Rent, buy or lease a car: What is the best option for you? ADD HUNTER We
Rental Leasing Cars If you have a family in the UAE, having a car can help you save on collective costs such as bus fares and work transportation. Image Credit: Shutterstock
How can I save money by owning a car? Go to ADD HUNTER.
Saving money by preparing your own car depends on individual circumstances.If your workplace is close to the metro and you have affordable accommodation close to a train station in Dubai, it is best to take the train to work and elsewhere. However, you may have to pay for cab fares to get to places that are not near a metro station. In some cases, it may be cheaper to travel by car than by public transportation.If you have a family in the United Arab Emirates, having a car can help you save on collective costs such as bus fares and work transportation. Having your own transportation option can save you on rent as homes near metro stations are significantly more expensive. Two kilometers or more you can save up to $ 5000 per year on rent, or you can find larger homes for current rent.
If you decide to use a car, there are three options to consider: purchase, lease or rent.
Why do car lovers love the United Arab Emirates?
Driving your dream car in the UAE is very easy compared to most countries.Available and good roads add to the appeal, a tax-free income, an easy car loan process and access to used luxury cars are a major concern for many UAE residents. Even if one cannot afford to buy a car, there are many rental options ranging from low cost to luxury cars. Renting a luxury car is a tourist activity in the United Arab Emirates and residents prefer to rent expensive cars instead of renting or owning them.
Buying a car
There is a great deal of convenience as well as cost involved in getting your own car. A car is an asset that is depreciating and requires insurance, registration, annual inspections, maintenance and repair over time. Not to mention the additional costs in the event of an accident if not covered by insurance. To buy a car, you have to pay 20 percent less in value and the rest can be covered by a car loan. Low down payment value when getting a car loanIf you are only looking for a simple car from A to B and want to save money, you may decide to get a second car that suits your needs. ADD HUNTER has websites that help us choose a high quality car. Then read this …………
Insurance
Before you are offered an insurance policy, insurance companies use factors such as your age, age of your UAE driver’s license, accident / fine history, gender, type of vehicle and age of the vehicle. For example, if you get a car within the first year of getting your driver’s license, the insurance premium can go up to 25 percent of the original amount. The premium may go up if you have an accident. At the same time, if you get an SUV, there is a 10 percent discount on the premium offered by some companies in the first year. The fee depends on the car, your insurance provider and your driving history. Insurance is comprehensive (covering your car, related vehicles, injuries and theft to yourself) or a third party covering your injury or death and other related damage to the vehicle. The second does not cover damage to your car. You can choose to get extra coverage like passenger coverage for extra money. Sale in qatar | properties for Sale – property hunter
The Insurance Authority of the United Arab Emirates periodically issues maximum and minimum premiums related to car insurance. In 2017, the authority set a maximum insurance rate of 5% for sedans (or salon cars) and 7% for four-wheelers. When choosing an insurance policy, your car type and ease of obtaining or maintaining spare parts should be a factor. This is especially important if you do not need ‘agency repairs’ or repairs from the manufacturer. Liability.
Prices and monthly financial burden
For ease of computation and comparison in the table, we have assumed the following.
The value of the car is considered an overall figure, including a 20 percent discount.
Prices are base models for 2020 only and monthly installments are considered fixed.
Industry averages range from 2.75 percent to 3.75 percent, depending on price. This can go up to 5 percent for sedans and 7 percent for SUVs.
Payment is assumed to be 5 years and fuel prices are not included in the Salik monthly rate.
Second Purchase: Pre-Owned Car Checklist