In Kenya, most young people prioritise buying a car as soon as they enter into the job market after securing a good job. Many of this young people are men who are probably in their 20s and recent graduates with a bachelors degree. While buying a car with your first two years salary may seem like a good idea to young men out to impress their peers, it is good to note that after 5 to 10 years, you may come to realize that the idea of buying a car immediatelty after college was never a smart idea and instead, the money could have been used to invest in a business that could generate an extra income or better invest the money in buying a house to stop paying rent in years to come.
Buying a car is expensive to maintain in fuel and servicing the car itself. You will also probably be forced to take a bank loan to purchase the car which again adds more expenditure in high interests rates. While a car in most european countries is a necessity, here in Kenya it is an expensive liability that will only make you broke as you try to prove to your village friends how well financially you are doing.
Young Kenyan youths should be focused enough to understand that investing in a business could help them remain stable financially in the long term and thus enable them to acquire the vehicles they have always dreamt about in their 30s or even 40s.
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