haibe:


You would have spent money on transportation anyway, whether you bought a car or not. So consider this portion a commitment cost and therefore an irrelevant cost in determining whether or not buying the car is worthwhile.

There are several benefits of owning your car that you cannot quantify.. If you had to catch up with public transport everyday you may have lost your job or business by now or they may just be ineffective due to poor timeliness. U may be robbed easily of your valuables because u dont have a car, rain may frustrate you.... Just think broadly about advantages and disadvantages before drawing your conclusion.

That is really true

Na land oooooo make we no lie

praxisnetworks:

Cc haibe egunmogaji and co

The Audi is a better car i believe but i would go for Sienna because of better fuel economy. Except you dont care about fueling costs.

Ibime:


Land in most areas of Nigeria is fast depreciating due to insecurity except maybe Lagos and Abuja. Even in Lagos, I'm sure Ikorodu prices will go down with Baddoo operations.

Insecurity of lifes and properties actually destroyed the value of real estate in most areas of Delta state e.g warri,ughelli and most recently Sapele because most companies decided to move out of the state.

Then for those who buy lands in villages like abraka and co. just to build hostels, you are on a long thing. Pray to recoup the money spent in buying the land and building the property before it gets out of shape. Then sincerely hope and pray to God you will get a reasonable price for the property when you are selling.

Land....

praxisnetworks:
Advices are needed... Egunmogaji.. and co

Would buying a car aide more income? Would it pave way for more investments..? If No,then buying a land is your surest bet.

EZEIGBO1OFIMO:
people who are shouting land up and down probably know nothing about investment, except you own a land already, Buying a land in Nigeria and hoping for accidental development to shoot property prices is a risky gamble with odds that are not as great as they used to be. Buy a reliable car at sensible cost and look for other ways you can invest your cash ; there are mutual funds, T.Bills and Bonds for conservative investors, then there's the stock market(global, not naija ooh), leveraged markets, futures and ETF, for the wild child. Don't buy a land hoping to cash out, the recession is biting hard, and inflation coupled with currency value may put your PE at 2 decades or more, that is if Nigeria even gets better.
cc- Praxisnetworks

You said it all bro. That's one knowledgeable,factual comment

Guy buy land..forget dis lagos life of car first to show off. Land will do u more good. U can buy car anytime.

I missed buying a land somewhere in lagos for about 2M, now few available land dia go for about 8-10M.

Imagine if I bought one plot then and sold half plot now I will buy dat same car, even better grade.

Telling u from experience....Times are hard. Use ur head because u will see many Tins here on NL.

it's dependent on your current status/ situation. the two are compulsory even that one desire to have quickly. for instance; when a fresh graduate just been employed and considering distance of workplace to where he/ she is residing may want to go for car first before talking of land/property

I agree... I missed a land sometimes ago.. i got me a nice car.. guess what.. I didnt buy that car then for show off.. I used it to package myself .. guess what.. That car land me a big deal.. I m a proud owner of a better land today..lol.. So it depends on what you need the car for.. Some cars will fetch you contacts asap..especially in Lagos where i know its all about packaging.. But to secure a land that will rise to fast in value my guy.. you will cough out millions oh.. and interior ones takes years to appreciate oh.. But my car secured me a contract worth millions and I bought me a better land.. So use your brain.. Get a car and dress well and package your business.. Money for that land will come if you are focused...

EZEIGBO1OFIMO:
That is a wild misconception Nigerians have about real estate, except you have choice properties, in exquisite highbrow location, it is not very easy to flip real estate for real profit, and some times even finding a buyer (especially in a recession ) would take a miracle.
E.G, (Hypothetically) I bought a land at mowe for 2 million at the year 2000, that is 17 years ago. with an adjusted inflation of 10% a year, 2 million would be worth 10 million now, and adjusting currency value (considering that the naira is worth shit now in purchasing value), the adjusted value becomes 20 million (100% fall in currency value), adding property tax and land use charge amongst other things we arrive at 25 million. Except you sell the land for 30 million or more ( that is if, anyone would buy a mowe land for 30 million) you really have made no profit , even though in he eyes of a lay man, 30-2 =28.

you are right on that but remember the answer was given with comparison to the alternative which is a car. fixed deposits are considered investment even when their interest rate is always below inflation rate, just same way houses built for rent are considered investment despite the fact that it most times takes as much as 20yrs to break even when you factor in inflation, tax and cost of maintenance. these days except you are doing business, you lose money by just keeping money in the bank even when you invest it in treasure bills, buying shares is also not as lucrative and is a thing of chance to get a decent ROI. so my brother the gain is comparative, ie compared with the likely alternatives which wont demand your attention and risking much.

I put my money in these things as a form of pension or a means of getting cash when the need arises without losing too much to inflation or squandering it on meaningless everyday expenses, to get a high ROI one has to get into business with its risks.

Land appreciates, car depreciates

einsteino:


you are right on that but remember the answer was given with comparison to the alternative which is a car. fixed deposits are considered investment even when their interest rate is always below inflation rate, just same way houses built for rent are considered investment despite the fact that it most times takes as much as 20yrs to break even when you factor in inflation, tax and cost of maintenance. these days except you are doing business, you lose money by just keeping money in the bank even when you invest it in treasure bills, buying shares is also not as lucrative and is a thing of chance to get a decent ROI. so my brother the gain is comparative, ie compared with the likely alternatives which wont demand your attention and risking much.

I think we agree here, that land will not provide the instant investment gratification That Praxisnetworks is seeking. and for the stock market I excluded Nigerian stock market because it is near impossible to go short(make money on a falling stock) without being an institutional investors or market maker

AntiWailer:
Land is important.


When rain start on ur way to work, run to ur land for prayers.

When u close late and bad boys meet u at the bust stop by 11pm, tell them ur land is on its way to rescue u.

Wen u kit for work and see flood, off ur shoes and socks and walk majestically on ur land.

It depends bro. If u get warra mean.

It gets to a stage in your life that you need a car , once u get to that stage and can afford it, just buy it.

Haha haha haha haha haha tell them oh

EZEIGBO1OFIMO:
I think we agree here, that land will not provide the instant investment gratification That Praxisnetworks is seeking. and for the stock market I excluded Nigerian stock market because it is near impossible to go short(make money on a falling stock) without being an institutional investors or market maker

i would rather put my money in HYIP/PONZI than NSE.. at least i would know i open eyedly gambled my money. Real estate can pay on a short term if one has an analytical and prospective mind and a bit of luck too. i once got a 150% increase in value on a plot of land in less than a year of acquisition.

i think the biggest problem with buying land for keep sake is encroachment, most times you have to develop it asap to avoid stories that touch.

I was in situation like this last year.I bought a land,this year I'm planning for a car

einsteino:


i would rather put my money in HYIP/PONZI than NSE.. at least i would know i open eyedly gambled my money. Real estate can pay on a short term if one has an analytical and prospective mind and a bit of luck too. i once got a 150% increase in value on a plot of land in less than a year of acquisition.

i think the biggest problem with buying land for keep sake is encroachment, most times you have to develop it asap to avoid stories that touch.

True words sir

haibe:


The Audi is a better car i believe but i would go for Sienna because of better fuel economy. Except you dont care about fueling costs.

Audi has best fuel economy among the three. Previa the strongest.

EZEIGBO1OFIMO:
I think we agree here, that land will not provide the instant investment gratification That Praxisnetworks is seeking. and for the stock market I excluded Nigerian stock market because it is near impossible to go short(make money on a falling stock) without being an institutional investors or market maker

Don't assume. I never mentioned instant investment gratification... Did I?

I spend 600 naira daily on transportation to work. This translates to N3000 per week or N12000 per month. A car owner would spend more on fuel and wear and tear due to the traffic situation in Lagos for example.

Getting a car would only increase my financial stress but may come handy in other aspect if I'm a business person (deliveries etc). I would get a car if it helps my business and is not a luxurious one.

On the other hand, I rent a self contained apartment for 350k a year, getting a land would set me back financially at least N900k. How do I start building and the rest if I'm a salary earner? Agreed the value appreciates but when it appreciates and no buyer, it becomes a locked down asset. Mind you you still have to pay ground rents and live in fear of it not revoked or sold without your knowledge or permission.

My take here is go with your current situation and see which pays you most.

praxisnetworks:

Don't assume. I never mentioned instant investment gratification... Did I?

why else would you consider land and car

.

On point.

haibe:


This is not necessarily the case!! That you have a land doesn't mean it will appreciate, ask those that lost their land investment due to erosion, being taken over by water or other forms of destruction; such a land becomes impaired immediately the destruction occurs and the value drops speedily. Even if a destruction doesn't occur, inflationary adjustments, opportunity cost of the land investment (e.g lost interest if you simply invested in securities) may mean that your land investment is not worthwhile. Also, a car may not necessarily lose its value in 5 years time. Yes it depreciates physically due to wear and tear but its value may infact appreciate as several factors determine this. The reason accountants have an option to use revaluation model to value their fixed assets.

A car can appreciate in value due to exchange difference for example.. Imagine you bought a Car for 2m last year when naira was 300/ $ and this year naira is now 500/ $.. Do you think the fair value of that car will necessarily be dropped? Infact it is more likely to appreciate. The current situation in Nigeria explains this perfectly, a Camry Mozu you bought 1.9m 2 years ago may be sold for 2.5m today.

Just for education sake.

praxisnetworks:

Kia? No. I have opportunity for either an A4 or a Sienna... Or previa all in topgrade situations.

I need the Sienna if you're taking Audi. How much is it??

land is an asset car is a liability

praxisnetworks:

Maybe I should do a Toyota instead of Audi. But the issue is the Audi is payable in instalments... Toyota lump sum... What do you advise?

Cash & karry is the best.
Cos paying debt my hinder your zeal to develop your land. As egunmagaji suggested...
Buy small car, small land
50/50

Op, you need to ask pple for their reasons to their choice.

Lemme give you my experience

I got a job after school as a jnr lecturer and when it was time to make my choice, I went for a car. My reasons being,

1. I live alone as a bachelor in one of my parents houses. So accommodation wasn't a problem.

2. I found it an issue to trek and jump bikes in and out of the campus, while some of my students will zoom past me. In fact, at times I stayed longer in the office to disallow meeting any of my students.

So I got a car, even before marriage. I left the land because

1. I wasn't pressured into looking for accommodation, even if I was, the money can only get me a land and then what? Just buy the land and wait years to develop it? For how long was I gonna trek and jump bike when it's not like I was given a deadline to have my own house?

2. If I were to resell the land, I may end up buying another one and then it would be another undeveloped area and car prices ain't going down either.

I got a land after abt 2yrs of buying the car. All glory to God.

At the long run, you'll end up buying both, if God is good to you but at least, you may need to enjoy your life while you still have it and let the society know that you are not suffering or unfortunate.

Land is a better asset if only when you sell it you can buy a house or a car from it.... IMHO. Otherwise, start from a economy-friendly car and work your way up gradually, if you have a good job, a prospective and bright future and age on your side.

Pray God help you and make both easy for you.

EZEIGBO1OFIMO:
why else would you consider land and car

Why would you.. speak for yourself. Thanks.

What is car? Am OK with 1 car but needs millions plots of land

AXYZ:


I need the Sienna if you're taking Audi. How much is it??

A million for the previa

Land, if anybody like quote me.

See question?