeConfidence in the quality used in building the houseYou will save renting costs in the long runEnjoy the appreciation of the land and the value of the propertyRight to all decisions about the usage of the houseFreedom from landlordsIs buying a can cheaper than building?
Car vs building (comparison from different perspectives)
This is a controversial topic as said earlier. This comparison is not too far from each other.
Here we will draw a tabular comparison
CarBuildingLiability asset
The value depreciates faster The value doesn’t
Source of Luxury Source of Luxury
Mobile Stationery
Prone to road accidents prone to the domestic accident (fire)
Build status build status
Cost thousands of dollars Cost thousands of dollars
Things to consider before buying a car
There are some things to consider when buying a car. You should not make a mistake that’s why you need to study this reason for choosing the best car to own.
Desire and the usage: you have to define your reason for buying a car. knowing what you want and the reason for buying your car will help you to know the product that suits you better.
Economic reason and durability: before you buy any car you have to understand how well the car can serve you. Is it the type of car that last? Although no one wants to buy something that doesn’t last. You have to check also the fuel/gasoline consumption; is it something you can afford to maintain? All this is necessary to know before you think of buying a car
You have to know if the car has a second-hand value because it will be better to buy what you can easily resell.
Things to consider before building a house
As much as you want to build a durable house you should call your home, there are some things you will have to consider, they include:
budgeting: before you start a building project you have to budget roughly for things it will cost.get a more suitable location that will be good for the building. You must not build on land prone to natural disasters like erosion, tsunamis (avoid building close to the ocean)e.tc.Design your perfect kind of building, you can hire an expert to do that for you.you have to look for a good contractor or a builder who can do a perfect job in building the house for you.as much as you made a budget for the kind of materials to use in building a house, you have to supervise the kind of materials that are supplied to you.
In conclusion, to answer the question “is buying a car cheaper than building?” it is obvious from the above information shared that for you to consider which one is cheaper between buying a car and building a house. The different factors that are above in this article will give you a better answer.