I would like opinions and experiences on this.
Did you save for your first car? Was it feasible. Did you spend the money before you could buy the car? If you succeeded, what did you gain?

Did you take a loan? Was it easy paying back? What did you gain?
Thanks.

If your job is the type that a car will enhance, like a job that involves multiple points delivery of large merchandise,you can get a loan and get a car,but a simple,functional and cheap car oo.
If you are a 9-5,then save up and buy.

What will you do if the car have an accident? You will paying debt

Thanks for your contributions dokyOloye and alwaysonnet.
More opinions and even opposing views are welcome.

Get a dedicated bank account for the purpose, make sure you don't apply for ATM, Also be putting any amount you want in the account .... Once you're dedicated you will buy the car before you know it... This worked for me...

seanfer:
Get a dedicated bank account for the purpose, make sure you don't apply for ATM, Also be putting any amount you want in the account .... Once you're dedicated you will buy the car before you know it... This worked for me...

it worked for me too and I was lucky to buy a naija used ride with no issues.

Aaaaarghmed:
it worked for me too and I was lucky to buy a naija used ride with no issues.

I can’t even believe that almost 50% of the money was tips from work, My colleagues use theirs to buy beer.

alwaysonnet:
What will you do if the car have an accident? You will paying debt

The vehicle can be insured against that.

What I thought you'll ask is if he loses the job or business with which he services the loan.

I must admit u got good advisers here. My little contribution is, don't ever take a loan for a ride. It is better if u can save up for it. I'm a government worker, I saved up n got a car I can comfortably maintain, thank GOD for that. It's not easy taking care of a car n paying back the loan for d car plus interest. Save up n do what ur capacity affords. Happy weekend.

Olumyyde:
I must admit u got good advisers here. My little contribution is, don't ever take a loan for a ride. It is better if u can save up for it. I'm a government worker, I saved up n got a car I can comfortably maintain, thank GOD for that. It's not easy taking care of a car n paying back the loan for d car plus interest. Save up n do what ur capacity affords. Happy weekend.

I can remember how you were disturbing Us 2017-2018..... Glad you got a car that's not giving you problems.. How's Family?

seanfer:


I can remember how you were disturbing Us 2017-2018..... Glad you got a car that's not giving you problems.. How's Family?

Hehehehe, yes o, I carry una eye see something. Family is fine bro, Tnx. Hope u're enjoying your weekend?

want to buy a Kia Rio, take a loan and buy even if the car burns to ashes without insurance you can easily pay back the loan in a couple of years.

Want to buy a G63 worth 100s of millions, save up to buy cause the cost of fixing broken down parts is expensive not to talk of paying back the debt due to financial loss, joblossness or health complications.

Don't take a loan to buy a liability or for consumption.

Take loan to buy assets.

Asset is anything that puts money in your pocket

Liability is anything that takes money from your pocket

There is noting wrong with getting a loan to buy a car, the question is whether you have a need for the car or just for luxury. The car has to be utility vehicle for it to be worth getting a loan for, especially if it's your first car and if you still live in a rental apartment

ojeysky:
There is noting wrong with getting a loan to buy a car, the question is whether you have a need for the car or just for luxury. The car has to be utility vehicle for it to be worth getting a loan for, especially if it's your first car and if you still live in a rental apartment

Shed more light brother, especially the living in a rented apartment part. tnx man.

Olumyyde:

Shed more light brother, especially the living in a rented apartment part. tnx man.

Why would you want to buy a car on a loan when the house you are living is already on a loan, it makes sense to only do that if the car is for business reasons, there sure must be other reasons to buy a car in the context other than just buying for leisure/comfort.

ojeysky:


Why would you want to buy a car on a loan when the house you are living is already on a loan, it makes sense to only do that if the car is for business reasons, there sure must be other reasons to buy a car in the contest other than just buying for leisure/comfort.

Now I understand intent, tnx.

Use public transport

Both are ok!
If you take a loan, you have saved on inflation knowing that it takes an average of 2-3 years to pay off a car or land loan.

If your income is high and you can save for a car within one year, then save for it. You will save on interest to your loan and purchase exactly what you can afford without loan repayment liabilities.

A mixture of the two is the best. Save half the cost price and take a loan for the balance.

A car is a liability (if it's not for business purposes ) that gives convenience don't do above yourself. Think of functionality rather than class

midastouch040:
I would like opinions and experiences on this.
Did you save for your first car? Was it feasible. Did you spend the money before you could buy the car? If you succeeded, what did you gain?

Did you take a loan? Was it easy paying back? What did you gain?
Thanks.

I inherited my first car, it was a mazda 626 1984 model. But there after, I have had to work and save up for the cars I love.

E.g this car. https://www.nairaland.com/5171120/reg-2010-toyota-corrola-carefully

And this https://www.nairaland.com/5171214/2010-range-rover-lr4-hse#78136213

And this
https://www.nairaland.com/5170340/toyota-highlander-2008-sports-edition

And finally this


https://www.nairaland.com/5142651/2009-toyota-highlander-front-wheel

hard work pays.

5 bedroom duplex for sale at Crown estate lagos.

Ok

Save, save and then buy is equal to peace of mind from creditors

midastouch040:
Thanks for your contributions dokyOloye and alwaysonnet.
More opinions and even opposing views are welcome.

Save and invest and buy car from your profit. Car is a liability.

dgbanj:
5 bedroom duplex for sale at Crown estate lagos.

how much

Save for it. For the sake of peace of mind

Deltatoto:
how much

60m negotiable

Good advice up there but you should consider some of the questions I will ask.
1. What country are you in?
2. How much is your income and how long will it take to save?
3. Who is your employer....job security?
4. What type of car are you looking at.....used or brand new?
5. Is the car for business or pleasure?
6. How soon do you need the car?

seanfer:


I can’t even believe that almost 50% of the money was tips from work, My colleagues use theirs to buy beer.

you receive tips for doing your job,abii ? that is corruption my friend.stop it now ,for a better nigeria .

To whom it may concern,

Dear Prospective Car owner, we the association of goodwill ppl wish to advise you to save up and get your first ride, don't even take a loan! You don't know that "Heavenly feelings of using your money to get your own ride, it's just outta this world". Even as a banker , I am totally against loan and haven't taken any for whatsoever reason. The pressure that comes with it, no be here!

Na little drops of water,, dem mk big ocean as dem talk am.

Pls, when getting "No do pass yourself oh, go for the one wey fit your level"...

Tainku

You better save or borrow loan to buy Land who car help
Just imagine buying a Plot of Land in Ibeju-Lekki now at 540,000 and selling it for over 100 million in ten years time. If you think I am exagerating, make enquiry about the value of a plot of Land in Ikoyi