One of the ills of our society.Living above one's income to impress imaginary fans.

Exclusive thread for car owners. Abeg make I park my Keke.

OP some people just see cars as a necessity to move about and not status items , even when the cars they own are very expensive.

IMO cars owned reflecting 20% of one's net worth is too much sef, unless the the person collects classic cars or is has businesses that requires cars.

But then someone into haulage or logistics vehicles could represent up to 50% of the persons net worth.

It all depends on the value the person attached to his cars.

OPUSDEI1:
The OP wrote like an accountant.

But he makes sense

Mine is less than 2%

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

You're right, 20% is even high, it shouldn't go beyond 10%.

Ladues and gentle men let the lies begin

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

And how is that even your business,take this advice from me and prosper ,THERE IS NO EXACT FORMULA FOR SUCCESS IN LIFE , we are all all creations of fortune and not logic

How about minding your business. I bought my first car with all my savings in 2015. I work late and it was risky entering bus due to once chance and also flooding in my area. Just ferk off bro

Mine is11%

Car is a necessity bro. All this are long talk. If you buy expensive car,that's your headache

aguiyi2:
One of the ills of our society.Living above one's income to impress imaginary fans.

Well said
From the commenta read so far

You will even see that mentality on thos thread being exhibited by some

GamalNasser:

And how is that even your business,take this advice from me and prosper ,THERE IS NO EXACT FORMULA FOR SUCCESS IN LIFE , we are all all creations of fortune and not logic

That's how MC hammer and Nicholas Cage became broke

ednut1:
How about minding your business. I bought my first car with all my savings in 2015. I work late and it was risky entering bus due to once chance and also flooding in my area. Just ferk off bro

Huh?

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

If you're a salary earner who saved up to buy an expensive car just to show off. Then you're way in over your head already. Business owners in some sectors of the economy need to look the part so they can have access to the people who matter. Perception is very important. If you don't look the part you often won't get the role. There's a lot to consider. The 20% rule makes a lot of sense but their are exceptions and several people can attest their success to the image they project. The key to generating wealth is to spend way less than what you earn. Often, you'll need to take a leap of faith and extend yourself to get to the next level.

SocialJustice:
You're right, 20% is even high, it shouldn't go beyond 10%.

Very good, but difficult.

That means if you are using a car of N2 million, you should have a minimum Networth of N20 million.

DexterousOne:


Huh?

wetin happen o

lexy2014:


That's how MC hammer and Nicholas Cage became broke

Nigerians no dey hear word.


That has always been our problem

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

Problem is networth is dynamic, changes daily, weekly or monthly depending on your job and expenses

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

You may be right and wrong.

It all depends on your networth. If you bought an 800,000 car as a young white collar worker, it might seem very prudent.

If however, if you're worth 100m and you're drinking a 20m Toyota jeep, then you're reckless.

I heard of a guy who made 100m in a property transaction and spent 20m on a Lexus jeep. An 8m car would have done.

lexy2014:


That's how MC hammer and Nicholas Cage became broke

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

Techydude:



If you're a salary earner who saved up to buy an expensive car just to show off. Then you're way in over your head already. Business owners in some sectors of the economy need to look the part so they can have access to the people who matter. Perception is very important. If you don't look the part you often won't get the role. There's a lot to consider. The 20% rule makes a lot of sense but their are exceptions and several people can attest their success to the image they project. The key to generating wealth is to spend way less than what you earn. Often, you'll need to take a leap of faith and extend yourself to get to the next level.

You also spoke well


It all boils down to MOTIVE

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

Are u sure you understand the topic at hand?

Here to read comments...

grandstar:


You may be right and wrong.

It all depends on your networth. If you bought an 800,000 car as a young white collar worker, it might seem very prudent.

If however, if you're worth 100m and you're drinking a 20m Toyota jeep, then you're reckless.

I heard of a guy who made 100m in a property transaction and spent 20m on a Lexus jeep. An 8m car would have done.

Well
You know how Naija people dey do

Coins would continue making noise..


Paper would only be heard..


Above all, still humble and noble!

Owing a car no doubt is important but should not be a yard stick to measuring your networth.

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.