.

nnj

It only took about 4 months into my marriage before I fully understood the importance of having a car, I see to ride a motorcycle but as my wife's pregnancy progressed it dawned on us that we needed a vehicle.

When we go the money, the debate rose up and I chose the car because it will ease our burden and didn't go for the LAND because I'll have to be making financial commitment to it at the detriment of a lot of things especially my family.

My point is that it depends on why you need the car and if you can afford to start developing the land as soon as purchased.

PS
buying a land for business purpose if for the deep rooted pockets you

Land

Be sure about what each offers at the moment & in the long run.

A car could save you lots of stress and make you do lots of runnings in a day. Both business & pleasure, you also get to save money if you are a moving type. The downside is the maintenance.

A land appreciates over time no matter where you buy it. Downsize of it is it been taken if not developed on time. It also depends on the location.

land is more important bcus it can't get spoil and as time go on d value of d land will increase but car will lose it value as time goes on 2010 model of range roval can't be worth d amount u brought it when it was new compare to now

Land is an asset that could be liquidated with a reasonable ROI when you desperately need cash. Car is a liability that depreciates, though could be a necessity and assist you in hustle if you correctly guage the cost/usable feature. the current top cars of today are definitely going to be outdated tomoro, while the land in a forest of today could be the highbrow area of tomoro.

if you are young like me, forget about showing off, only get a car if you need to.

EgunMogaji:


It depends on your investment strategy.

If I were to choose then land hands down. The way I think and my uniqueness then I can probably do both. I will buy cheap land in a not ready to inhabit areas for the future and buy a rolling bucket of bolts car that I can manage. But I'm at an age and exposure where I don't need to impress anyone

"u are at a stage in life where u don't need to impress anyone" I love that

Well,depends on the situation(Choice,Convienence,Necessity,cost,etc)
For me,I bought a car first because it was more of an emergency. Then a land...

Ahahahah! You too answer that now , only a teenager or an immature adult that will go for a car.

Land appreciate with time, car depreciates.

I suggest you leave the car for now. For you to think of the two means the car is not utmost importance to you. Car is a liability, better to have it when you 're fully comfortable .

Land appreciates while car depreciates. The land you bought 2million today will be sold at 10million in the next 5yrs while the car you bought 2million this year will be sold at 500k in the next 5years.

people who are shouting land up and down probably know nothing about investment, except you own a land already, Buying a land in Nigeria and hoping for accidental development to shoot property prices is a risky gamble with odds that are not as great as they used to be. Buy a reliable car at sensible cost and look for other ways you can invest your cash ; there are mutual funds, T.Bills and Bonds for conservative investors, then there's the stock market(global, not naija ooh), leveraged markets, futures and ETF, for the wild child. Don't buy a land hoping to cash out, the recession is biting hard, and inflation coupled with currency value may put your PE at 2 decades or more, that is if Nigeria even gets better.
cc- Praxisnetworks

chauvinist:
Land is an asset

Car is a liability

Except you really NEED the car, buy a land first

Car is a liability? Why that generalisation? A car is an asset ordinary whether you like it or not.. The only difference is that because land 'hardly' loses its value, it is more suitable as an investment property and worthwhile for your future. This however doesn't mean a car is not worthwhile, infact a car is a necessity, unless you have one already or get free ride of some sort.

Your question should be assets and liabilities which one is better?

Buying or using a car in Nigeria is among the biggest mistakes anyone can make,everyone will want to chop you from police,lasma,vio to mechanics and parts dealers.

Young man buy yourself some piece of land because they have stopped manufacturing them,so it'll feed you some day.

Land o... You will be spending more on car for maintaining it. It happens to someone close to me. As soon he finished university n did his housemanship then, he realised about 1.5m and he used it buy a very good car then. Some of his friends didn't go for car o, some bought land with the money and start developing it. On the long run, some of his friends have finished the development and got a used car while he is still struggling with the car for maintenance without a roof over his head. In life ATIMES, it counts to put B after A... But it depends on ur source of income sha but if it were to be me.... I prefer Land first

FromZeroToHero:
Land appreciates while car depreciates. The land you bought 2million today will be sold at 10million in the next 5yrs while the car you bought 2million this year will be sold at 500k in the next 5years.

This is not necessarily the case!! That you have a land doesn't mean it will appreciate, ask those that lost their land investment due to erosion, being taken over by water or other forms of destruction; such a land becomes impaired immediately the destruction occurs and the value drops speedily. Even if a destruction doesn't occur, inflationary adjustments, opportunity cost of the land investment (e.g lost interest if you simply invested in securities) may mean that your land investment is not worthwhile. Also, a car may not necessarily lose its value in 5 years time. Yes it depreciates physically due to wear and tear but its value may infact appreciate as several factors determine this. The reason accountants have an option to use revaluation model to value their fixed assets.

A car can appreciate in value due to exchange difference for example.. Imagine you bought a Car for 2m last year when naira was 300/ $ and this year naira is now 500/ $.. Do you think the fair value of that car will necessarily be dropped? Infact it is more likely to appreciate. The current situation in Nigeria explains this perfectly, a Camry Mozu you bought 1.9m 2 years ago may be sold for 2.5m today.

Just for education sake.

einsteino:
Land is an asset that could be liquidated with a reasonable ROI when you desperately need cash. Car is a liability that depreciates, though could be a necessity and assist you in hustle if you correctly guage the cost/usable feature. the current top cars of today are definitely going to be outdated tomoro, while the land in a forest of today could be the highbrow area of tomoro.

if you are young like me, forget about showing off, only get a car if you need to.

That is a wild misconception Nigerians have about real estate, except you have choice properties, in exquisite highbrow location, it is not very easy to flip real estate for real profit, and some times even finding a buyer (especially in a recession ) would take a miracle.
E.G, (Hypothetically) I bought a land at mowe for 2 million at the year 2000, that is 17 years ago. with an adjusted inflation of 10% a year, 2 million would be worth 10 million now, and adjusting currency value (considering that the naira is worth shit now in purchasing value), the adjusted value becomes 20 million (100% fall in currency value), adding property tax and land use charge amongst other things we arrive at 25 million. Except you sell the land for 30 million or more ( that is if, anyone would buy a mowe land for 30 million) you really have made no profit , even though in he eyes of a lay man, 30-2 =28.

EZEIGBO1OFIMO:
That is a wild misconception Nigerians have about real estate, except you have choice properties, in exquisite highbrow location, it is not very easy to flip real estate for real profit, and some times even finding a buyer (especially in a recession ) would take a miracle.
E.G, (Hypothetically) I bought a land at mowe for 2 million at the year 2000, that is 17 years ago. with an adjusted inflation of 10% a year, 2 million would be worth 10 million now, and adjusting currency value (considering that the naira is worth shit now in purchasing value), the adjusted value becomes 20 million (100% fall in currency value), adding property tax and land use charge amongst other things we arrive at 25 million. Except you sell the land for 30 million or more ( that is if, anyone would buy a mowe land for 30 million) you really have made no profit , even though in he eyes of a lay man, 30-2 =28.

Help me tell them biko

I got my first car bk in 2010 n it has been on d road like everyday. I put @least 1500k(sometimes I full my tank) fuel like everyday. So calculate 1500k which is I knw is less than Wot I spend 2 30dayz a month dat will give u 45k den multiple by 12 (datz a year) it will give u 540,000k then multiple by 7years which will give u 45,360,000.did d math d oder day n am still in shock bt lands I bought r double d price nw.

Land is important.


When rain start on ur way to work, run to ur land for prayers.

When u close late and bad boys meet u at the bust stop by 11pm, tell them ur land is on its way to rescue u.

Wen u kit for work and see flood, off ur shoes and socks and walk majestically on ur land.

When you enter 1 'Shance' and they collect ur atm and beat hell out of you. Invoke the spirit of omo onile on your land to assist you.

It depends bro. If u get warra mean.

It gets to a stage in your life that you need a car , once u get to that stage and can afford it, just buy it.

Soulsymbol99:
I got my first car bk in 2010 n it has been on d road like everyday. I put @least 1500k(sometimes I full my tank) fuel like everyday. So calculate 1500k which is I knw is less than Wot I spend 2 30dayz a month dat will give u 45k den multiple by 12 (datz a year) it will give u 540,000k then multiple by 7years which will give u 45,360,000.did d math d oder day n am still in shock bt lands I bought r double d price nw.

You would have spent money on transportation anyway, whether you bought a car or not. So consider this portion a commitment cost and therefore an irrelevant cost in determining whether or not buying the car is worthwhile.

There are several benefits of owning your car that you cannot quantify.. If you had to catch up with public transport everyday you may have lost your job or business by now or they may just be ineffective due to poor timeliness. U may be robbed easily of your valuables because u dont have a car, rain may frustrate you.... Just think broadly about advantages and disadvantages before drawing your conclusion.

NwaAmaikpe:


Na wa,


A car is more important, nobody ordinarily will give you one if you can't afford it.


But even if you don't have a land or can't afford one; there'd always be land to bury you in

Sigh. Must you talk. Psalm 119:33-40.

AntiWailer:
Land is important.


When rain start on ur way to work, run to ur land for prayers.

When u close late and bad boys meet u at the bust stop by 11pm, tell them ur land is on its way to rescue u.

Wen u kit for work and see flood, of ur shoes and socks and walk majestically on ur land.

It depends bro. If u get warra mean.

Nice use of sarcasm

Soulsymbol99:
I got my first car bk in 2010 n it has been on d road like everyday. I put @least 1500k(sometimes I full my tank) fuel like everyday. So calculate 1500k which is I knw is less than Wot I spend 2 30dayz a month dat will give u 45k den multiple by 12 (datz a year) it will give u 540,000k then multiple by 7years which will give u 45,360,000.did d math d oder day n am still in shock bt lands I bought r double d price nw.

So without the car u won't spend 1 naira moving around and the 45million go dey ur account ?

You did not calculate how many times you for don enter 1 chance during those times ?

Also you need to replace your calculator. Where u see 45 million ? No wonder you were in shock.

Ur calculation should be less than 4million.


1500 * 365 * 7 = 3,832,500.

Recalculate for the value of land too

Seems I will propose to a girl with land then.

NwaNimo1:
Land appreciates...... cars depreciate...... do the Maths,

Land in most areas of Nigeria is fast depreciating due to insecurity except maybe Lagos and Abuja. Even in Lagos, I'm sure Ikorodu prices will go down with Baddoo operations.

The motive should be the ultimate determining factor

All these people shouting land. Why not use your house rent to buy land and go live under the bridge, if you love land that much?

Car is a necessity as well as comfortable apartment. You can't think straight and your hustle will be affected if you lack any of them at a certain age.

People screaming land up and down are not wrong, because that is what economics and their fore fathers taught them irrespective of the situation.

Let me tell you.. If you don't have enough money to at least buy a land and raise to window level immediately, I say you put your money elsewhere. Cos, you don't want to see a full plot reduced to a half plot, or relocated elsewhere, because people with common sense and more money have re-bought your land.

If you run a business that thrives on standard or contracts, get a car first. If you have a family, get a car.

A car is as important as land, if you can afford both, then get both. That's the best advice I can give you. But overall, it all depends on what's more pressing.

Get this out of your mind, getting a car is not of less importance than land. Get that straight first.

Land is a tool and an appreciating asset.

A car is a tool of depreciating value.

praxisnetworks:

My current situation... I am about to make a decision...zero sum one.
Based on the discussions so far... I will go for the land... and get a car I can pay for in instalments.... Now Audi A4 B6 ....or Sienna/Previa what do you guys advice?

Cc haibe egunmogaji and co