Car lovers have a lot of ways to get their hands on their favourite car models in Nigeria. There’s no shortage of how you can get your hands on a car in Nigeria. The most important part is having the money ready.
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Two of the most popular ways of getting your hands on a car in Nigeria are either buying a car or swapping your old car for a new one. But, is it in every case that you’ll need to buy a new car? Are there times when swapping an older vehicle is better than purchasing a new one?
If you’ve been wondering whether purchasing a new car or swapping is the best option in Nigeria, here are things you should know before deciding on any of them.
Car swapping is a common way of upgrading to a better car, and it is done globally. In this case, car owners return old cars to dealerships where they previously bought them, pay a little extra amount for a new car, and leave with the new one instead.
There are many reasons why most people consider swapping their cars. Some of the most common reasons for car swapping include:
- Upgrade to a newer model
- Inability to foot the entire bill for the newer model
- Cheaper alternative than buying a new car
How Car Swapping Works In Nigeria
Just like phones are easily swapped in Nigeria, you can swap your car for a newer and upgraded model. All that’s required is driving your car to the dealership you got and changing to a newer model. However, there are rules that abide by this process.
Almost every dealership will first want to see the original receipts of the vehicle you brought. Once they’ve been assured that the car belongs to you, the next stage is the inspection stage, where they ensure the parts of the vehicle are intact.
Once they’ve ascertained this, the next step will be determining the current value of the vehicle you brought, finding out the difference between the vehicle and the new one you want, and you pay the difference, and then getting the new car.
Essentially, no car swapping can be done in Nigeria if the original documents of the vehicle are not first seen.
Buying A New Car
The process of buying a new car completely differs from that of car swapping. In this case, you are not making part of the payment with a car. Rather, you are purchasing the car in cash or some cases, a higher purchase.
When buying a new car, nobody asks for receipts or documents of any kind. Rather, they are given to you once you’ve completed payment. Buying a new car is usually a more expensive option compared to swapping a car.
Car Swapping Vs. Car Buying: Which Is Better?
Car swapping and buying new cars are two different concepts in Nigeria that follow different approaches. They also have their various advantages and disadvantages. If you are considering swapping your car or buying a new one. The first thing to consider is their individual advantages and disadvantages.
To help you make a better decision about whether you should swap your car or buy a new one, here are the pros and cons of doing either of them.
Pros: Car Swapping
- Cheaper alternative to doing a car upgrade
- Easy to downgrade your car and earn extra cash
- Faster and quicker process of upgrade or downgrade so long as your car documents are intact and the car is in great shape.
- Opportunity to regularly upgrade your car to the latest available models without outrightly paying for all of them in full.
Cons: Car Swapping
- Losing the former car for another vehicle
- Could be required to pay a little bit higher difference of both cars
- This only applies to certain car models
Pros: Buying New Car
- Access to the latest models of cars
- Not having to lose old cars for a new one
- Paying exactly the cost of the new car
Cons: Buying New Car
- A more expensive way of affording the latest model cars
- No room for making extra cash through the car purchase
When it comes to car swapping and buying a new car in Nigeria, it all comes down to preference and reason. Why do you want to swap your car for a newer model? Is it because you cannot afford the newer one? If so, go for it.
Why do you prefer buying a newer model instead of selling the older one? If you can afford to purchase a newer model without it affecting your pocket, then by all means, purchase it. Most people avoid car swapping and buy new cars just because they want to build a large car collection. However, make sure the cars you’re stockpiling in your garage are of good market value over time.