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Buying your own ride is damn amazing. Riding your own Benz seems a kind of no-waking up day dreaming I would advice you wake up from now

But, an important thing you have to consider is car financial management, – the financial facts about cars you own or plan to own. These pros and cons are compiled, so that your finance would smile at you, to enhance your business and not end up compiling unnecessary liabilities.

But let’s see things from this angle. Riding your first car (or upgrading) can be very unfortunate and disheartening. Every light has stories of darkness – those guys riding cars wouldn’t tell you the loss they might be facing.

What if you and I re-awaken a consciousness of seeing through both sides of the coin, prioritize, and hit the standard point of choice making. Buying a car is really amazing. In fact, it’s a sign of wealth and convenience, so that as much as it’s important you go through this, you’ll not be discouraged about cars.

So, from experience, I have compiled a couple of advantages, and disadvantages of owning your own car. You don’t want to miss this as maintaining a car is one of the most important spending an entrepreneur should care about if you are actually serious about your finance.

IdeaFlavour is here again.


1 Pros
2 Prestige
2.1 Convenience
2.2 Mobility
2.3 Proof
2.4 Work
3 Cons
3.1 Liability
3.2 Risk
3.3 Maintenance
3.4 Conclusion

Pros

Prestige

Imagine that bliss. Having your independent ride and parking, no one dares to invade your cool movements. You majestically ride to meet a fellow CEO who wouldn’t have trusted you to such massive level if you took a taxi or bike.

Prestige in fact builds trust in gaining contracts and authority from customers. Recently, a female friend of mine, who is chef in my area was insulted by her client for not delivering on time. But the client hasn’t yet known she’s a car.

When the client peeped outside with her and saw her opening the 2012 Toyota Rav 4, she involuntarily pleaded. That’s not where I am going. There’s that prestige that classes you when you own and maintain your own private car. Than not owning any.


Convenience

You viewer can testify to how stressful it is for boarding a bus, apart from the highly dangerous risk of boarding a bike with no helmet.
You are free to twitch the weather in your car into any temperature of your choice, feel like a bar, and even carry out office works conveniently without any threat or stress.
Apart from the fee you pay the taxi driver, you may never be satisfied to how he’ll mandate you to agree to his personal term and condition of maintaining his own taxi.
Getting your own car clears up the stress,as things become more convenient.

Mobility

Pros and cons of getting a car(car financial management)

You become more movable and engaging. Holidays, tours, bars, country homes, and other beautiful dream areas in your country will seem possible and approachable if you are motivated to do so. And you’re motivated if you have your own car.


You become more mobile and faster in accessing a particular event. You ain’t as that mobile without a car.


Proof

Owning a car, as to a lot of people is an evidence that your business is growing, and will definitely be a social evidence to trust your growing authority.
Folks move by what that see and not hear no more these days. Getting your own car boosts your credibility and material success on the long run.

Work

You can easily turn your car into an office. Most essentially, there are entrepreneurs who use majority of their time surfing in their cars.
The car is a mini room for you at anywhere to work, especially if you are an online savvy or marketer.

Cons

Liability

A car which is not meant to be a taxi, or a goods/services delivery vehicle will of course never make more money for you. I’m not saying you shouldn’t buy a car. All I’m saying, is that you should re-think if you’ll cope with increasing your liabilities number, if you hope for wealth. A car’s height of being a liability is worse than that of a house.

For our information, a car loses its value immediately it leaves the company to a car dealer, and devalues the more and more. A car is not an asset, but you can still sell it at least close to half of its price after 3 years of strict maintenance. A car loses its value, 20%-25%, every year, subsequently.

Sincerely, if you won’t gain from your car, and you need or want a car, make sure you buy it from the current cash flows. Which have the assurance of bringing more money even after settling the money for buying (or upgrading) a car.


Risk

It’s risky to have a car. Apart from the fear of being stolen, especially where the security ain’t too serious. Or a case study of who is ignorant of the recent Car Security Privacy.
If you are not the careful type, getting a car might heighten your exposure to unsolicited friends who may gang up, and stress you out especially if you’re still in school.


Maintenance

When you get a car, you will fuel the car regularly and refurbish it regularly with thousands of Naira. You’ll spend a lot especially if you stay in an area where car parts cost is very high.
If you ain’t conscious of the major car parts, oil, battery, fuel and major parts that enable function, you’d almost spend a whole fortune you could use in investing and generate more cash flow.


Conclusion

Getting a car is cool if you can leverage appropriately your priorities because now might not be the best time to get a car. Otherwise, now could be your best time.


These would help you decipher if now is cool or you got to wait a couple of years the more. Your financial management is very important to IdeaFlavour.
Share and comment on your view please!

Source is from IdeaFlavour :

https://www.ideaflavour.com/pros-and-cons-of-buying-a-car-and-financial-management/

Nice write up . I really enjoyed reading this

dramaine:
Nice write up . I really enjoyed reading this

You're welcome! Do you also have a car? Or planning to get one?

What brand is your favorite?

Just get the one with cheap maintenance, like my Golf 4.

dancok:
Just get the one with cheap maintenance, like my Golf 4.

That's cool

Nice tips

I got a pencil Camry for sale in Ibadan, Ac chilling, alloy rims, central lock, good engine sound gear... 550k

Check my profile

Ok..

In my state even if you drive metal scrap, as long as it can move from one place to another, Omo you're a big boy o....girls go rush you like mad, then you fit use that opportunity scatter person pikin kitten.

Who know no before, nothing pass tear rubber, but then na the cost be the problem

I don't see any pro except I better pass my neighbour

khallebb:
In my state even if you drive metal scrap, as long as it can move from one place to another, Omo you're a big boy o....girls go rush you like mad, then you fit use that opportunity scatter person pikin kitten.

Its everywhere even in United State

I dont wanna buy a Car i want to buy a New Marck Truck it will make me stand out amongst car riders when i am driving my own head truck around town.

Good writeup. How i wish you can create a topic on affordable good car one can buy. Moreso, the durability factor on naija road and maintenance issue, like comparing toyota with honda. The pros and the cons of the 2 auto makers.

My dear. Car is like a lady. Even more expensive to care for. One problem or the other when you least expect it and you just must solve that problem else it leads to another one.

godwinstringed1:
Source is from IdeaFlavour :

https://www.ideaflavour.com/pros-and-cons-of-buying-a-car-and-financial-management/

It’s not easy maintaining a car though

Check my signature to migrate to canada

dancok:
Just get the one with cheap maintenance, like my Golf 4.

Who says golf 4 is easy to maintain? It's just fuel efficient, that's all. Electrical problems fit kill you for that useless car. Corolla is the way to go if you want a stress free ride. Although it's prone to theft. Just secure it with the necessary anti-theft gadgets like steering lock and tracker. And ensure you don't park it in isolated places.

OfficialSam:
Who says golf 4 is easy to maintain? It's just fuel efficient, that's all. Electrical problems fit kill you for that useless car. Corolla is the way to go if you want a stress free ride. Although it's prone to theft. Just secure it with the necessary anti-theft gadgets like steering lock and tracker. And ensure you don't park it in isolated.

In that case go for Hyundai, stress-free ride, low maintenance, fuel efficient, low security risk

Ademoore07:
Good writeup. How i wish you can create a topic on affordable good car one can buy. Moreso, the durability factor on naija road and maintenance issue, like comparing toyota with honda. The pros and the cons of the 2 auto makers.

Forget long talk. Corolla is the way to go. The most reliable and durable ones are 2003 to 2007 models. You can go within one year without a brake pad replacement. Just fuel and services. I laugh at some folks who just want to own Honda as first ride. Na hypertension go just be your potion. When the joint pull for 2 times for one month, body go tell you.

ITbomb:
In that case go for Hyundai, stress-free ride, low maintenance, fuel efficient, low security risk

Hyundai Elantra is cool though. But the resale value is zero.

Nice write up.