These days people prefer to live a luxurious life. As a result, many individuals own multiple material things and having an automobile, is one of them, which leads to an increase in traffic congestion around the globe. This essay completely agrees with the former statement. The below paragraphs will discuss all significant components in detail.
First and foremost, one of the major reasons for people buying cars is the easy availability of loans. Most of the multinational banks are ready to give vehicle loans at a low cost interest rate, which attracts the buyers to purchase an automobile. Second, expensive cars are seen as a status symbol in society and hence, many upper middle class purchase branded cars as a status quo. For instance, in India there is a trend to gift a costly vehicle, by a father to his daughter on her wedding day as dowry.
However, there are relevant ways to solve increasing car ownership, one of which is charging more interest rates on a loan. If loans are given at a higher rate of interest, then individuals will think twice before buying a car by borrowing a loan. Next, the higher authorities can take steps, such as reducing the fares of local commutes to motivate people to use public transport rather than a personal vehicle. Additionally, the government can ask four wheeler owners to pay higher toll and parking charges, which would make them use the local transport. For example, in Spain the authorities have increased the parking charges to discourage their citizens from using private cars.
In conclusion, undoubtedly ownership of private cars has increased at a huge rate because of varied reasons. Corrective measures by the government can surely help in reducing the usage of these vehicles for personal use and encourage individuals to choose public commutes.
These days
people
prefer to
live
a luxurious life.
As a result
,
many
individuals
own
multiple material things and having an automobile, is one of them, which leads to an increase in traffic congestion around the globe. This essay completely
agrees
with the former statement. The below paragraphs will discuss all significant components in detail.
First
and foremost, one of the major reasons for
people
buying
cars
is the easy availability of
loans
. Most of the multinational banks are ready to give
vehicle
loans
at a low cost interest
rate
, which attracts the buyers to
purchase
an automobile. Second, expensive
cars
are
seen
as a status symbol in society and
hence
,
many
upper middle
class
purchase
branded
cars
as a status quo.
For instance
, in India there is a trend to gift a costly
vehicle
, by a father to his daughter on her wedding day as dowry.
However
, there are relevant ways to solve increasing
car
ownership, one of which is charging more interest
rates
on a
loan
. If
loans
are
given
at a higher
rate
of interest, then individuals will
think
twice
before
buying a
car
by borrowing a
loan
.
Next
, the higher authorities can take steps, such as reducing the fares of local commutes to motivate
people
to
use
public transport
rather
than a personal
vehicle
.
Additionally
, the
government
can ask four wheeler owners to pay higher toll and parking charges, which would
make
them
use
the local transport.
For example
, in Spain the authorities have increased the parking charges to discourage their citizens from using private cars.
In conclusion
,
undoubtedly
ownership of private
cars
has increased at a huge
rate
because
of varied reasons. Corrective measures by the
government
can
surely
help
in reducing the usage of these
vehicles
for personal
use
and encourage individuals to choose public commutes.