Why Do I Think You Could Live In Your Car?
I had a thought today and wanted to share my reasoning.
We all know that paying rent or a mortgage takes a toll on one's bank account every month. We also all know that so does a car payment and insurance does not help either. I thought about all of these expenses and thought of a way to save money by reducing some bills by living in a car. Now, I would like to go on and say that this is not a form of homelessness, because we all know it is a serious issue. But this also might help someone maybe come out of such a struggle. Who knows? I just would like to offer, in a sense, a sort of financial/consumer advice. Maybe this could be a road to getting a house or even that dream car. But either way, it is a way to save. For one thing, this doesn't include routine maintenance, break downs, or anything else that can go wrong with a car as well as food. People spend money differently on food and it can be acquired by different means. And in my idea, this is by purchasing a fairly new car. So, let me explain my idea below.
Choosing Your Car
In my ideal scenario, I would choose to either buy a wagon or an SUV. Why? Because of space. And in what I have come to understand and like has been from the GM family such as the Chevrolet Traverse and the Buick Regal TourX. Some of the reasons why I choose these two I will explain shortly other than being one of my favorite manufacturers. In a car that you will be living in, you're gonna want to have a lot of space to either move about or just for going to bed in. Speaking of going to bed in, to take for instance how much I pay a month for rent is $825/month for a single bedroom apartment. A car payment (before interest and just on the MSRP alone) on any of these cars could be for a new base model Regal TourX is nearly $350 a month on a 7-year loan and for the base model Traverse is nearly $355. Don't forget what the insurance is as well. That could be around maybe a couple hundred a month as well if your driving record is clean or damn near clean. Insurance prices also clearly vary. So, let's say around $550 total a month for the car payment and insurance. I'd put the money away that I would be spending on rent for let's say 7 years, and it quickly adds up to $69,300 just by not paying rent. This is based on my monthly rent alone. It will clearly vary depending on what one pays a month.
GM Vehicles? Why?
I chose vehicles recently made by GM because they offer one thing that most manufacturers do not offer, and that is the 4G LTE Wi-Fi hot spot that comes standard on almost all vehicles. And even if it runs out, there's unlimited access for it for only $20 a month. Other manufacturers like Lexus offer Wi-Fi if you are interested in that. Some Wi-Fi plans cost nearly $35 a month. The Wi-Fi could be used for work meetings, school work for the college-goer, or basically anything else other than a phone needs Wi-Fi for that matter. The difference of $15 a month adds up after 7 years to merely $1,260. But this can be used for fixing the car, food, or anything else that it can go towards. But, if someone really wanted to save the whole $35, they could use a local cafe or library for their Wi-Fi. With saving that kind of money after 7 years, it will add up to $2,940.
What About Cleaning And Personal Hygiene?
Living in your car could clearly have its downfalls or at least some bumps. One of these bumps will be on clearly keeping oneself clean. Sure, since one will be living in their car, they could go to their parents or a friend's house and possibly pay next to nothing to shower and do their laundry. That won't be the case for many though as it may seem. For laundry, in my area, it'll cost around 75 cents per pound for a local laundromat to wash your clothes. A friend of mine would spend around $20 a month to have his clothes washed. As for showering and personal hygiene, it might be best to join a gym. Depending on the gym, that could cost between $15-$40 a month. So, for max spending a month I'll say someone will be spending $60 a month. Multiply that by 7 years and that equals $5,040. For the cheaper side, it'll be $2,940 after 7 years. But hey, these are a few things that are necessities. The only way to save is to use a friend's shower and the laundry room or your parents' house.
How About Sleeping Arrangements?
For what I would buy, it'd be an air mattress that could range around $50 on Amazon or even a regular mattress that I can find that will fit. This can be a one time deal but I would not expect it to last 7 years with both kinds of beds. Maybe 2 within the time span. So, maybe around $100-$200 tops for something to sleep on. Unless sleeping with the back seats down and using blankets and pillows that cost around $30 (give or take) for padding and warmth.
After saving money on rent after 7 years which is $69,300. But then we have to add in some costs such as the cleaning and personal hygiene which deducts between $2,940 to $5,040. And then there is the bed or some sort of sleeping arrangements. Finally, we have the cost to spend on Wi-Fi which will be $1,680. So, a total of savings will be between $64,680 to $62,580. This is a total of 7 years with a loan on a car that you'll be living in without having to pay rent, save money on Wi-Fi, get laundry done as well as bathing. The money saved would make a stupendous down payment for a house, that dream car, or whatever one would desire. Or you could save all $69,300 by just living off of your parents. Plus, not sure how a personal life will play out with relationships either friends or partners. But, it is a great way to save money. If you're really up for it.
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