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In today’s fast-paced economy it often is a good idea to evaluate whether you are spending money that might otherwise be saved if you follow another option. While our media today portrays nearly every successful person as one who owns at least one or more cars and a home or condominium, the truth is that a large portion of our society doesn’t come close to meeting the “ideal” portrayed nightly on our television screens.
The cost of car ownership is rarely measured against one’s annual income. Yet, the total cost can come to a significant amount – nearly 10% or more of one’s annual gross income. When you add the cost of monthly car payments, parking, fuel, maintenance, insurance and taxes and registration, the total will shock many. And these figures don’t include other expenses that accompany the costs of car ownership. Nor do they include the amount lost as cars depreciate the moment they are driven out of the showroom.
So what are the benefits that justify the expenses of car ownership? Do you really need to have immediate access to your vehicle at a moment’s notice? And is it worth the price you pay for parking on a monthly or weekly basis? Many people find that they get by just as well depending upon renting a vehicle when it is needed. And when you use a Groupon promo code to rent a vehicle from Hertz for a weekend or a week rate, you can eliminate many of those costs that you run up when you have to retain a vehicle at your home and maintain it as if it were part of your family. If you work from home, it can be more economical to have things delivered so you only need to rent a vehicle for travel to meetings and conferences. Otherwise you might rely on public transportation or other services. To evaluate these, you might try leaving the car at home for a single month. Then compare the costs that month against what you usually spend for travel each month. And include things we customarily overlook, like insurance, fuel, parking, and maintenance. Compare the sum with the amount you spent on travel for that single month to see how much you save by relying upon Groupon and Hertz for transportation when you really need it. Those savings might reduce your cost-of-living expenses.