In light of the transportation problems in Lagos, everyone has been considering every alternative possible. Have you ever thought about joint car ownership (co-owning a car) with a friend who lives and works close to you? Let’s break it down, shall we?

The Plan

A ‘Tokunbo’ 2006 Toyota Corolla costs N1.8M on Betacar.ng.

  • You and your friend share the cost of purchase at 900k each.
  • Fuel per week (Mon – Fri) is maximum N6,000, shared at 3k each.
  • Maintenance at about 10k monthly shared at 5k each. ( This fee can be saved until the need arises).
  • Carwash on the mainland at about 500 naira, once a week shared at 250 Naira each.
  • Carry passengers on your way to raise N600 daily, 5,000 monthly, takes care of fuel.

The Assumptions

  • You both know how to drive.
  • You both live and work in the same direction- for example, live at Gbagada and work at VI.

The Pros

  • Comfort – ACs, music, sleep and snooze in traffic
  • Ease of getting to work – no jumping of buses and get to work on time.
  • Co-own your vehicle – the feeling of ownership, you kinda have a car.
  • Enjoy occasional weekend trips with bae or family.
  • Own a car at half the price.
  • Less exposure to security risk.

The Cons

  1. Sharing is tough and people can be complicated.
  2. Conflict of timing and interest.
  3. Faster wear out of the car.

What do you think? Would you consider joint car ownership with your friend? Share your thoughts in the Comment Section below.

Fill this form below if you’d be interested in co-owning a car with a friend- https://forms.gle/mdprYfybnpGFno5PA and we may be able to work something out for you.

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