Whether you are a student or a graduate, there’s always that longing to drive your dream car, especially if you have never had one to drive. What is it? A Ferrari? A Mustang? How about an Innoson Jeep?
It doesn’t matter what brand it is, it all would still boil down to if you have the money to buy it and when you do have it, will you have enough to maintain it? These are the questions we are going to be answering for you.
Are you financially ready to own and take care of your dream car? Let’s find out!
1. Was the car gifted?
Who doesn’t like gifts? If you were gifted your dream car because it was your birthday, maybe you graduated with a good result, and your parents were so impressed? Or a random kind-hearted fellow felt like showing you an act of love? Please, keep your car, cruise your ride and let everyone see that life has been good to you. Just make sure you have a steady income because that car is going to need some maintaining and importantly, ensure you get a driver’s license before you drive.
2. Will you go bankrupt after you buy the car?
It’s a bad idea if you have nothing left after you buy the car. Before you buy your dream car, make sure you have enough left for other contingencies should they occur.
3. What are your other expenses?
The initial purchasing stage can be so exciting, that’s not the problem; where the problem lies is in its maintenance. What are the other things you must take care of? House rent? Groceries? Items of clothing? Sometimes, even School Fees. After you purchase that car, would the other essential needs still be met? Consider these additional expenses and see if you can cut down on them to create room for your car care if you can’t, then that car would have to wait.
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4. Will you be living from paycheck to paycheck?
It is not to scare you, but do you know how much money is going to go into that car? Let’s name a few…Insurance, Oil change, Annual fluids, New clutch, Brake pads, renewing papers, etc. What about when one ‘Keke’ driver knocks off your side mirror? The list goes on and on. The point is that your salary or monthly income should not all go into taking care of the needs of your car. You should still be able to save towards financial freedom.
5. Will you pay through your teeth for that car loan?
It’s not enough to get a loan on the car. You shouldn’t have to run helter-skelter to pay back the loan. If you must get a loan for the vehicle, make sure you can pay back conveniently.
6. Is your money working for you?
As much as you want to think that a car is an asset, because you own it, doesn’t make it one. It is still a liability whose value depreciates every passing year. You must take care of it just like every other expense you incur. Which is why you should consider different assets like lands, rentals and even passive income on other investments that will help make sure your money is working for you as well as covering your car bills.
Do you have positive answers to these questions? Then go ahead and get that dream car. If not, wait a little bit longer. Share your thoughts on your dream car with us.
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