Only take a bank loan not ren money type. Bank would gv u 19 to 21% against ur salary. Savings is not always easy. I was saaving one time to buy car then the dollar crashed. 1.5m could not buy d the car any more. Some savings self familiy prob go chop am. No take loan for new car tho

None...Both are liabilities,just save for your first land!

If your job requires a car to improve your productivity then save and get the car. If you don't need the car to enhance your job i.e you want the car for flexing, first buy a land.

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.

If you can’t save in a bank, do contribution with people you trust... discipline yourself and collect last....there are few investments opportunities with little interests put the money there let the money work for you till you are ready to buy your choice of car....

JeffSiberstein:
If your job requires a car to improve your productivity then save and get the car. If you don't need the car to enhance your job i.e you want the car for flexing, first buy a land.

To buy land is not the question.....mtscheeew

All about our loan services... Just call me

rationalmind:


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.

He can start Uber till he gets another job...

Its easy to save for anything when you don't live to impress anyone.... And you are not materialistic

Midastorch:


To buy land is not the question.....mtscheeew

Get a land before a car. Car non be big man, na house. My Ijaw brothers have better experience.

dgbanj:

60m negotiable

bomb Dey ur head

dgbanj:

60m negotiable

Oilwell dey inside??

ogawisdom:
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

Point of correction; a car is not a liability. Get your facts right. Even accounting does not refer to a car as a liability.

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

Golf 4 on my mind I don't know how legit it is

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

Best advice so far. I wouldn't be surprised if you have a finance background. It is only in this part of the world people buy such outrightly. In saner climes, you buy using agreements such as higher purchase or other similar kinds of arrangements.

The fear an average Nigerian has for a "loan" is embarrassing. We do not seem to understand its dynamics as many are used to the mentality of collecting, collecting and collecting.

you can actually contact me to help in your savings...Just email me.at itunuelijah@gmail.com. I work with the company

shadeyinka:
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

Excellent advice but i disagree with your bolded statement. A car is not a liability and even accounting recognizes this. Alot of people see it as one because of what goes out of your pocket in terms of fuel cost and maintenance. Have you ever taken out time to look at the value a car brings to you in terms of being prompt with your appointments, ease of conveying your items, flexibility? I bet you'd disagree with me if i say the average Lagosian spends more on commuting with public vehicles per annum than an owner of a sound vehicle and that excludes comfort as i would like to leave that out entirely.

The advice should always be buying within your income range and not above it and the reason for this can not be farfetched or overemphasized.

GazzuzzAutos:


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.

Look at those sweet rides

mapist:


Excellent advice but i disagree with your bolded statement. A car is not a liability and even accounting recognizes this. Alot of people see it as one because of what goes out of your pocket in terms of fuel cost and maintenance. Have you ever taken out time to look at the value a car brings to you in terms of being prompt with your appointments, ease of conveying your items, flexibility? I bet you'd disagree with me if i say the average Lagosian spends more on commuting with public vehicles per annum than an owner of a sound vehicle and that excludes comfort as i would like to leave that out entirely.

The advice should always be buying within your income range and not above it and the reason for this can not be farfetched or overemphasized.

Very correct

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...

this guy is functiioning in 2030...nice one

Please don't ever take a loan to buy a car. Save and buy your car . I'm talking from experience.

mapist:


Excellent advice but i disagree with your bolded statement. A car is not a liability and even accounting recognizes this. Alot of people see it as one because of what goes out of your pocket in terms of fuel cost and maintenance. Have you ever taken out time to look at the value a car brings to you in terms of being prompt with your appointments, ease of conveying your items, flexibility? I bet you'd disagree with me if i say the average Lagosian spends more on commuting with public vehicles per annum than an owner of a sound vehicle and that excludes comfort as i would like to leave that out entirely.

The advice should always be buying within your income range and not above it and the reason for this can not be farfetched or overemphasized.

My definition of assets and liabilities are very simple
1. Anything you have that appreciates with age or add directly to your income is an ASSET
2. Anything you have that depreciates with age or subtracts directly from your income is a LIABILITY.

Hence even a landed property isn't necessarily an asset in the light of this definition.

I am not a financial expert but I disagree with them over some simple definitions like calculation of inflation.

seanfer:


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

Bro, pls kindly link me up with a job. Thanks

mapist:


Excellent advice but i disagree with your bolded statement. A car is not a liability and even accounting recognizes this. Alot of people see it as one because of what goes out of your pocket in terms of fuel cost and maintenance. Have you ever taken out time to look at the value a car brings to you in terms of being prompt with your appointments, ease of conveying your items, flexibility? I bet you'd disagree with me if i say the average Lagosian spends more on commuting with public vehicles per annum than an owner of a sound vehicle and that excludes comfort as i would like to leave that out entirely.

The advice should always be buying within your income range and not above it and the reason for this can not be farfetched or overemphasized.

You have a point- that’s comfort . But to be honest, a car is a liability. Anything that you spend on more than you gain from it is a liability.

Take for instance, I spend an average of N1000 daily on petrol driving to and fro to work with AC, 3,000 weekly on carwash. If I decide to use an UBER, I will likely spend N1,500 daily . An Uber man services his car, changes his oil, tires , filters fuel pumps, etc. I have to worry about those if I use my car. An Uber does not necessarily have to worry about them as he makes money driving his car. It’s a liability for me, but expenses for the Uber man.

Now if I decide to use Danfo, I will be spending an average of N500 daily. I’ll be saving N500 daily with no worries of servicing my car or taking it to the carwash.

What about cases where the car sustains a serious dent. My brother, just budget at least 100k for quality body and paint work.

Personally I spend an average of N75k every 3 months servicing my car (minus fuel and car wash )

Imagine I took a loan to buy this car . When will I finish repaying?

ogawisdom:
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

And what makes you think cars are liability?

agabaI23:

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

Not always.
If your business involves for example distribution of satchet water or bread,will a car like a well maintained 1997 golf or corolla be a liability?
Or the business owner should hire cars at higher price for delivery everyday?

dokyOloye:

Not always.
If your business involves for example distribution of satchet water or bread,will a car like a well maintained 1997 golf or corolla be a liability?
Or the business owner should hire cars at higher price for delivery everyday?

she said 'first car' not a business car. A business car is part of the logistics of the business and it is necessary.

From her tone....

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.

Don't take a loan for a car. A car is not something that will generate income to repay the loan. It becomes a liability. Keep saving, keep your ears to the ground and network with people. You could get a good deal from a company trying to sell off their cars to buy new ones or someone trying to sell a good car and relocate. Or you can keep saving to get your choice. But don't get a loan.

agabaI23:
she said 'first car' not a business car. A business car is part of the logistics of the business and it is necessary.

From her tone....

Read my first comment you quoted Oga.
I said,If your business is so so, you can get a loan n but.
If you're a 9-5,save up n buy.

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

I've never asked for money in my place of work... I offer help to People in my department and People showed me appreciations, They always happy to dash me money because i always put smile on their faces.

dokyOloye:

Read my first comment you quoted Oga.
I said,If your business is so so, you can get a loan n but.
If you're a 9-5,save up n buy.

I am responding on the save up and buy portion. She should be save up and invest. Buy a car from her profit

iamezekwesiri:
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

Too much sense.