A car is one of the big purchases everyone would like to spend their money on. It is one of the major life luxuries everyone desires.
In a country like Nigeria, owing a vehicle is a mark of achievement, a symbol of success. In fact, anyone who has a car is not believed to be poor.
That sense of ”I better pass my neighbour” is one of the codes for having a car in Nigeria.
However, having a car requires a financial investment and when you do have the money to buy your dream car, you still need to put your personal finance into considerations. Here are some questions you need to ask yourself before you buy the vehicle.
1. What’s your budget?
You honestly shouldn’t think about buying a certain vehicle or make any big purchase when your budget does not support it.
If you have a tight budget, then you shouldn’t consider a Landrover in your wish list. And if you really want a Landrover car, you can go for an older version that your money can buy or choose another brand.
Again, you also take running costs like fuel economy, insurance, registration, servicing and tyres into considerations when buying the car.
2. Do you want to buy new or used?
Check your budget and decide whether to buy a new or used car
Depending on how much you wish to spend on the vehicle, you can decide to get a new or old car, both have their advantages and disadvantages.
You’ll probably save a lot of money if you buy a used car (and that’s if you didn’t buy it with its issues) But, buying a brand new car can give you an amazing feeling.
3. What do experts and other drivers say about the brand?
Global car brands
Except you are automobile expert yourself, you need to ask questions, seek people’s opinions about the vehicle you are planning to buy.
This will help you to know the popular cars in the spare parts market. You’ll also get informed about which vehicle brand is better than the other.
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4. What’s your current and future family situation?
You will need to consider your current and future family situation before buying a car
When you are searching for a car to buy, you need to consider your current and future family situation.
If you have kids or planning to have kids, space and safety will probably be your best concern.
5. How long do you intend to keep the car?
Some cars have a better resale value or what we call second-hand value than others.
Some cars have a better resale value or what we call second-hand value than others. If you are thinking of using the car for three to four years before selling it, then you will have to consider the brand that holds its value well such that a vehicle you plan to dispose of after three years will not give you frustrating issues from its first year.
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