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

lol

homeboy205:



Lol, Na your pocket make you know. Never talk say any man broke. A lot of people form brokenness and their account balance is ALIVE on green. I have see it first hand.


And those people I am saying grind on Camry pencil, but their account is GREEN.... lots of other mates grind Dey cos of the ride but I am closer and I know their account is GREEN with investment ...

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.

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...

homeboy205:
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...

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

People measure your worth from what they can see.

weyreypey:

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

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

Wigetsolar:
People measure your worth from what they can see.

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...

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.

I tire o

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.

How do you calculate networth ? Say for a civil servant for example.

baconline:
I think the value of your my cars relative to your my net worth should be between 0 to 20% , anything more than that might be irresponsible. I have seen guys who value of their cars eat up 80% of their net worth.

They

are just empty barrels forming big boys , I don talk my own two cents

Fixed

thebigkendo:


Fixed

You sneak in at night fa

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

weyreypey:


You sneak in at night fa

Nothing much happening on Cartalk.. Only derailing of "non Japanese" car thread

thebigkendo:


Nothing much happening on Cartalk.. Only derailing of "non Japanese" car thread

Hmmm opposite

thebigkendo:
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

ur blood is hotting bro

calm the Bleep down


and yes

land dey ibeju....15mins drive from dangote refinery

The OP wrote like an accountant.

I no agree with op atall

OK the view is good from here

; 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

Nice one

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

...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.

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.

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

Car shouldn't be considered as or use as a criteria of someone network

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 �

weyreypey:

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

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

Car still tops my wish list