Buy a Car or a Parking Space First?
2 Answers
If conditions permit, purchasing a parking space first is advisable. From an investment perspective, unless you urgently need a car, buying a parking space generally takes precedence over buying a car. Here are the reasons for prioritizing a parking space: 1. Parking scarcity: Like housing, parking spaces occupy land resources. With the continuous improvement in living standards, the number of private cars is bound to increase steadily. Consequently, parking spaces will become increasingly scarce in the future. Currently, parking difficulties are already widespread. 2. High appreciation potential: Financial experts have pointed out that residential parking spaces are one of the investment projects with significant appreciation potential in the future. This prediction has unfortunately come true, with appreciation rates already surpassing those of the real estate market, and the momentum remains strong. Moreover, for car owners, parking spaces are no longer just investment products but daily necessities. 3. High parking fees: Currently, renting a parking space is still an option. However, with rising parking fees and an increasing number of vehicles in residential areas, there is no guarantee that parking space owners will have extra spots available. Comparatively, the main appeal of renting a parking space is the lower short-term costs, but in the long run, it is not as cost-effective as buying one.
I think if you live in the city, it's wiser to buy a parking space first. For an average commuter like me who squeezes onto the subway every day, buying a car right away is just asking for trouble. Parking spots are way too hard to find, especially during rush hours—circling the block for half an hour without finding a single empty space not only wastes time but also risks fines. If you buy a car first and then try to solve the parking problem, the costs skyrocket—monthly passes, residential permits, and temporary parking fees might add up to more than the car itself. In the long run, parking spaces hold or even increase in value, while cars depreciate and come with maintenance costs. My advice is to rent a fixed spot first, save up, and then buy—this way, life’s less stressful, and driving becomes truly enjoyable. But if you’re in the suburbs or rural areas with plenty of space, you might consider doing the opposite—buying a car first, since parking is easy and unregulated there.
