Buying a new car or use Goget

I had a car accident in June. A friend smashed into my car and the car was in total lost. Shortly after Sydney went into a lockdown. So there was almost no need and no rush to buy a new car.

Since then I joined Woolworth delivery, Amazon’s prime and countless Asian supermarkets and restaurants delivery. To be honest I never feel there is a need for a new car anymore.

Even with my old car, I only drove 80000 km for the entire 10 years. However at the back of my mind I still feel a car is necessary. As soon as Sydney re opens, I decide that I should look into buying a new car straight away.

Then I did my calculation.

In 2011 I bought my Mercedes CLC200 for $55000. 10 years of that means each year this car costs me $5500.

Insurance, registration, repair, maintenance, petrol that’s another $ 4000-5000 a year.

So during these 10 years, my car expenses is round $200 a week.

I hardly drive. Probably once or twice to Chatswood. Sometimes drive to dinner with friends. Go to my brother or sister’s houses. That’s all. I work from home and luckily I also got driven around a lot.

Then I discover goget this week.

There is one very close to me. When I need it, I book on my phone, tap my Goget and just rent it by the hour. I can rent for the whole day for $100. It’s not Mercedes but it does the job.

The only bad thing is that if I want to stay in one spot longer then i will have to pay for the entire time. So in that case I call Silver taxi. No matter how much I use Goget or taxi, it will never go over $200 a week for car expense.

Car is a depreciation item. As soon as it is out of the car dealer shop the value goes down straight away.

Therefore,

If I save that $60000 for a new car, I shall use it to renovate an investment property.

I am going to give Goget a chance.

For an entire year.

Perhaps I will still want to own my new car after a year after all.

But I will give it a go. Will let you know how it goes.