Is It Worth Buying a Car to Use for Less Than a Year?

When you only need a car for a short period of time, it’s hard to know if it’s worth spending the money on purchasing a vehicle or not. But if you do your homework and are willing to put the work into finding a great deal or alternative arrangement, you might just be able to find something that fits your short term needs. With an open mind and some creative thinking, having a car for a year just might be worth it. To explore the options, read on.

Cheap Steals at Auctions

Whether a vehicle is repossessed, taken in trade at a dealership, or surrendered to salvage or towing yards; thousands of perfectly decent cars are sent to a car auction each year. For someone who only needs a vehicle for a short period, buying a car at wholesale price through a car auction could be a way to solve a short term transportation issue or even work for longer use or different purpose. Sellers at auctions are often eager to return home with all their vehicles sold and will work with buyers on a deal that works for everyone.

Personal Arrangements and Rentals

But don’t jump too fast to bid on a vehicle. First, explore all your options. Take the example of a company transfer. You may have already viewed some short-term furnished apartments in Dallas or wherever your company is sending you, but you still need a plan for how to get around the city. In a situation like this, you might find yourself wondering if you should rely on public transportation or even Uber to get by or if taking the leap into a purchase or lease would be worth it. The largest cities generally have great transportation options but that’s not always true in places that are more rural.

Before you head to a dealership, consider all your options. If you have an elderly relative, for example, who doesn’t drive often, consider paying them directly to rent their car for a short term period. Maybe offer to drive them to and from their doctor’s appointments or to do their groceries for them. Working out a creative, private arrangement could help both you and the person willing to lend you their vehicle. Consider your personal connection network. It could serve to be invaluable to you in a situation like this.

Passive Income

Consider some other alternatives. These days, more and more people are turning to multiple streams of revenue in an uncertain job and economic market. For some, using their vehicle as a mobile form of advertisement or for a part-time gig job like Door Dash or Uber Eats is the perfect opportunity to make sense of a vehicle buy for the short term. Even if you will only need the car for a year if you are able to use it for passive income and it might tip the scales on your decision. And, with a car of your own, you’ll have more of a chance to explore that new city and its diverse nightlife or art museums at a moment’s notice.

In the end, whether you buying a car for a shorter period is worth it is really up to you and your individual circumstances. You’ll want to think about how often you’ll need the car, if you have a long commute, and what your budget is for a new vehicle or public transportation. But by looking at affordable options, thinking creatively about how to make the car benefit you in ways other than just transportation, and considering alternative solutions, you’re sure to come up with the perfect answer for you.