🚗 Being an Entrepreneur, is buying a Car an investment or liability?

[Heatman]

Personally, it depends on the purpose of acquiring the Car.
If it is business oriented I will agree it's an asset to your business.
If otherwise, a car will always be a liability.
What's your take?

You know it actually depends on the purpose of buying the car because if you're buying the car to help and support the day-to-day running of your business, it is not a liability in my opinion. But if you're just buying the car as a luxury, then I would say that it's a liability.

 

[Immilash1]

It seems that depending on the circumstances, getting a car as an entrepreneur might be both an investment and a burden. A car can be a useful asset for a business, providing transportation for personnel or goods, but it can also be an expensive investment that raises the responsibility of the company. A car can be expensive up front, and there may also be continuing costs for upkeep, repairs, insurance, and taxes. Personal possessions like cars may also be in danger if the company is the target of liability lawsuits.

That's true, having a car as a entrepreneur is very good, but it has it advantage an disadvantages, I'll advise you to go with whatever works out for you.

 

[Jonaville1]

Personally, it depends on the purpose of acquiring the Car.
If it is business oriented I will agree it's an asset to your business.
If otherwise, a car will always be a liability.
What's your take?

Buying a car may be seen as an investment and it can also be seen as a liability but it depends on what you are using it for because some people use their car for business purpose

 

[Immilash1]

Buying a car may be seen as an investment and it can also be seen as a liability but it depends on what you are using it for because some people use their car for business purpose

We'll but for me I don't think that's a good investment, if you are looking for a way to invest money I don't think investing it on a car will be a good idea, just like you said it's a liability.

 

[Jonaville1]

We'll but for me I don't think that's a good investment, if you are looking for a way to invest money I don't think investing it on a car will be a good idea, just like you said it's a liability.

You are right and that is why I said that it will only be a good investment if the person makes use of it for business purposes like being an uber driver or doing other things with the car

 

[Trey]

If you are using the car to do delivery for your products, then the car is an investment. That's because it would bring retunes to the business in the form of increased sales.

 

[Ernestnari]

For businesses like bakeries, packaged water companies and the lots that take their products to supply to shops, buying a car is a good investment because the transportation cost to convey those items for a year would almost be more than the price of the car.

 

[Immilash1]

You are right and that is why I said that it will only be a good investment if the person makes use of it for business purposes like being an uber driver or doing other things with the car

That's it, if you want to be successful you have to go an make it happen, success is not something that falls in your lap, you have to go an take it, this will also prove you are serious with what you are doing.

 

[Jonaville1]

That's it, if you want to be successful you have to go an make it happen, success is not something that falls in your lap, you have to go an take it, this will also prove you are serious with what you are doing.

Some people even went out to their cars to Uber drivers so that those ones who will make use of it for business and they can deliver some money to the real owner of the car

 

[Shigobad20201]

For businesses like bakeries, packaged water companies and the lots that take their products to supply to shops, buying a car is a good investment because the transportation cost to convey those items for a year would almost be more than the price of the car.

If you are into the business that you needed the car in transporting , then the car will be an asset to you , and you can also use the car to transport people and goods from one place to another and even use it for hire .

 

[Shaffy]

If it's not absolutely necessary, I won't get a car for my business. The cost of maintenance can be worth more than the value you get, especially if it's not a brand new car. There are situations though where it's the best option. For example, if you frequently move from one area to another.

 

[Trey]

If it's not absolutely necessary, I won't get a car for my business. The cost of maintenance can be worth more than the value you get, especially if it's not a brand new car. There are situations though where it's the best option. For example, if you frequently move from one area to another.

Then that car doesn't help to increase your profit level in the business. It is a sure liability. An asset should be able to maintain itself. If the car cannot generate money to maintain itself, don't buy it.

 

[Ernestnari]

My game shop business doesn't require me getting a car. That's why it aslo depends on the kind of business. For production businessses, the more or less need a car.

 

[Good-Person]

You know it actually depends on the purpose of buying the car because if you're buying the car to help and support the day-to-day running of your business, it is not a liability in my opinion. But if you're just buying the car as a luxury, then I would say that it's a liability.

There are many people who have bought a car and they use it to drive and earn money. They have been applying at companies like Uber and they make good money.

 

[Heatman]

By default, a car is a liability because it depreciates.
But as an entrepreneur who sees an opportunity in situations, a car will definitely be an asset. An entrepreneur sees an avenue to make profit, he can decide to rent it out and get proceeds from it or he could even decide to be the driver.

This is a very correct statement when it comes to what car represents because over the course of time, it is always going to depreciate in value. There is no way you would buy a car today and be able to sell it to the same amount or more than what you bought it years ago.

 

[Immilash1]

Some people even went out to their cars to Uber drivers so that those ones who will make use of it for business and they can deliver some money to the real owner of the car

Yes, here in my place I know a lot of people that do that, I think this all about earning money an making your ends meet, but do you think they earn a good amount?

 

[Ernestnari]

If you are into the business that you needed the car in transporting , then the car will be an asset to you , and you can also use the car to transport people and goods from one place to another and even use it for hire .

You are even taking it further. I love your business mindset. The days you are not using the car for your business like some businesses that don't open on Sundays, you hire the car out. Every ounce of penny in that car must be squeezed out.

 

[Heatman]

I advice to not buy a car because when you are not use in a business. Its all depends on you you should think that what are you using the car. With a simple difination you should be able to determines if something as assest a liability.

A lot of people who see themselves as business entrepreneur don't really understand that cars are liabilities in their business. This is because they will also need maintenance all the time to be in good shape for you to still be making use of them which is why I strongly advise against it.

 

[Immilash1]

If that's not important I don't think if it will be a good idea to buy, if you are not ready to have a car I'll not advice you to have one,, having a car you need to be fixing all it's problem daily.

 

[Jonaville1]

Yes, here in my place I know a lot of people that do that, I think this all about earning money an making your ends meet, but do you think they earn a good amount?

They earn a good amount of money. They always make good money most especially when they are in high class areas that people will have to pay a lot of money to them.