London, 26th May

One of the classic conversations that comes up is all about whether its time to buy a new car. While there are many who might argue towards owning a wagon, there are enough folks who argue about using public transport or using Ubers or just walk. The answer as always is It depends.

In terms of the value matrix under consideration, the various alternatives that one must consider includes

1. Need v/s Want : Do you really need a car? What are the trips do you think you might use a car for? Are you buying this to fulfill your satiation to own a car? Do you really want to continue to not own a car? How will owning a car make you feel?
2. Alternatives to owning your car: What are the options of travel that you have? Bus, Trains, Ubers, carpool? Have you considered the alternatives and costs associated with them versus buying on your own
3. Investment versus Passion: Most cars lose value the moment you get them out of the showroom and is not seen as a great investment. But is that price drop worth it for the thrill of driving in your own car
4. World view versus the self view: Finally, how much do you want to tradeoff between freedom and invested time? Do you want to not depend on others for your travel? Or are you concerned about adding to the carbon footprint by buying one more car?

These are many of the considerations that go into a typical ‘Its time to buy a new car’ discussion and more. My own personal preference, as of today, has been waited by lower scores for need, available alternatives and investment views. But as always, opinions and value I might place on these parameters change with the context and life stage. Hoping to keep this memo in hand next time I have to consider buying a car again..

Let me know if there are other major considerations for you that work well