Congratulations, high-earner! That ₦1.5M-plus monthly paycheck has officially moved you into the comfort zone. Now comes the real puzzle of city living — should you buy your own car or rely on ride-hailing services like Bolt and Uber for daily movement?
This isn’t just a money issue; it’s about convenience, time, and mental peace. Let’s weigh both options carefully using the Total Cost of Ownership (TCO) approach.
🚗 Owning a Car: The Real Cost Behind the Wheel
A personal car gives you flexibility, prestige, and full control. But that comfort has a hidden price tag, especially in Nigeria’s expensive auto market.
Below is an average breakdown for a mid-range Tokunbo (foreign-used) car costing ₦5–₦10 million.
|
Expense Category |
Monthly Estimate (5-year average) |
Notes |
|
Depreciation |
₦50,000–₦100,000 |
Cars lose value the moment they leave the lot. |
|
Fuel |
₦100,000–₦200,000 |
Driven heavily by mileage and fluctuating fuel prices. |
|
Maintenance & Repairs |
₦40,000–₦80,000 |
Regular oil changes, tyres, batteries, and occasional breakdowns. |
|
Insurance & Registration |
₦15,000–₦30,000 |
Comprehensive cover and annual licensing fees. |
|
Miscellaneous Costs |
₦10,000–₦20,000 |
Parking, car wash, and the occasional fine. |
Estimated Total Monthly Cost: ₦215,000–₦430,000+
(Excluding the lump-sum purchase or loan repayment.)
💡 In short, even with a ₦1.5M salary, expect to spend roughly 20–30% of your income just to keep the car running.
🚖 Ride-Hailing: Pay as You Go Convenience
If you choose Uber, Bolt, or any other ride-hailing app, you skip ownership headaches and only pay when you move. But convenience comes at a price that varies with your travel habits.
|
Trip Type |
Estimated Cost (Per Trip) |
Monthly Estimate (20 workdays + 8 weekend trips) |
|
Short Commute |
₦3,000–₦5,000 (x2 daily) |
₦120,000–₦200,000 |
|
Long or Peak-Hour Commute |
₦6,000–₦10,000 (x2 daily) |
₦240,000–₦400,000 |
Average Monthly Cost: ₦150,000–₦450,000
💡
If you live close to work, you’ll likely save more with ride-hailing. But
for long commutes across Lagos Mainland and Island, surge pricing can quickly
make it costlier than owning a car.
😫 The Mental Cost: Driving in Nigerian Traffic
Now let’s talk about the silent killer — stress.
Driving Yourself:
- Requires total focus to navigate potholes and reckless drivers.
- Comes with the frustration of fuel queues and traffic officers.
- Means constant worry about insurance, renewals, and unexpected repairs.
Using Ride-Hailing:
- Lets you relax, take calls, or even catch up on work.
- No paperwork, no mechanic drama.
- Apps provide tracking and in-app safety tools, offering better peace of mind.
For busy professionals, time is currency — and peace of mind is priceless.
🏁 Final Verdict: What’s Smart for the ₦1.5M-Plus Professional?
At your income level, this isn’t about affordability — it’s about lifestyle efficiency.
- If
you live close to work, move around occasionally, or prefer stress-free
commuting:
→ Ride-Hailing Wins. You’ll save more and avoid the emotional cost of driving. - If
you travel long distances daily or need a family car:
→ Car Ownership Makes Sense. Your high usage could justify the expense and offer more flexibility.
💡 Pro Tip: Start
with ride-hailing. Track your spending for three months.
If your monthly transport cost consistently exceeds ₦350,000 and you can handle
the driving stress, then consider buying a reliable, fuel-efficient used car.
Otherwise, keep your capital free and let your Bolt driver handle the traffic and potholes — while you enjoy the ride.