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Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? - Car Talk (2) - Nairaland

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Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by ekoboy: 11:10am On Dec 17, 2014
saxywale:

What was the mileage of your Toks suv.
Abt 80k miles
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by ekoboy: 11:13am On Dec 17, 2014
sultaan:



Yes tokunbo can be a lot better than a Nigerian new car if you don't buy those salvage/junks usually shipped into Nigeria by importers
Which one is Nigerian new car. Do we produce cars in Nigeria?
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 1:59pm On Dec 17, 2014
ekoboy:
OP, here is my take on this.
Statistics shows that after 5 years you will have spent the amount you used in purchasing the car. The point am trying to make here is that the parts in the car have life span so buying a tokunbo car simply means you are acquiring a property that is at the end of its shelf life so most parts will need replacements and when you consider the fact that we have fake parts and fake mechanics you are in for rough time very early.


In 2008 i purchased a brand new hyundai elantra while most of my friends purchased 2003 Honda accord and Camry for the same amount. 3 years later i was still rocking my car without stress while my friends were all tired of the issues with their tokunbo cars and were already starting to replace them.

In 2010 for lack of funds to purchase a brand new SUV i got a tokunbo(200). From the first month its was brake cylinder. Onwards it was one part spoiling every other month. I realised that all these parts were just due for replacement. So it amazes when ppl way tokunbo is better. New is new and old is old.

On your choice I feel we've be deceived into thinking we need to drive heavy engines. The primary purpose of a car is to take you from point A to B and Kia Rio will do that excently and cheaply too. For my guy that said you won't get the stated fuel consumption, you won't get it either in any car mainly.because of quality of.fuel available and excessive idling and stop and go that we do in this country.

So my guy if i have a choice for a brand new car i'll jump on it. Your car should work for you and not you working for the car. Don't make a mechanic your best friend.

By the way i bought my tokunbo SUV myself from the States and was clean titled.

Thanks bro...

I really appreciate your contribution.

You just expressed my thoughts for thinking of getting a new car.

I usually feel concerned when folks say toks are better than new.

It amazes but your experience reinforces my thought for a new car.

Thanks again.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 2:04pm On Dec 17, 2014
Mods, to the front page please.

As many advices, opinions and experiences will do a brother a lot of good O!

Thanks in advance.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Nobody: 2:37pm On Dec 17, 2014
ekoboy:

Less than 90k miles

That is around 144,000km. That is considered high mileage in north America. Most warranty cover only up to 100,000km.

In my opinion, if I was given the option to choose between an American spec Toks Rio or a Dana Rio. I wouldn't hesitate to jump on the Toks if the mileage is still less than say 50,000km.

I have seen many Nigerian spec Toyota, Hyundai's and KIA being put up for sale due to numerous faults even when their mileage is less than 30,000km.Whereas you would see many american specs still running good at over 250,000kms.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by ekoboy: 12:25pm On Dec 18, 2014
saxywale:


That is around 144,000km. That is considered high mileage in north America. Most warranty cover only up to 100,000km.

In my opinion, if I was given the option to choose between an American spec Toks Rio or a Dana Rio. I wouldn't hesitate to jump on the Toks if the mileage is still less than say 50,000km.

I have seen many Nigerian spec Toyota, Hyundai's and KIA being put up for sale due to numerous faults even when their mileage is less than 30,000km.Whereas you would see many american specs still running good at over 250,000kms.
The roads in America are much better and they do a lot of highway miles.
By the way the car was just over 3yrs when i bought it and i see ppl recommending 6-7 yr old tokunbo cars american cars here and what are their mileage. Any that is less than 100k miles has been tampered with.

1 Like

Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by ekoboy: 12:29pm On Dec 18, 2014
Meanwhile 30k km is what some ppl do in 3yrs in Nigeria sitting in traffic most time while a car in America will have done over 100k km in the same period.

1 Like

Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by tunlex01(m): 1:54pm On Dec 18, 2014
I'm having the same challenge at the moment too. My company offers auto loan for 24 to 48 months. I'm planning to get the Hyundai Accent (loan) but some of my colleagues feel getting a used car is better than the car loan offer.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 2:05pm On Dec 18, 2014
tunlex01:
I'm having the same challenge at the moment too. My company offers auto loan for 24 to 48 months. I'm planning to get the Hyundai Accent 2014 (loan) but some of my colleagues feel getting a used car is better than the car loan offer.

Nice!

Mods, this is even more reason to get this post on the front page so that as many as possible can give their penny opinions.

Thanks for your advice, Ekoboy and Autosbay. I think i will go with the new car anyway.

I just need to get more experiences in order to understand the situation better.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Nobody: 2:42am On Dec 19, 2014
ekoboy:

The roads in America are much better and they do a lot of highway miles.
By the way the car was just over 3yrs when i bought it and i see ppl recommending 6-7 yr old tokunbo cars american cars here and what are their mileage. Any that is less than 100k miles has been tampered with.
We are still kind of saying the same thing What i meant is that I personally won't buy a tokunbo car with mileage higher than 100,000km (60,000miles). Hyundai has one of the best new car warranty, and the warranty ends at 60,000 miles. Yours was 90,000miles. The warranty has expired hence may be the reason why the owner is selling it off. This is the time most cars start having faults that comes with expensive repairs.

There are lots of excellent tokunbo cars with less than 62,000 miles but they don't come cheap. The seller is only selling them off usually cos he wants to upgrade or bored of the car. Infact, if you check autotrader, you would see 2014 and 2015 cars already been sold off by their owners but like i said, they don't come cheap. And Nigerians are always looking for cheap tokunbo cars. If you go on the auto section on this forum, you would see nairalanders requesting for cheap tokunbo with low mileage, therefore they end up buying a car with tampered odometre or badly salvaged car.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by tunlex01(m): 6:10pm On Jan 05, 2015
Mod please, can this be moved to frontpage for more opinions?
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 11:35pm On Jan 05, 2015
tunlex01:
Mod please, can this be moved to frontpage for more opinions?

Seconded...

I have appealed to the mods to no avail.

I hope they listen this time.

undecided undecided undecided
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by tunlex01(m): 3:50pm On Jan 10, 2015
Durchmann:


Seconded...

I have appealed to the mods to no avail.

I hope they listen this time.

undecided undecided undecided

probably there are no mods here
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 7:19pm On Jan 10, 2015
I've lost hope in the cause already... Mods, we dey watch una in 3D O!!!
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 5:04pm On Feb 18, 2015
tunlex01:


probably there are no mods here

Hmmm...

I have sent an email sha.

I hope that someday it gets attended to.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by tunlex01(m): 6:01pm On Feb 18, 2015
Durchmann:


Hmmm...

I have sent an email sha.

I hope that someday it gets attended to.
It is well. Have you made up your mind now?
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 11:02pm On Feb 18, 2015
tunlex01:

It is well. Have you made up your mind now?

Not yet. So many of my friends think i can get a good deal with a used car.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by tunlex01(m): 6:50am On Feb 19, 2015
Durchmann:


Not yet. So many of my friends think i can get a good deal with a used car.
same here. Though my mind is not made up yet. I'm still weighing my options
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 3:15pm On Feb 19, 2015
tunlex01:

same here. Though my mind is not made up yet. I'm still weighing my options

Ok

You are in the same shoes too? Maybe soon, the mods will do the necessary and assist us both.

smiley smiley smiley
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by carshowNG: 6:02pm On Feb 19, 2015
I have written a couple of articles on this subject and you may want to check them out:

1. New or Used Car: Which Should I Go For? - http://carshow.com.ng/blog/buying-advice/item/245-new-or-used-car-which-should-i-go-for

2. Benefits of Buying a New Car - http://carshow.com.ng/blog/buying-advice/item/248-benefits-of-buying-a-new-car

3. The Value of Buying a Used Car - http://carshow.com.ng/blog/buying-advice/item/249-the-value-of-buying-a-used-car

4. Benefits of Buying a Used Car - http://carshow.com.ng/blog/buying-advice/item/247-benefits-of-buying-a-used-car
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by sultaan(m): 2:20am On Feb 20, 2015
At $1-N200 it won't get cheaper, a lot of importers won't bring in any new inventory now because their car is 25% more expensive than the ones imported when Naira was 160 so you will have to find your deal amongst existing inventory. A sudden rise in price of used car from 25% exchange rate increase to 70% duty rate increase mean the market will have to adjust to the buying power of the consumer.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by tunlex01(m): 6:30am On Feb 20, 2015
Durchmann:


Ok

You are in the same shoes too? Maybe soon, the mods will do the necessary and assist us both.

smiley smiley smiley
my legs are crossed
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Nobody: 8:10am On Feb 20, 2015
Durchmann:


Yeah!

You have a point but I was planning to do comprehensive insurance for it as well in order to cut my losses if there's a mishap some how.

Thanks bro...

Insurance will only cover loss / theft or damage. It doesn't take into account other contingencies like loss of earnings or mechanical failure.

Should you lose your job, or your business fails, making you unable to keep up payments, you'd be stuffed, and could end up losing the car.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 8:15am On Feb 20, 2015
sultaan:
At $1-N200 it won't get cheaper, a lot of importers won't bring in any new inventory now because their car is 25% more expensive than the ones imported when Naira was 160 so you will have to find your deal amongst existing inventory. A sudden rise in price of used car from 25% exchange rate increase to 70% duty rate increase mean the market will have to adjust to the buying power of the consumer.

Yeah! Right!

The naira devalution seems like a deliberate move by the Government to make locally assembled vehicles look cost-effective. That's a nice one. However, I'm bothered about which of the purchase choice will be cost-effective for me judging from the experience of others. What do you advise?
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Durchmann(m): 10:53am On Feb 20, 2015
Siena:


Insurance will only cover loss / theft or damage. It doesn't take into account other contingencies like loss of earnings or mechanical failure.

Should you lose your job, or your business fails, making you unable to keep up payments, you'd be stuffed, and could end up losing the car.

Hmmm... As much as it's hard to say, you are really right.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by kunle75(m): 1:40pm On Feb 20, 2015
Try femak autos the car am using presently was sold to me by him and no regret at all,i meet him on here on nairaland and think he based in canada..........its trusted hand.

https://www.nairaland.com/femakauto this link can be of help too
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by Evasmil4(m): 6:02pm On Apr 04, 2015
Hope you have got the car of your choice by now.
I am opportune to have driven both new cars and old cars.
I have bought and drive my own Nigeria use car, tokunbo car and also have the opportunity to drive company brand new car.
Here is my experience in brief.
Nigeria Use Cars= you go to mechanic almost every time for one repair or the other, vehicle may last a life time with maintenance.
Tokunbo Vehicles= You also go to frequent mechanic but less to that of Nigeria used, part will be failing one after the other and at one point or the other you will be replacing/repairing parts.
New Cars= You may not replace any part in 2 years, car will always start and go, with no fear of stop and quench for 3years, no matter how weak and fragile the car is, it will serve you for minimum of 3 years with just service and go your way. But know this, body will be very weak, accessories will be weak also, options will be limited, car will be like x3of the cost of same car that is tokunbo. and at the end of that 3 years, you are at the same point as if you just bought a used car and you will start visiting mechanics with the car almost every month also.
This illustration is base on my experience on the following vehicles. Nissan Premera=Nigeria Used, Mazda626=Nija Used, KiaRio LS= Nija Used, Honda Civic2006 Tokunbo, Volvo S40=Tokunbo, GreatWall Pick-up=Brand New, KiaRio EX=Brand New, Corolla=Brand New.

Make your choice
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by themodernman: 1:04am On Apr 05, 2015
Denn:
Dear OP,

Please read my post carefully and heed my advice lest it haunts you in some years time.

If the vehicle is to be used in Nigeria, please buy a fairly used one instead of a kia Rio.

The resale value of a kia Rio drops by almost 50 percent the day you drive out of their car lot.... Yes in 24 hours.

You enjoy the perps and new rubber smell for some few months but the following starts happening....

You find out the audio is not a high quality one
the shocks and bushings are not well groomed for our wonderful roads.
The fuel mileage is not as advertised.
You have very limited luxury options
The bulbs blow out
The battery dies when you least expect and you find out it is not covered under warranty.
You complain about your shocks at the service centre and all they just replace are the Stabilizer links
You wait hours just to service your car. If you get your car in 3 hours, you are lucky. Waiting room is cozy though.
By the time you are selling, the value has dropped so low and there would be limited offers you would think you were driving a napep.
An okada man knocks off your mirror, God help you getting a cheap replacement. A napep pulls out your bumper... Hope you have 2 ATM cards filled with cash.

If however you stay on banana Island and will drive mostly on smooth roads without the everyday hustle with yellow buses, then go ahead.... You can't be allowed to go through the hassles of a used product... A clean 2007 model BMW 3 series or Camry will give you better satisfaction.

Words of a brand new 2013 kia Rio user.

Choi! See as you finish Kia...

Diariz god oh shocked
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by themodernman: 1:10am On Apr 05, 2015
234GT:
Assuming you have the ability to pay for the tear nylon kia outright, I would have advised you to go for it.
As it stands, buy a toks from 2005 and you won't regret it. Go with a good mecho to inspect it for you.
Moral: Brand new cars are better than tokunbo cars IF AND ONLY IF you can pay outright for it.
Why buy a car that would be worn out by the time you are completing the payment?

So dat you can change it for another tear rubber model on loan if you wanna- dats how they live in most developed countries i.e on credit facilities.

Though I won't advise any Kia though. Its best for students in my opinion.
Re: Which Is Better? Getting A Brand New Car With An Auto Loan Or Buying Tokunbo? by themodernman: 1:15am On Apr 05, 2015
234GT:
Assuming you have the ability to pay for the tear nylon kia outright, I would have advised you to go for it.
As it stands, buy a toks from 2005 and you won't regret it. Go with a good mecho to inspect it for you.
Moral: Brand new cars are better than tokunbo cars IF AND ONLY IF you can pay outright for it.
Why buy a car that would be worn out by the time you are completing the payment?

So dat you can change it for another tear rubber model on loan if you wanna- dats how they live in most developed countries-on credit facilities.

Though I won't advise any Kia though. Its best for students in my opinion.

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