Problems with Owning a Vehicle in Today’s Market

MAXdrive
4 min readNov 8, 2022

The world transport market is evolving rapidly. Transportation systems that support a variety of vehicle options are predicted to be the future of travel. On the other hand, the problems that have prevailed over the vehicle purchase landscape are still present and are now even more pronounced.

Buying a vehicle is a major decision, as there are many factors to consider, including cost, maintenance, and carbon footprint concerns, among others etc. Although owning a vehicle provides certain perks like comfort and stability to the owner, some issues may arise. This is why the transportation industry has worked to find solutions that would be cost-effective, provide said comfort and also foster a healthier environment. This had led to a lot of speculation, major innovation, and has forced all stakeholders to take a broader look at the industry as a whole.

Even with multiple developments across the vehicle manufacturing space, some problems still persist for the end user, with owning a vehicle, especially in today’s market.

  • Cost of Purchase

Buying a vehicle outright is a significant financial decision; more often than not, you may end up feeling the effect of parting away with such a large amount for a while. Some even have to resort to taking loans with exorbitant interest rates to purchase a vehicle.

Vehicle subscriptions have been a trending way to assuage this ordeal. A vehicle subscription is a service that would provide you with access to a variety of automobiles in exchange for a monthly charge. For the most part, they are distinguished from traditional ownership and leasing by their additional benefits and flexible, no-hassle nature.

  • Cost of Maintenance

There’s a common misconception that owning a vehicle is a cheaper option because you only have to save up to make the purchase and that’s it — you’re done with payments. With the constant rise in market prices, owning a vehicle can be, to say the least, quite frustrating. A hike in fuel prices means more money is spent on the same amount of fuel. Regardless of whether you use your vehicle for private or business purposes, owning it may keep money out than it keeps it in. Vehicle maintenance keeps your expenses up; you have to constantly bother about buying fuel, oil changes, battery checks, tyre or gear replacements, or even regular servicing. All of these may eventually result in a higher expenditure than you bargained for when purchasing the vehicle.

  • Depreciation

As soon as you drive your newly purchased vehicle out of the dealer’s shop, you should be aware that your vehicle’s value has dropped by a certain percentage. A vehicle’s value depreciates rapidly with constant use. Minor dings and scratches on your vehicle mean that your vehicle can no longer be purchased at the initial price but at a lesser one. Note that the depreciation of your vehicle means that you might likely spend more on maintenance as the vehicle depreciates.

  • Higher Commute Time

Owning a vehicle saves less time than we think it does, especially in countries with faulty roads or bad traffic conditions. Not owning a vehicle sometimes gives you the advantage of taking shorter and narrower routes and arriving at your destination faster than if you had driven your vehicle.

If you’re without a personal vehicle, you can take advantage of shared transport vehicles like two and three-wheelers during unfavourable traffic situations. However, you won’t be able to make such quick decisions otherwise. With unpredictable traffic congestion and delays, owning a car may deny you the flexibility you get when you are without one.

  • Emissions Contribution

Private vehicles are still one of the leading sources of greenhouse gas emissions attributed to the transportation sector. Driving used vehicles can be even worse because they produce more emissions. As people across the globe become more environmentally conscious, more people are beginning to consider the possibility of making the switch to shared and electric forms of travel.

Thankfully, MAX is proving that electric mobility can thrive in the toughest environment, made visible by its electric vehicle use in Nigeria and now, Ghana.

Do well to consider the above-mentioned risks, costs, and problems before finalizing that vehicle purchase. Prepare a budget and plan for them just in case; use these to guide your vehicle choice and purchase timing. Also, check out the variety of vehicle options — affordable, eco-friendly, and tailored to suit your needs and budget.

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MAXdrive

Making Mobility Safe, Affordable, Accessible & Sustainable Through Deployment of High-Performance Technology & Operators