Averaging a price of around ₦ 1,800,000, Toyota Camry may well be one of Nigeria’s most used cars. The company says it’s giving consumers exactly what they’re looking for at this price: value.
For first time car buyers the Camry is a good deal, especially if you are looking for a budget car.
Before you buy, there are a few extra costs to car ownership you need to consider:
Extra Cost: Auto Insurance for the Toyota Camry
There is no getting around it: Your new car must be insured. It’s easy to forget just how pricey auto insurance can be, especially for younger people.
Building this into your yearly budget is important: it is illegal to drive a car in Nigeria without auto insurance. Before you buy any car, make sure you get auto insurance quotes so you know what to budget.
Extra Cost: Gas
If you have been relying on public transport or your own legs until now, the cost of gas can come as a nasty surprise. Small cars, like the Nissan Micra, are good on fuel when compared to larger cars, SUVs and trucks.
The Camry fuel tank holds about 41 litres – so you’re looking at $50+ every time you need to fill up.
Extra Costs: Maintenance And Depreciation
Of all the extra costs of car ownership, this one is the sneakiest. Every year you own a vehicle, its value depreciates while the maintenance costs add up. Necessary vehicle repairs are difficult to predict but when they hit, they hit hard.
Buying a new vehicle, even one as affordable as the Toyota Camry, is a big undertaking.
The car will cost nearly ₦ 5,000,000 a year, over a 5-year period. This looks at gas, maintenance/depreciation, auto insurance and registration.
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