Motor vehicle experts have urged young people against wasteful spending on vehicles, saying that a car should not be a symbol of status and urging that one must understand their needs before purchase.
‘We all agree that a car is no longer a luxury but rather a necessity. We all need a car, but that doesn’t mean that we need an expensive car,’ said Arthur Kisenyi, the founder and host of For the Love of Cars Uganda.
He explained that with luxurious mindsets, many people end up buying expensive cars that they do not need, which in turn translates into financial burdens.
”Because the majority of people, especially youths, look at the car as a status symbol. Most people, when buying a car, the first thing that crosses their mind is wanting to buy a car that they do not need. You need safety from fumes, accidents, and also understanding where you are going.’
Mr Kisenyi who is also an automotive educator and motoring broadcaster further said that every person intending to buy their first car should first understand the daily distance they intend to travel daily which will inform the decision on the choice of the car.
‘For example, there is a gentleman who is buying a car to take his children to school, which is 2km away. It means he can safely drive a 1.0-cc vehicle. There is a person who wants to drive 100km which means he will need a car which is at least 2.5-cc and in terms of fuel money he will invest more,’ he said.
Mr Kisenyi was speaking at the NSSF Financial Literacy Program dubbed Move with confidence: Smart transport choices.
‘If you understand your needs, it will help you balance the position and end up not making financial mistakes. A car is both an asset and a liability, and all this starts with the choices you make. For example, if you are driving Kampala to Masaka daily and use a Toyota Passo, that’s automatically a liability since you expect regular breakdowns, etc so if you buy according to your needs, it will save you a lot and become an asset since the car eases life,’ Mr Kisenyi said.
Christian Muwambe, the Country Director of Safe Boda, said that people who are not yet financially ready to own cars should not force it because the real repercussions are felt afterwards.
‘Everyone should spend in a 5:3:2 method where 50 percent of your money should go to what you need, 30 percent to what you want and 20 percent to savings or investments. So, if I unpack the 50 percent, transportation alone should be at least 15 percent which is tough means it should be tending towards the bottom needs,’ he said.
”There are scenarios where owning a car is the best option, where you live outside the city, where even when you come to me, Safe Boda, I will charge you for being out of the city, and for that situation you will need a car. But if you live near the city in places like Bukoto, Kyanja, Kisasi, and you have a car, the fuel consumption is high, and thus you may need services from firms like Safe Boda more.’
With skyrocketing fuel prices, motor vehicle experts warn that Ugandans must be deliberate while making decisions about owning cars, emphasising that knowing one’s needs rather than wants is very important before the decision is made.