₦airaland Forum

swiz123:
Majority can’t afford it yes. That car is extremely durable and majority of users buy that car first because of that.

500k a year is effectively more than what you typically spend maintaining that car.

Upcoming hustlers buy it for peace of mind and don’t have enough disposable income to let out 500k for any insurance.

So how did they afford to raise 10 million to buy the car?

40,000 naira is basically 30 litres of fuel, if not less.

So the person who has 10 million naira car, cannot afford 40,000 fuel in a month.

This is what you want to believe?

GloriousGbola:
sincerely, in this matter you are channeling ibime and assuming disposable income dey like that. those eating 15k meat at one sitting are the exception not the rule

GloriousGbola:
nepa bill
feeding
cooking gas
petrol for car/gen
dstv/netflix
house hold items
emergencies

this is for a young family
for an older family you have to add weekly feeding for pikins in school

If you he’s still struggling with the aforementioned “necessities “ , how was then was he able to afford the vehicle at that cost ?

izzou:
So how did they afford to raise 10 million to buy the car?

40,000 naira is basically 30 litres of fuel, if not less.

So the person who has 10 million naira car, cannot afford 40,000 fuel in a month.

This is what you want to believe?

Hmm… That 30 liters of fuel you think is common is someone people’s weekly movement.

That car is an economy car and 500k as a lump sum is still a lot of money to majority of people driving that car and even more expensive cars.

Come to think of it, some uber guys use it. Do you think they can give out 500k yearly as insurance?

BlueRayDick:
If you he’s still struggling with the aforementioned “necessities “ , how was then was he able to afford the vehicle at that cost ?

Let me give you some ammunition for future debates

I bought a 2012 Sienna in 2022 at 4m.today the car is over 15m
I bought a 2014 ford ranger NBV. Today it is likely 15m as well

You are assuming that the price of the car is the price at which it was bought by the owner.

Right now a lot of us are holding on for dear life because if this car or TV or pc spoil, to buy am again you go hear am

BlueRayDick:
If you don’t have disposable income , how are you fueling the car sef ? I hope you know that the N40k monthly is less than the cost of half tank of fuel you buy inside the same N10m vehicle ?

Please next time you are buying fuel, come down and check how much fuel others are buying. I can guarantee you that I can’t remember the last time I went to buy fuel and I saw 40k worth on the meter from the last car that just bought.

Shey na naija wey GLK boys dey buy 10k fuel. You are over assuming that people who drive cars have that much disposable income.

There’s a reason I can’t touch naija used cars with a stick. Too many people skip oil changes like mad! Are they same ones that will give 40k to insurance??

GloriousGbola:
Let me give you some ammunition for future debates

I bought a 2012 Sienna in 2022 at 4m.today the car is over 15m
I bought a 2014 ford ranger NBV. Today it is likely 15m as well

You are assuming that the price of the car is the price at which it was bought by the owner.

Right now a lot of us are holding on for dear life because if this car or TV or pc spoil, to buy am again you go hear am

The question is ; DID YOU INSURE THE CAR WHEN IT WAS VALUED @ N4m ?

GloriousGbola:
Let me give you some ammunition for future debates

I bought a 2012 Sienna in 2022 at 4m.today the car is over 15m
I bought a 2014 ford ranger NBV. Today it is likely 15m as well

You are assuming that the price of the car is the price at which it was bought by the owner.

Right now a lot of us are holding on for dear life because if this car or TV or pc spoil, to buy am again you go hear am

This is also the reason people don’t maintain their cars. You see expensive cars driving with horrible suspension noise because the shocks of a car that was affordable few years ago now cost 120k.

swiz123:
Please next time you are buying fuel, come down and check how much fuel others are buying. I can guarantee you that I can’t remember the last time I went to buy fuel and I saw 40k worth on the meter from the last car that just bought.

Shey na naija wey GLK boys dey buy 10k fuel. You are over assuming that people who drive cars have that much disposable income.

There’s a reason I can’t touch naija used cars with a stick. Too many people skip oil changes like mad! Are they same ones that will give 40k to insurance??

This...Izzou was talking about buying 120k worth of fuel a month for a person that uses Camry 2012 for personal use in this naija where people add savings of 2 years, Cooperative loans and other disposables in order to afford a car?..

swiz123:
Please next time you are buying fuel, come down and check how much fuel others are buying. I can guarantee you that I can’t remember the last time I went to buy fuel and I saw 40k worth on the meter from the last car that just bought.

Shey na naija wey GLK boys dey buy 10k fuel. You are over assuming that people who drive cars have that much disposable income.

There’s a reason I can’t touch naija used cars with a stick. Too many people skip oil changes like mad! Are they same ones that will give 40k to insurance??

This is a straw man argument .

The fact is whether u like it or not , except u park the car and don’t use it at all , u will buy fuel and u will buy more than 40k fuel in a month .

Even if na ur wife Dey use the car only for school runs and occasional weekend outings , u will definitely use almost more than that in a month . (With the exception of if the school is very close to ur house )

If u Dey squeeze money for fuel out and u decide not to buy insurance , it’s ur choice .

Nothing concern me with GLK boys , we are talking about someone who has a stable source of income that availed him financial ability to buy and maintain a N10m vehicle .

BlueRayDick:
The question is ; DID YOU INSURE THE CAR WHEN IT WAS VALUED @ N4m ?

I also worked in a oil company where we had arrangement with insurance and we could insure our cars at discount rates

https://businessday.ng/insurance/article/naicom-increases-premium-rates-for-motor-insurance-in-nigeria/?amp

I also forget how much it was but there was a corresponding increase in comprehensive insurance rates

I had the spreadsheet for calculating. I think I had been insuring the car for 90 to 100k. It was a massive massive jump and I jejely reverted to third party.

DOES THAT ANSWER YOUR QUESTION?

BlueRayDick:
.

Nothing concern me with GLK boys , we are talking about someone who has a stable source of income that availed him financial ability to buy and maintain a N10m vehicle .

In this case you are talking from a place of out of touch privilege. Everyone has had to cut back on some expenses and take on some risk. If you have enough liquidity to avoid this good on you. But don't assume it is because they are out burning money on catfish and urgent 5k

swiz123:
Hmm… That 30 liters of fuel you think is common is someone people’s weekly movement.

That car is an economy car and 500k as a lump sum is still a lot of money to majority of people driving that car and even more expensive cars.

Come to think of it, some uber guys use it. Do you think they can give out 500k yearly as insurance?

Everybody's house rent is also a lump sum, but when we divide by 12, we can see it's doable.

When I registered my Van, I did a 3rd party, but I was told a Comprehensive was 750k, and I can pay in 2 installments

Did I do it? Not yet
But it is very doable. That's my point.

40k a month for someone who can cough 10 million in full is not weird

Burna boy give VDM 250M to rehabilitate school, na this one the money reach.

Though Ratel members claim everything was demolished.

izzou:
Everybody's house rent is also a lump sum, but when we divide by 12, we can see it's doable.

When I registered my Van, I did a 3rd party, but I was told a Comprehensive was 750k, and I can pay in 2 installments

Did I do it? Not yet
But it is very doable. That's my point.

40k a month for someone who can cough 10 million in full is not weird

you bought your van last year this is middle of october
you are answering the question
insurance is important but risk management depends on common sense and liquidity

GloriousGbola:
I also worked in a oil company where we had arrangement with insurance and we could insure our cars at discount rates

https://businessday.ng/insurance/article/naicom-increases-premium-rates-for-motor-insurance-in-nigeria/?amp

I also forget how much it was but there was a corresponding increase in comprehensive insurance rates

I had the spreadsheet for calculating. I think I had been insuring the car for 90 to 100k. It was a massive massive jump and I jejely reverted to third party.

DOES THAT ANSWER YOUR QUESTION?

So did you stop insuring because the rate of comprehensive insurance was increased to 5% in 2022 or because prices of vehicles jumped up courtesy of Master strategist’s policies post-2023 ? 🤷‍♂️

swiz123:
Burna boy give VDM 250M to rehabilitate school, na this one the money reach.

🤣🤣🤣🤣🤣

#250meters do this thing or e get other structures?

CAPdan21:
This...Izzou was talking about buying 120k worth of fuel a month for a person that uses Camry 2012 for personal use in this naija where people add savings of 2 years, Cooperative loans and other disposables in order to afford a car?..

True

But you can also agree with me that the owner will use up to 50 litres a month, just commuting to work and back.

So how can 40k be an impossibility?

izzou:
Everybody's house rent is also a lump sum, but when we divide by 12, we can see it's doable.

When I registered my Van, I did a 3rd party, but I was told a Comprehensive was 750k, and I can pay in 2 installments

Did I do it? Not yet
But it is very doable. That's my point.

40k a month for someone who can cough 10 million in full is not weird

I would like to see you do that 750k for 10 years without a single use of that insurance.

GloriousGbola:
In this case you are talking from a place of out of touch privilege. Everyone has had to cut back on some expenses and take on some risk. If you have enough liquidity to avoid this good on you. But don't assume it is because they are out burning money on catfish and urgent 5k

You are making my point for me when you say everyone has to cut call some expenses and take on some risk .

If you value the vehicle as an asset in this current Nigeria , then u will cut on some expenses and to have it insured . But then again , u can decide to take on the risk by assuming u won’t be involved in any serious injury and by so doing decide not to insure.

It’s a choice . It’s not anybody here is is saying it’s compulsory for u to insure ur own vehicle . Those victims of the VGC car thief didn’t expect such incident to happen na

swiz123:
Burna boy give VDM 250M to rehabilitate school, na this one the money reach.

Though Ratel members claim everything was demolished.

If any govt that shows this as a 250m job what will posters say

swiz123:
Burna boy give VDM 250M to rehabilitate school, na this one the money reach.

Though Ratel members claim everything was demolished.

no detailed before and after so we can't say what was done

typically when we do projects that involve upgrades i push and push and push for extensive before pictures and details of work to be done

it is often a problem when there is no baseline to compare against

swiz123:
I would like to see you do that 750k for 10 years without a single use of that insurance.

For a vehicle that is commercial, it's worth it

I have seen accidents happen, and considering the costs of repair, an insurance policy is your best bet.

Lastly, I don't intend to keep the van for 10 years.

swiz123:
Burna boy give VDM 250M to rehabilitate school, na this one the money reach.

Though Ratel members claim everything was demolished.

Any pictures of the it being furnished?

That's how I can agree if it was worth the amount

izzou:
Any pictures of the it being furnished?

That's how I can agree if it was worth the amount

Assuming na empty land will 250m spent be justified

The cost of building in Nigeria today is crazy sha

Depending on the soil, you'll be shocked at how you'll pour 30 million into your project, and e no go rise pass foundation.

Not making a case for VDM though. Person use 50 million draw mural, when that money would have added more value to the school.

izzou:
For a vehicle that is commercial, it's worth it

I have seen accidents happen, and considering the costs of repair, an insurance policy is your best bet.

Lastly, I don't intend to keep the van for 10 years.

but you haven't done it chief

that is he point i am making

you are a very practical person and your have your spending priorities straight outside of your babe in every capital

but you have not been able to deploy funds

though as commercial interstate driver your risk is much much higher

raumdeuter:
Assuming na empty land will 250m spent be justified

Depending on the soil, Chief.

When you use 20 million to sand fill alone, how much go remain?

Not making a case for this project though

GloriousGbola:
no detailed before and after so we can't say what was done

typically when we do projects that involve upgrades i push and push and push for extensive before pictures and details of work to be done

it is often a problem when there is no baseline to compare against

Well, they said they fenced it round which can be quite expensive TBH.

izzou:
Any pictures of the it being furnished?

That's how I can agree if it was worth the amount

The finishing and the fence he did round the school,

izzou:
The cost of building in Nigeria today is crazy sha

Depending on the soil, you'll be shocked at how you'll pour 30 million into your project, and e no go rise pass foundation.

Not making a case for VDM though. Person use 50 million draw mural, when that money would have added more value to the school.

we are doing a project right now where we are sand filling to raise the finished level land by at least 1m .if we dont do this site will be flooded once in use

we are sandfilling at least 4000 sq metres

already gra gra with client - but we have the before pictures

GloriousGbola:
but you haven't done it chief

that is he point i am making

you are a very practical person and your have your spending priorities straight outside of your babe in every capital

but you have not been able to deploy funds

though as commercial interstate driver your risk is much much higher

My point was not that everybody with a 10m car should do it.

He said its almost impossible, and I'm saying it's not.

I didn't so it because it's not primary for me now, and not because it's impossible.

If I do 5 trips to Benin, just deducting my fuel and maintenance expenses, I'll comfortably pay for a Comprehensive policy