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Having a plan for the type of car you want to buy and saving up to buy it is an important financial decision. Why? because you may have an existing budget and the car you are looking at to buy in Nigeria is a brand new car, but your budget is only fit for a used version of the car. Below are some strategies that will help you plan for the kind of car you have in mind to secure:
#. Create a List of Needs vs Wants
Outlining your priorities can save you some money when buying a new car, a foreign used car or a locally used car. Carefully compare your outlined needs with wants and figure out your priorities.
#. Automate Your Savings
Figure how you can begin to save up the money you need for the purchase of the car. You can try digital apps to see the ones that can fit into your savings plan. In Nigeria today, there are many digital banks springing up and some of them offer savings schemes that help people navigate their financial lives better.
While saving, you can always do some research on automobile car dealers in Nigeria and check out the services they offer. You can also check for cars that are being put up for promos, as it suits you.
#. Consider Your Budget
You may want to develop a budget to keep you from spending beyond your financial capacity. Create a budget with your income and expenditure in mind, so that you can arrive at an amount you can afford to secure a car.
You should also ensure to negotiate the price of a car you’re on the verge of buying. Compare prices at different car dealerships and watch out for minor flaws that you could use to get a reduced price.
Also, check the features of the car like the fuel consumption rate, its type of engine, spare parts availability, maintenance costs, comfortability, infotainment section, etc.
#. Consider Additional Expenses
Additional expenses which includes car papers, fueling the car, car insurance, extra tyres, pimping the car to suite your desired taste, general maintenance and so on usually varies. Some of these extra expenses usually surface if it’s a used car and you have to fix some features in the car.
