Asgard13:
Land and building over car..

Fix the car and repaint

You no Dey compete with anyone.. driving home to your property.. is the real deal.

treatise:

Thanks for this. He's changing the car because of availability of parts in our location not prestige. Mechanics dey chop am wella being a "lonely" in the town.

Asgard13:
Land and building over car..

Fix the car and repaint

You no Dey compete with anyone.. driving home to your property.. is the real deal.

dapsoneh:
100bottles of Heineken for you

treatise:
Good day People,
One of my team members sought my opinion in light of the subject and he expects my response tomorrow being Monday. This guy has a Mazda series car (performing well) but the parts are seldom found in our location and the may be parked for a week just because of as little as oil seal; he has decided to get a corolla car which parts are quite common here.

The used corolla costs between 2.7 and 3m naira but the Mazda can't get up to 800k. He is now thinking of using the 2.7m to get a piece of land and start a 3- bedroom flat whilst he continues using the Mazda.

I wouldn't know the answer I should give him tomorrow and he sees me as a matured man with wisdom.

Please advise.

Thank you.

kernniejay:

Is your friend using his car for transport business, if not then ask your friend, if his landlord did not build that house, where will your friend be sleeping? My two cent is that, there is nothing like having your own roof over your head, the peace you experience is undescribable. Your Landlord can increase rent tomorrow or give you a refund and serve you quit notice just because his cousin is coming from abroad or for any other excuse. Where will you be parking your car, on the street where it can be vandalized if not stolen away? Tell your friend to make hay while the sun shines.

brain54:
If I were you or your friend…


I will go for the land and building first. Sort the car issue later.


You didn’t state your location…

treatise:
Good day People,
One of my team members sought my opinion in light of the subject and he expects my response tomorrow being Monday. This guy has a Mazda series car (performing well) but the parts are seldom found in our location and the may be parked for a week just because of as little as oil seal; he has decided to get a corolla car which parts are quite common here.

The used corolla costs between 2.7 and 3m naira but the Mazda can't get up to 800k. He is now thinking of using the 2.7m to get a piece of land and start a 3- bedroom flat whilst he continues using the Mazda.

I wouldn't know the answer I should give him tomorrow and he sees me as a matured man with wisdom.

Please advise.

Thank you.

frozen70:


I think car is a luxury and having a building project from start to finish is more useful as one day you will need to have yoor own shelter

I suggest he starts planning on getting a land and start something there that gradual he will complete it if he is not in a hurry

He can as well sell the car and add to the building project

A car is not a must but a house or shelter is a must, by the time he is done with the building project, he will decide which car he wants and start saving toward it to avoid buying a car that is cheap but parts are not available

Having a car makes you to spend more to put it on the road

Having a shelter saves you from become a permanent tenant and saves more money from rent

LittleBigDick:
Use the car do Uber or bolt so that you can be earning small small from the proceedings


Building a house no beans

I spent 180m building a fokn bungalow

Asgard13:
Land and building over car..

Fix the car and repaint

You no Dey compete with anyone.. driving home to your property.. is the real deal.

Richy4:
Between Depreciation and Appreciation in long run of Assets, which do you think is the better choice OP?

brain54:


180 million building a bungalow…


Is that on the fu.ckn moon

Or in your sleep in dream land?

treatise:

Thanks for the question. The guy has a car already but for the rarity of parts of the car and intends replacing it with commonly used car in our location. The challenge is his current car has poor second-hand value and getting a corolla would necessitate augmenting reasonable sum. He's now ambivalent-replacing the car or start a building with the money he'd have used to augment.

Richy4:


Is it only one mechanic that they got in his suburbs? Maybe he should look elsewhere

If he is not using the vehicle for production purposes, like Uber or others, and he decides to sink that money into something as depreciating as car parts...The opportunity cost is just smiling big time..

Asgard13:


Start the building project first.. money sabi find route to who utilize am well

Before he finish ..
He will buy car..

treatise:

The guy already has a car(Mazda) but the parts can only be sourced outside of the state where we are working ( it takes days to get parts of the car hence, the desire to buy a car which parts are readily available-in this case, Toyota corolla)

Richy4:


Is it only one mechanic that they got in his suburbs? Maybe he should look elsewhere

If he is not using the vehicle for production purposes, like Uber or others, and he decides to sink that money into something as depreciating as car parts...The opportunity cost is just smiling big time..

Rubbiish:
@ treatise
You can see everyone is saying the same thing, house is a better choice if the car is not going to be use for transportation. But, I would like to ask if this money is one off or it is savings from his earnings. If it is savings from his earnings, that means ur friend has a reliable source of income & should start the house project. But if it is one off, from like a contract & he is not sure of his next contract, he should only get a land, so he can resell in future if need be & not tie down his funds.

Because to build house no be moi moi oh, u must be constantly earning before u can complete a house. Once him start this project, at some point he will regret why he started in the first place due to cost of building materials, that is how frustrating it can get. He should ensure his earnings are constant to a large extent before engaging in any building project. But he should first get the land.

Angrygoat:
He should sell the car and buy another. Building materials,cement,rod,etc everything cost. Even 10m sef won't build a mini standard 60 by 120 house.

treatise:

Thanks for the submission, this was his reservation that made him to approach me. I had similar line of thought like yours. I know he can save 100k monthly from his monthly which gave me the impression he can save towards changing his car whilst he starts his building quest now.