dangoteinlaw:
Gone are the days car was just a necessity, it is very very important now infact it's importance is almost rivalring owning a house now. If u live in an environment where they see all car owners as living above their means then thats your fault.

God bless you!

ednut1:
that is how elton John and will Smith did not become broke

That's because they managed their finances better than MC Hammer and Nicholas Cage. Its not rocket science

What's the value of legedizbenz?

demolagilbert:
and yet a savings/investment culture trumps a credit culture anyday. Someone made a post on LinkedIn about the financial armaggedon in the US and the huge job losses, painting a grim picture of how a COO could end up working at a mall post COVID. 'Anything to stay afloat, till things stabilise, cos the BILLS have to be paid'. And truly it has already begun evident by the comments on the post by high ranking officials who are now jobless submitting that they truly will take any job, even if it rubbishes all efforts that grew their careers in the last 10-15 years. Why that level of desperation? It is cos debts will have to be repaid. Student loans, car loans, mortgage payments, even phones and computers are bought mostly on credit.

I take pride in that my car is mine 100%, and everything I own is mine 100%. I resigned at the height of the recession in 2015/2016, still did my MBA and got married. no shaking. Didnt take up another job till mid-2017. Took up another, and got transferred after 3 mths halfway across Nigeria, and three mths after the transfer I resigned again. Heaven did not fall. Till Jan 2019 when I took this current one. While, not everyone will be wildly crazily optimistic like me with my penchant for dumping jobs that don't make me fulfilled, I could have never had as much CONTROL over my life and life decisions, if I was neck deep in all manner of loans. Like the average American I would swiftly descend into a state of despair, willing to take anything. I believe strongly that we should be in CHARGE of our finances, and by extension lives.

A borrower is a SLAVE to the lender. To me, it is bondage. If it isn't for business I will never/pray to not ever have a reason to use debt to get personal tins done, so help me GOD.

Those debts are the same reason why they also have a higher standard of living. Would you prefer a credit-based America with higher living standards or Nigeria with hellish conditions?

seanwilliam:
I believe a car should not take more than 30% of your net worth..e get why.. but assuming it is for business, then it can take up to 50% self..


.

Note; before u buy one car, Make sure you get the money for two.. e get why

� Please what is this net worth. Is it savings?

baconline:
I think the value of your cars relative to your net worth should be between 0 to 20% , anything more than that might be irresponsible.

I have seen guys who value their cars eat up 80% of their net worth. They are just forming big boys. I don talk my own two cents

I used 80% of my savings when I bought my very first car. Not investment or anything. I just got tired of commercial rides & the heat was very annoying. So I emptied my bank account at that time & bought toks 307 with A.C. IT WAS DAMN WORTH EVERY PENNY.

Please I don't have much to say.....I'm very hungry...... Help a dying sister.... NOTHING IS TOO SMALL.
0767914224 Access Bank
Sylvester Nnenna Ada.

dangoteinlaw:
Gone are the days car was just a necessity, it is very very important now infact it's importance is almost rivalring owning a house now. If u live in an environment where they see all car owners as living above their means then thats your fault.

Please explain further.

homeboy205:


Yes true and I also knew someone who made money from illegal businesses. Instead of flaunting the money, he went ahead and get loan of 35M from the bank with properties belonging to his family.

Dude bought 10M car and use the rest for business, whereas he has the money. He just need to wash it legitly into the economy. Like some Power stunts


Because people do these things don’t confirm they are broke.

People getting loan knows they will payback one way or the other and they have plans.

I WILL SAY THIS AGAIN, IF YOU FORM RICH IN NIGERIA THEY WILL DRAIN YOU



I don’t know if you have came across a video of an Igbo guy counting money still telling someone on the phone that he hasn’t eat since morning. Still asking the person to bring the food he has so they can eat together while he was counting thousand LOL...

Some will tell you they use all their money to buy a car of 2 million, they can’t flex you self. Before you know gossip go don enter town say he buy car he broke.. Whereas dude was Escaping Billings

Bro you just beating around the bush. What op said is so easy to understand

GamalNasser:


99 percent of people will remain broke whether we like it or not ..ask yourself if MC hammers record label is broke or the film studios that produced Nicholas cage movies are broke ...Guy pray fir grace fro your eyes to open..there is no formula

Which research did u do to have come to d conclusion that "99 percent of people will remain broke whether we like it or not"? Can u pls share details of ur research?

Is it MC Hammers record label that made him broke or is it d film studio that produced films for Nicholas Cage that made him broke? Is it because Cage and Hammer didn't pray for grace that they became broke? Pls explain d nexus between praying for grace(eye opening) and d examples of MC Hammer and Nicholas Cage that I gave

samsard:
Most American car purchases are financed, AKA bank loans. The problem is that our mentality is that loans are bad. Developed economies literally run on debt! The issue is that it should be healthy debt

Loans are bad if it isn't working for you. That is why most Americans die in debt and all.

samsard:
Those debts are the same reason why they also have a higher standard of living. Would you prefer a credit-based America with higher living standards or Nigeria with hellish conditions?

that is why I said FOR ME debt financing only for business is tenable. Not to buy car, or house or laptop.

It's people that have enough to feed and buy cars.Let me just be viewing.

baconline:
I think the value of your cars relative to your net worth should be between 0 to 20% , anything more than that might be irresponsible.

I have seen guys who value their cars eat up 80% of their net worth. They are just forming big boys. I don talk my own two cents

Not just cars only... We black people na we buy designers cloths and apparels like say na directives from our slave masters we dey follow to buy them.

I mean look at the blacks in the US, Jamaica, Canada, Europe etc... same mentality regarding cars OP stated above.

The only reason why oyinbo and asians (i.e. chinesse, japanesse etc) people smart pass us is they are always focused on finding the pattern in every fact in life... they now either document it as not good or use it to their advantage.... but fortunately they use it for their advantage as a group while we dudu always never like correcting things but rather dig holes into foolishness.

proud to be black and we need to wise up.

Kingpele:
; hi am still thinking how this rubbish made frontpage, people taste differ, someone that have a sure steady income can use all his savings to buy a car, provided he can maintain it, I can't come and buy beetle just cos I want to save money. after all petrol is the same price for every one, i remember when I was driving one car then everyone on check point will stop me including boyscout and they will demand bribe, still
continued until God saved me from my village people and I got a clean ride... Just yesterday I was coming from where i went to buy something for this lockdown... Menh I saw police check point with keke and cars parked right and left... Police was just looking at me unable to makeup their mind whether to stop me. I just zoomed pass, if na that my former ride I know they will flogged me join... Please hustle well so that u won't go and buy nonsense car in the name of cutting cost.... I don talk my own

God go bless you hare
I could remember when I was using one old car, they always stop me, it got to a point that I will stop even before they stop me just to tip them something, last year God change my story and I got a fairly nice ride. Once I'm coming I notice they don't stop me the way they use to, even if they do, I give them my papers as usual they will tell me sorry join without bribe. I couldn't believe my eyes the first week, this days its like most of them know me now on my way to work, they will be shouting oga yellow anything for the boys when I slow down. If anyone tell you there is benefit in driving a jalopy tell him or her to try a beautiful ride.

ednut1:
networth to car value. He is saying for u to use a Toyota corrola 2004 model which is like1.6m u must be worth 8m. How is that reasonable

For people just starting, you should be worth N3.2 million.

The means apart from your car you still have other assets or Investments worth N1.6 million

That’s reasonable. Seeing as a car is not an investment rather it’s a liability

0 to 20%? Obviously this poster is a Nigerian. How in heaven could one expect your car to be worth 20% of total value of your asset? Except you use your car for business and generate income from it, it should be less than 10% for a typical every day people.

For most folks, your car is a liability that depreciate in value with time. Imagine you bought a new car few minutes ago and use drive it home but decided to return it following day. Do you think the dealer will take it from you at the price as the sale price?

Sagay212:


Some of these people don't know how important a car is until they have one. Imagine you having to be struggling for bus in this Corona period all because you are forming saving and smart. At the end of the day, corona will kill you and someone else will chop your money. Aside from corona, you stand the risk of one chance if you don't have a car, you'll be scared not to get robbed late in the night when trekking home from your bus stop because no okada or napep.

The same people forming smart and saving will be the ones complaining that car owners are wicked for driving alone and not helping people standing at bus stops under hot sun or heavy rain. Shebi you dey form smart wan save money and invest, no wahala suffer your suffer and let me enjoy my AC in my car.

There is absolutely nothing wrong if you take a loan to buy a car and pay back monthly convinently. Things should be done one step at a time. Get that car, then you can get the land or do whatever business you want to do. Do not subject yourself to unnecessary hardship. Some people will tell you to build a house before buying a car as if you can use 1.5 or 2m to buy house and build a reasonable house.

Corona? So you won't come out of the car? The late COS didn't have cars ?

So people with cars don't get robbed?

I'm a bit surprised

Kingpele:
; hi am still thinking how this rubbish made frontpage, people taste differ, someone that have a sure steady income can use all his savings to buy a car, provided he can maintain it, I can't come and buy beetle just cos I want to save money. after all petrol is the same price for every one, i remember when I was driving one car then everyone on check point will stop me including boyscout and they will demand bribe, still
continued until God saved me from my village people and I got a clean ride... Just yesterday I was coming from where i went to buy something for this lockdown... Menh I saw police check point with keke and cars parked right and left... Police was just looking at me unable to makeup their mind whether to stop me. I just zoomed pass, if na that my former ride I know they will flogged me join... Please hustle well so that u won't go and buy nonsense car in the name of cutting cost.... I don talk my own

Only a Nigerian can use all his savings to buy a car because he has a steady income. I know a businessman wouldn't do that. So, meaning only an employee can do this. This type of person need prayer.

Or you are a victim of Nigeria's "unnatural" circumstances. So, you bought a car on the basis of avoiding police checkpoints. Who still normal for this Nija?

Lol it depends on sm factors I might say. What If the car brings u the Money or opens other doors?

There are reasons people buy cars not just to flex. Sm are chasing contracts and business and have to appear a certain way smtmes. I'm not saying be fake bt...

ibkayee:
I think 20% is the rule of thumb, cars are depreciating assets so don't overdo it if you can't afford it

U might have to be either a miser or serial investor to follow that rule. Meaning ure tripling ur unsed cash rather than buying a damn depreciating car. Lol

emmanuelewumi:



For people just starting, you should be worth N3.2 million.

The means apart from your car you still have other assets or Investments worth N1.6 million

It seems I'm qualified.
Will collect cooperative at the end of the year

Op it's a choice, all these people talking BS and lying upandan, when when am ready I'm not buying any car less than 10m. Even if I have 5 million remaining, it's what I want!

annisy:
In this part of the world car � is not a luxury but a necessity,! And moreover life is too short go for what ever gives you joy and make you happy!!! If owning your dream car with 100% of your worth makes you happy, then go for it

Humm.. just for happiness? Naaah!

Wisdom is better than happiness

Prov 15:21
Stupid people are happy with their foolishness, but the wise will do what is right.

weyreypey:

Some take commercial bank loans to buy cars ... Do you know that? I guess that's what the op was referring to....

Bitter Truth = IF YOU DONT ACT BROKE IN NIGERIA THEY WILL DRAIN YOU ....

Just did a rough calculation of this for the first time. Came to less than 4%.

Chai I have laff tire ... boss your head is there biko. Everybody should hustle well so you don’t buy car police go use flog you join. Lol

Kingpele:
; hi am still thinking how this rubbish made frontpage, people taste differ, someone that have a sure steady income can use all his savings to buy a car, provided he can maintain it, I can't come and buy beetle just cos I want to save money. after all petrol is the same price for every one, i remember when I was driving one car then everyone on check point will stop me including boyscout and they will demand bribe, still
continued until God saved me from my village people and I got a clean ride... Just yesterday I was coming from where i went to buy something for this lockdown... Menh I saw police check point with keke and cars parked right and left... Police was just looking at me unable to makeup their mind whether to stop me. I just zoomed pass, if na that my former ride I know they will flogged me join... Please hustle well so that u won't go and buy nonsense car in the name of cutting cost.... I don talk my own

ibkayee:
I think 20% is the rule of thumb, cars are depreciating assets so don't overdo it if you can't afford it

I have a question
Why do companies give their employees cars that cost more than their annual income then

Liabilities has no value on the long run. I don’t fancy cars for whatever it worth

baconline:
I think the value of your cars relative to your net worth should be between 0 to 20% , anything more than that might be irresponsible.

I have seen guys who value their cars eat up 80% of their net worth. They are just forming big boys. I don talk my own two cents

I'm an unapologetic Autoist. I love vehicles and I fall inline with your definition of irresponsible. I wear the badge proudly

Adakintroy2:
Na today we know Nigerians live above there means. Girl guys alike. The two set sometime Na the same. snake weh bite one use tale flogg the other.


My guy Emma go carry me for Moto. If chick DE him go just start to hype me that yr.

Emma: Omo when you sell your pile land nobody hear o..". Only you blow everything.

Me: guy you no DE around Na what to do?. Even the guy sef price pass anything. Got to sell am throwe.

Ema: but he still reach 5m. Na?

Me: 3.5m Na reach me Na I know. After plus minus.


You go think say he no DE enter?. He DE work like magic.tthe goal na make the girl DE hear millions...

Okay na... She go ask you make you help am with house rent money.

Someone that bought a car of 5million surely has about 8 or 9million before buying the car. So what's the biggie? I don't think cars add to networth at all cos the price of cars loses its value overtime.