When should you start saving for your first car

You’ve graduated, landed your first job (or side hustle), and you’re finally seeing more than ₦5,000 in your account at the end of the month. Suddenly, the dream feels real, and it's looking like you've arrived.

But then comes the real question: how comfortable should you be in starting to dream of your first car? Enough of the 45-minute wait for a danfo and praying the bolt doesn't surge again.

Well, here's an article that answers the question for you. We'll review all the factors you should consider to determine whether it's the right time to buy a car (or not!).

First, Ask Yourself: Why Do You Want a Car? 

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This one's a no-brainer, right? Why buy anything if you don't need it? With cars, the question comes up even more. Before you start saving, get clear on why you want a car. Are you buying a car for daily commuting to work, for safety and comfort, for business flexibility, or just for flexibility?

Beyond helping you determine whether you truly need a car, understanding your 'why' enables you to choose the 'what.’ What kind of car do you actually need, how much will it cost, and when should you begin saving?

The Earlier The Better

Once you've decided that you need a car and it's time, you'd better start saving. Just like with rent, school fees, or Japa plans - the earlier you start saving, the easier it gets. You don’t need to earn millions before you start. Even ₦10k a month is a seed. Compound interest and discipline can turn small drops into a down payment faster than you think.

Calculate the Real Cost

When deciding whether you need a car or what type of car you need, note that it's wrong only to consider the purchase price. Because let's be honest, you'll end up spending far more than that. You must also consider things like:

• Registration and insurance

• Monthly fuel

• Maintenance (oil change, tyres, occasional heartbreak)

• Parking fees and possible repairs.

At first, these things may seem small and insignificant, but they can easily add up to become very expensive. If you’re not ready to handle these, you’re not prepared for the car, no matter how sweet the deal is.

Avoid Peer Pressure Speed Bumps

Just because your colleague just got a used Toyota Corolla doesn’t mean you must follow suit. Everyone’s financial story is different. The best time to save for a car is when your income and lifestyle can support it without drowning you in debt or stress.

So, When Should You Start?

Here’s the rule of thumb:

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Start saving when you know a car would solve more problems than it would create - and when your finances are stable enough to handle the cost.

If you’re still jumping from “urgent ₦2k” to buying airtime on credit, maybe it’s not time yet. But if you’ve sorted your basic bills, built a small emergency fund, and still have leftover cash? Start saving now.