As I go through my monthly household cum personal expenses, I realised my car expenses had eat into our savings.
Look at the sum:
Monthly Repayment $351.50
Petrol $ 60.00
Season Parking $ 63.70
Insurance $ 59.00
Servicing $ 25.00
Road tax $ 6.60
_________
$ 565.80
__________
Some may think the above figures is peanut but mine is an off peak car. I paid $565.80 just to drive on Saturday and Sunday. So I am paying these much to drive 8 times a month. Is this justifable?
I approached a car dealer and they gave an attractive offer. Now I am considering their offer.
Based on the above figures., I have a compelling reason to sell. However, I have other reasons not to sell i.e. Convenience, Comfort and Emergency. My friends did provide me some advice if I should sell. The convenience of bringing my kids for outing on weekend is the reason for stopping me to sell my car.
At this point of time, my car does not give me leverage and I am using earned income to pay the expenses of my car which is discouraged.
Having said that, my expenses will greatly reduced should I sell my car. The savings can form the cash flow for my investments.
It is decision day for me.
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