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Nairaland Forum / Nairaland / General / Car Talk / Which Is Wiser? Save For Your First Car Or Get A Loan. (10106 Views)
Scan Car Or Vehicle Plate Number For Registration Confirmation On Confirmme App / Advice needed on 1.5m budget for a first car owner / When Did You Buy Your First Car And How Much Was It? (2) (3) (4)
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Nobody: 7:01am On May 06, 2019 |
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 2 Likes 1 Share |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Bloombaby(f): 7:02am On May 06, 2019 |
None...Both are liabilities,just save for your first land! 1 Like |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by JeffSiberstein: 7:09am On May 06, 2019 |
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. |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Midastorch(m): 7:20am On May 06, 2019 |
midastouch040: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.... |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Midastorch(m): 7:21am On May 06, 2019 |
JeffSiberstein: To buy land is not the question.....mtscheeew 1 Like |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by LOWPEAK: 7:21am On May 06, 2019 |
All about our loan services... Just call me
|
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Midastorch(m): 7:22am On May 06, 2019 |
rationalmind: He can start Uber till he gets another job... |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by boiz2men(m): 7:28am On May 06, 2019 |
Its easy to save for anything when you don't live to impress anyone.... And you are not materialistic |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by JeffSiberstein: 7:29am On May 06, 2019 |
Midastorch: Get a land before a car. Car non be big man, na house. My Ijaw brothers have better experience. |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Deltatoto: 7:42am On May 06, 2019 |
dgbanj:bomb Dey ur head |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Sommyfield: 7:47am On May 06, 2019 |
dgbanj: Oilwell dey inside?? |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by mapist(m): 7:50am On May 06, 2019 |
ogawisdom: Point of correction; a car is not a liability. Get your facts right. Even accounting does not refer to a car as a liability. 4 Likes |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Topmaike007(m): 7:54am On May 06, 2019 |
Aaaaarghmed:Golf 4 on my mind I don't know how legit it is |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by mapist(m): 7:55am On May 06, 2019 |
ojeysky: 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. 1 Like 1 Share |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by itunuelijah: 8:02am On May 06, 2019 |
you can actually contact me to help in your savings...Just email me.at itunuelijah@gmail.com. I work with the company |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by mapist(m): 8:04am On May 06, 2019 |
shadeyinka: 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. 7 Likes 1 Share |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Angelawhite(m): 8:09am On May 06, 2019 |
GazzuzzAutos: Look at those sweet rides |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Spidermon: 8:10am On May 06, 2019 |
mapist: Very correct |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by thelegend1(m): 8:15am On May 06, 2019 |
seanfer: this guy is functiioning in 2030...nice one |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by skytouch2(f): 8:21am On May 06, 2019 |
Please don't ever take a loan to buy a car. Save and buy your car . I'm talking from experience. |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by shadeyinka(m): 8:35am On May 06, 2019 |
mapist: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. |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Nobody: 8:37am On May 06, 2019 |
seanfer: Bro, pls kindly link me up with a job. Thanks |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Angelawhite(m): 8:39am On May 06, 2019 |
mapist: 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? 2 Likes |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by jceesquare(m): 8:42am On May 06, 2019 |
ogawisdom: And what makes you think cars are liability? |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by dokyOloye: 8:45am On May 06, 2019 |
agabaI23: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? |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by agabaI23(m): 9:07am On May 06, 2019 |
dokyOloye: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.... 1 Like |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by ImaIma1(f): 9:12am On May 06, 2019 |
midastouch040: 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. 1 Like |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by dokyOloye: 9:44am On May 06, 2019 |
agabaI23: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. |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by seanfer(m): 10:56am On May 06, 2019 |
Ikpongiton: 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. |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by agabaI23(m): 11:11am On May 06, 2019 |
dokyOloye:I am responding on the save up and buy portion. She should be save up and invest. Buy a car from her profit |
Re: Which Is Wiser? Save For Your First Car Or Get A Loan. by Olumyyde(m): 11:13am On May 06, 2019 |
iamezekwesiri:Too much sense. 1 Like |
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