Financials lessons from my father’s Peugeot 504


First: A big disclaimer on this one! I am not saying you should use your car for 34+ years like my dad has done! 🙂

Once upon a time, there lived a prudent Ijesha man who loves to treasure his belongs! Kidding! 🙂

Seriously now, i’ve always known my dad to be a prudent man, the man that believes in ‘repairing/maintenance’ versus total replacement given any little damage.

Many teased him! Many poked him! Many admired him, Some copied him and some just simply looked at him saying ‘he is one of a kind’. I have learnt a lot from this man so let me share some. After-all, there is love in sharing.

l’ve always known my fathers sky blue 504. It was there before i was  born! It was there before he married my mum. It has always been there.It is still there. He used it actively till when i was about 15 years old. Along the line, he got a nicer official car, then he got a way nicer car when i was about 20 years old. Does that sound poor? Actually not. We were quite comfy and i used to wonder why is this man so ‘tight-fisted’.

Well now i know! Its just that my father realized a secret early in life that many don’t.

1. A car is a liability. It doesn’t generate revenue.

2. A car devalues upon usage. No matter how nice the car is, you can NEVER sell it higher than the amount you bought it! LIGHT BULB moment!

3. Once a new model of your car is released, your version becomes less valuable. Sorry! but the manufacturers need to make money! 🙂

4. Very few car models have good re-sale value. Find them and stick to them.

5. The  fancier your car, the higher your expenses! You dont believe me? Buy a Hummer or whatever is the most trendy car/jeep and see how many associations make you ‘chairman or president’ :-). Park by the street and try to buy a N400 yam tuber. You wont! You’ll buy it for N800. Aboki no be Mumu. 🙂

6. Develop a good maintenance culture so your car lasts/serves you.

I love luxury, dont get me wrong! Im only saying don’t eat your seed. INVEST FIRST. If it is not yet time for you to ride 2-3 family cars, then buy 1-2 cars. It is not yet time for you to drive a N12 million naira jeep when you have zero investment. Cars don’t develop eczema, no need to change it every 2 years 🙂

Be car-wise.

Leave a Reply