It is not a new thing to buy second-hand cars in Nigeria. People do this from time to time because of some factors such as budget and available options. Because buying used cars is a common scenario in Nigeria, we have prepared some tangible information that will be of help to you when you want to buy a second-hand car in Nigeria.Â
Used Cars In Nigeria
Generally, used cars are cars that were once owned and driven by an individual before putting up for sale. The car may be a new car that has been used or a previously used car as well. In Nigeria, the common name for used cars is Tokunbo or second-hand.Â
Also, check out All You Need to Know about Chartered Accountancy.
Why do people buy used cars?Â
People place value on used cars because buying one has potential benefits. The benefits of buying them include:
Lower price
One of the major reasons and benefits, why people buy used cars is because of the low price. The cost price of used cars is generally lesser compared to buying a brand car of the same type. It is a wise way of saving by reducing costs provided the car is in a good condition.
New cars depreciate faster
The depreciation rate is faster for new cars compared to used cars. Used cars passed the same depreciation rate at the point when they were brand new also. However, there is a point at which the market value of the car begins to slow down in terms of the increasing depreciation value.
Lower insurance costs
You need a little cost compared to when you want to be insured used car compared to when you want to insure a brand new car.
Avoiding initial depreciation
The most significant drop in a car’s value occurs during the first few years, so buying a used car can help you avoid this initial depreciation.
More options
By buying a used car, you have access to a broader range of vehicles and models that may no longer be in production.
Disadvantages of buying used cars
As much as there are advantages to purchasing a used car, there are also valid reasons why you should not get one. Some of the following reasons why you should not buy a used car include.
Higher maintenance costs
One would incur higher costs in the event of the car having existing mechanical problems. More money is spent to maintain and repair the faults and damages.
In the worst-case scenario, these issues will continue to recur frequently, and as such the increasing rate of maintenance cost for such cars.
No warranty
A warranty is an assurance that you get value for your money when you make a purchase. Often, the sale of used cars does not come with a warranty and as such, there is a tendency for getting an unfair return on investment from the purchase.
Dishonesty on the part of the seller
In some cases, the seller of the car may hide some hidden information about the actual condition of the car. Consequently, there is no vote of confidence to price deals like that. Furthermore, this scenario is a common occurrence in the deals of buying used cars
Stolen vehicles
There is a danger of falling into the trap of buying stolen cars as one may be ignorant of the actual history of the car. Hence, one needs to be very careful when buying used cars.
Outdated features
Depending on the age of the used car, it may not have the latest safety features or technology that newer cars have.
Unknown history
It can be difficult to know the full history of a used car, including accidents, maintenance records, and previous ownership, which can impact the car’s overall value and reliability.
Also, check out Real Estate Companies in Nigeria.
Things to check when buying used cars
It is common knowledge to check out the car you want to purchase, especially when it is a used car. More effort should be put into the inspection of the car to not buy “bad market”, that is, getting lesser value for a high payment.
You need not be in haste when making an inspection and please do not take the word of mouth from the seller only when making a purchase. There is a probability that the seller may not be aware of underlying troubles or faults in the car. Cars can be that funny, trust me.Â
Furthermore, if you do not have much knowledge about cars or you are buying one for the first time, then you need to go with a mechanic or an expert that you trust for their judgment for the inspection.
For better inspection, I do advise you to go with a mechanic or expert even if you are good with cars except you are a mechanic or car expert yourself.
During the inspection, check out the exterior to see if there are any dents or scratches around the car. Call the attention of the dealer if you notice one.
Secondly, check the condition and tread depth of the tires, as well as the alignment and balance. You need to understand that tire inspection is crucial as it is one of the main functional parts of the car.
After checking the tires, you can move on to inspect the seats, carpets, and dashboard for any damage, wear, or signs of water damage. Ensure the interior is comfy and not too damaged.
Engine Check
Another key inspection is the inspection of the engine for any leaks, rust, or signs of wear and tear. The engine is the soul of the car and if it is not in the right condition then the car is not fully fit for you to purchase.
Also, remember to ask for maintenance records to get an overview of how often the car is maintained and the frequent problems that affect the car. In addition, get the vehicle history report to check for any accidents, previous owners, or other issues with the vehicle.
Finally, test drives the car and is conscious of any faults or strange sounds or noises. Check if the gear system, brake, clutch, and other apparatus are fully functional.
If the conditions are satisfactory and your mechanic gives you a vote of confidence, then you can proceed with the payment.
Where to buy used cars in Nigeria
There are many avenues that you can take to get a used car in Nigeria. The avenues available include
Online marketplaces
We have a dedicated online marketplace for the sales and purchase of cars. Interested buyers can visit their websites or apps as the case may be to search for their choices. Jiji and Car45 are examples of such platforms.
Car dealerships
You can get used cars through car dealers as this is one of the popular and easy ways to get used cars in Nigeria. Fortunately, car dealers are now available on various marketplaces place. Therefore, one can access them easily and faster.
Car auctions
Occasionally, cars and vehicles seized from traffic offenders or as contraband are usually auctioned for sale. The auction date s announced by the authority in charge of the seized vehicles.
Private sellers: You can find used cars for sale by private sellers through classified ads in local newspapers or online marketplaces, such as Jiji or Olx.
Final Notes on Buying Used Cars in Nigeria
Buying a used car is a frequent thing that happens now and then in every part of the world. As much as it is a good option for saving it can also be a bad investment if one does not pay attention to the core details surrounding the inspection and payment for the car.
The article contains information that can help one when one wants to buy a used car in Nigeria.
Before you go, check out Online Shopping Tips for Discounts.
