High costs of vehicle ownership drive individuals to reconsider car use

Individual cases highlight the significant financial pressures associated with vehicle ownership, including loan repayments and ongoing maintenance costs.

In China, a 30-year-old man named Xiao Ke and his wife took out a 650,000 NDT loan over five years to purchase a new car for their wedding and future family needs. Despite calculating potential costs beforehand, the couple faces a monthly installment of 13,000 NDT, supplemented by high insurance premiums that cost 17,500 NDT in the first year.

In the United States, Gary Brown of North Carolina decided to sell his car after realizing he was spending approximately 700 USD per month to commute a distance of only 6.4 km. His expenses included loan payments, insurance, and parking fees. To reduce costs, Brown transitioned to using a motorcycle, which required an initial investment of roughly 4,500 USD but significantly lowered monthly expenses for fuel, insurance, and parking.