I’m selling my car at a loss after borrowing $19,000 to buy it
I was excited to finally buy a car, but instead of easing my commute, it has made getting around even more complicated.
Living in Hanoi, the author initially thought buying a car would simplify life for them and their family. Borrowing VND500 million (US$19,100) for a car after years of using a motorbike, they soon realized the vehicle was less practical than anticipated. The author primarily uses a motorbike during their daily commute to avoid traffic and navigate through congested streets more efficiently.
Parking and finding a space for the car becomes time-consuming and possibly leads to fines in the city center. Additionally, the author's residence is an alley without parking access, forcing them to park the car half a kilometer away, requiring an extra trip with their motorbike.
Over the past two years, the costs of owning the car have accumulated, including loan payments, fuel, parking, maintenance, oil changes, insurance, vehicle inspections, car washes, and other minor expenses. While some costs are unavoidable, the car's depreciation has also diminished its value. The author acknowledges that some people purchase cars for family transportation, commuting, visiting family, or generating income through ride-hailing apps; however, for them, the car has become more of a liability than an asset.
After careful consideration, the author is contemplating selling the car at a loss. They accept that a car is only worthwhile when its convenience outweighs the costs of ownership. The more pertinent question may be whether the car is truly necessary, rather than simply being affordable.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
