At 29, Tade Ogundiran, an analyst at a mid-sized investment bank in Lagos, dreams of owning his first car. After five years of ride-hailing apps, sweaty danfo rides, and missed meetings due to late drivers, he sees car ownership as both a lifestyle upgrade and a career necessity.
But for professionals like Ogundiran, that aspiration is bumping against a harsh economic reality.
A new report by Cowrywise titled “The Economics of Owning a Car” reveals that owning a modest Nigerian-used car like a 2005 Toyota Corolla now costs an estimated N22.7 million over five years in Lagos. That includes purchase, fuel, maintenance, regulatory fees, repairs, and depreciation. Even after factoring in resale value, the total cost still stands at N18.9 million.
