Lib Bro

If you have 20m and you want to buy a car of 15 - 17m, GO FOR IT. it's an investment or at least, a leverage, especially in this part of the world. A few years back I had worked and had savings of about 4m. Paid my house rent for a shared apartment on the island because I was squatting with a friend at the time, so was left with about 3.7m. Everywhere looking good, or so I thought. My friend who I was squatting with wanted to relocate and informed me about selling off his Lexus ES 450 2014 model for about 4.5m. He bought it BRAND NEW. I told him I didn't have up to 4.5m and said I had 3.5m. He said no problem. My plan was to give him 3m that month and balance it later. Bro, as a "over wise" financial analyst, I told myself "a car is a liability." That's how I told him not to worry. Went to download Bamboo to "invest." Long story short, I lost the ~3m. When I finally saved up again to what I had initially, the price of the car had doubled. Like play, even after working with good pay, I couldn't afford the freaking ES 450 because now I had to move houses, responsibilities grew. I just sighed. In Nigeria and much of Africa, a car is an asset. You are almost never likely to sell at a loss from what you bought it, as long as it's a good brand. You may think you are wise by deferring a good deal but when you live in an economy where things have a chance of plummeting because of weird leaders, close your eyes and rush any asset you can. After purchasing it, calm down and start planning your destiny. If you doubt me, go and read about Ethiopia. If we are not careful, the newest cars we'll be able to buy in the coming years will be 20-30 years old.