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Nairaland Forum / Nairaland / General / Car Talk / Total Value Of Your Cars Relative To Your Net Worth (38766 Views)
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Total Value Of Your Cars Relative To Your Net Worth by baconline(m): 9:09pm On Apr 23, 2020 |
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 123 Likes 10 Shares
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Re: Total Value Of Your Cars Relative To Your Net Worth by homeboy205: 9:18pm On Apr 23, 2020 |
lol |
Re: Total Value Of Your Cars Relative To Your Net Worth by maynation(f): 9:25pm On Apr 23, 2020 |
homeboy205: The point OP is trying to make has nothing to do with people pretending to be broke. It should strictly be about one's personal worth. I am the one who truly knows how much I am worth, and as such I am the one to opt in for a car that relatively fits with my worth, and not opt for something that will eat up my fortunes all in the name of trying to feel among. 195 Likes 15 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by homeboy205: 1:56pm On Apr 24, 2020 |
I understand, but check a situation out. Let’s say you have 10m in your bank account today and you REALLY REALLY wish to drive a Benz(I MEAN THOSE MONEY YOU WILL SPEND WITHOUT THINKING TWICE NO MATTER WHAT). You can still opt for 3m Benz just to be safe. Ok. You are my friend, you just bought Benz of 3m, in this Nigeria economy. I know you don’t have only 3m, I will predict you having 5m(not to exaggerate)... But after buying the car if you go lowest key and let 1 or 2 people know you are broke. (I mean having people buy fuel in the new Benz)Mehn believe me everybody will believe you are broke.. What OP is trying to say is that those homeboys are broke and they are driving big cars forming big boys. You need to stay under the same roof with anyone before concluding they are broke. So to answer own questions , IF YOU DONT ACT BROKE IN NIGERIA THEY WILL DRAIN YOU .... I have first hand experience... 186 Likes 4 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by weyreypey: 5:26pm On Apr 24, 2020 |
homeboy205:Some take commercial bank loans to buy cars ... Do you know that? I guess that's what the op was referring to.... 36 Likes |
Re: Total Value Of Your Cars Relative To Your Net Worth by Wigetsolar: 5:54pm On Apr 24, 2020 |
People measure your worth from what they can see. 31 Likes 2 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by homeboy205: 7:47pm On Apr 24, 2020 |
weyreypey: 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 126 Likes 6 Shares
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Re: Total Value Of Your Cars Relative To Your Net Worth by homeboy205: 7:59pm On Apr 24, 2020 |
Wigetsolar: That is why you have to keep them guessing... Avoid see finish at all cost lol Make dem feel you are broke while your bank account is pretty huge, before you know the whole people will accept you are broke... 41 Likes 2 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by HeavenlyBang(m): 8:30pm On Apr 24, 2020 |
Lol, mind your business and let people do what they want with their money. I can save up 3 months of income and buy a car with it. Is it smart? Maybe no. But a car means a lot more to me than just a means of transportation. Everybody with their poison. 104 Likes 7 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by dicksonadams(m): 8:44pm On Apr 24, 2020 |
I tire o |
Re: Total Value Of Your Cars Relative To Your Net Worth by SpaceAngel: 8:44pm On Apr 24, 2020 |
Cars serve many purposes apart from forming big boy. If one has fleet of vehicles that he's using for business I don't think it matters, so far as you are able to settle your bills and do what you have to. 6 Likes |
Re: Total Value Of Your Cars Relative To Your Net Worth by Blacklaurel: 10:07pm On Apr 24, 2020 |
How do you calculate networth ? Say for a civil servant for example. 7 Likes 1 Share |
Re: Total Value Of Your Cars Relative To Your Net Worth by thebigkendo(m): 12:42am On Apr 25, 2020 |
baconline: Fixed 10 Likes |
Re: Total Value Of Your Cars Relative To Your Net Worth by weyreypey: 12:43am On Apr 25, 2020 |
thebigkendo: You sneak in at night fa |
Re: Total Value Of Your Cars Relative To Your Net Worth by thebigkendo(m): 12:43am On Apr 25, 2020 |
Escuz me sir op, you are thinking in the rubbish, did you help them think how they made the money? So what now concern your thinking with how they spend their money?? Mainwhile "the buy land/build house" crew will soon arrive, telling us how we should not buy car because it is a liability, all our money should be used to buy waterlogged land at ibeju lekki or 1 bed room self contain at Moye ![]() ![]() 56 Likes 2 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by thebigkendo(m): 12:49am On Apr 25, 2020 |
weyreypey: Nothing much happening on Cartalk.. Only derailing of "non Japanese" car thread 5 Likes |
Re: Total Value Of Your Cars Relative To Your Net Worth by weyreypey: 12:54am On Apr 25, 2020 |
thebigkendo:Hmmm opposite 1 Like |
Re: Total Value Of Your Cars Relative To Your Net Worth by diportivo: 1:34am On Apr 25, 2020 |
thebigkendo: ur blood is hotting bro calm the Bleep down ![]() and yes land dey ibeju....15mins drive from dangote refinery ![]() 19 Likes |
Re: Total Value Of Your Cars Relative To Your Net Worth by OPUSDEI1(m): 1:49am On Apr 25, 2020 |
The OP wrote like an accountant. 5 Likes |
Re: Total Value Of Your Cars Relative To Your Net Worth by Oluwanifemiii: 12:23pm On Apr 29, 2020 |
I no agree with op atall |
Re: Total Value Of Your Cars Relative To Your Net Worth by lmm4real: 12:23pm On Apr 29, 2020 |
OK the view is good from here ![]() 1 Like |
Re: Total Value Of Your Cars Relative To Your Net Worth by Kingpele(m): 12:24pm On Apr 29, 2020 |
; 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 125 Likes 5 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by ironheart(m): 12:24pm On Apr 29, 2020 |
Nice one |
Re: Total Value Of Your Cars Relative To Your Net Worth by Slawormir: 12:25pm On Apr 29, 2020 |
Damnnnnn niggarrr Isoright I understand op very well But sometimes ehnnn the easiest way to also conquer poverty is to also fake this life and package your life Even if you don't have much just try and buy that expensive ride. Form big boy for area. That can even attract those people that will even make you to be big Take for example: you want award contract give two people. One drive Audi car come and the other person drive venza come. Instantly your mind go first tell you say na this venza guy deserve the contract 37 Likes 1 Share |
Re: Total Value Of Your Cars Relative To Your Net Worth by XshegzzyeeiX: 12:26pm On Apr 29, 2020 |
...and what's the citeria for your analysis? Mr. OP, I'll rather believe this is just an assumption. TBH, individual perspective differs as regards the purchase of a liability. Believe me, this thread reeks of ignorance. If it sounds like an insult, please forgive me. Thank you. 7 Likes |
Re: Total Value Of Your Cars Relative To Your Net Worth by NaijaFutbol: 12:26pm On Apr 29, 2020 |
Good point The truth is that a car is hardly an asset and the perception of worth depends on what it is bringing in for you. If you are worth 4m and you invest 2m in a car to use for Uber, that May be 50% but it sure doesn’t make you irresponsible. If your luxury car gives you access to and wins you confidence of clients in your business, then it may not be a stupid idea to own such. Also, you may go higher than 20% to avoid buying problems. A heavily degraded car may cost less now but it’s maintenance may drain the owner. The problem is buying a car as a symbol of wealth. Borrowing to buy a car just because you can borrow or because you want to “belong”; that is the poverty mentality. For a normal family car, 20% of net worth looks like a good benchmark. But the worth depreciates by half once you drive it out of the dealership. Keep that in mind. 37 Likes 2 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by ibkayee(f): 12:27pm On Apr 29, 2020 |
I think 20% is the rule of thumb, cars are depreciating assets so don't overdo it if you can't afford it 12 Likes 1 Share |
Re: Total Value Of Your Cars Relative To Your Net Worth by gregpee: 12:27pm On Apr 29, 2020 |
Car shouldn't be considered as or use as a criteria of someone network |
Re: Total Value Of Your Cars Relative To Your Net Worth by wumi2017(f): 12:27pm On Apr 29, 2020 |
Edakun � please I need something to break my fast this evening if it's food or money I don't mind..may Almighty Allah bless the person � |
Re: Total Value Of Your Cars Relative To Your Net Worth by samsard(m): 12:27pm On Apr 29, 2020 |
weyreypey: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 21 Likes 2 Shares |
Re: Total Value Of Your Cars Relative To Your Net Worth by Starboytwo(m): 12:28pm On Apr 29, 2020 |
Car still tops my wish list 10 Likes 2 Shares |
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