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Space Summary
The space delves into the various aspects of car maintenance, decision-making in car purchases, and investment strategies within the car dealership industry. It addresses the importance of choosing reliable cars to avoid frequent repair costs and ensuring one's peace of mind. Participants discuss the significance of regular maintenance and budgeting when considering vehicle purchases, as well as using cost-effective transport solutions like Uber while saving for an ideal car. The conversation includes insights into collective investments and effective decision-making for prospective car dealership investments, emphasizing market knowledge and networking for fruitful outcomes. The session consists of practical advice, highlighting the need for informed choices and the benefits of thorough pre-purchase inspections.
Questions
Q: How should you pick a car?
A: Choose a reliable car that is problem-free.
Q: Why avoid buying cars that frequently need maintenance?
A: To save money on mechanics and ensure peace of mind.
Q: What should you do before buying your desired car?
A: Save money while using cost-effective transport solutions.
Q: Is it advisable to buy used cars in poor condition?
A: Generally no, as they require substantial maintenance.
Q: How much money should you expect to spend on a used car?
A: Prices can be as low as 70k but expect additional repair costs.
Q: How important is regular maintenance for a used car?
A: Very important for ensuring functionality and longevity.
Q: What should you know before making car dealership investments?
A: Good market knowledge, value assessment, and risk awareness.
Q: Should you rely on mechanics or self-inspection?
A: Both are important, but mechanics can provide expert insights.
Q: What are the advantages of collective investment?
A: Sharing risks and pooling resources effectively.
Q: How do you ensure a sound car purchase?
A: Through thorough pre-buy inspections and history checks.
Q: Why is networking important in car investments?
A: Networking allows access to better deals and informed decisions.
Highlights
Time: 00:00:44
Importance of choosing reliable cars.
Time: 04:44:33
Strategies for saving money on car purchases.
Time: 04:44:54
Problematics of buying cars needing frequent repairs.
Time: 04:45:10
Expectations when buying cheaper cars.
Time: 04:45:17
Maintenance needs for second-hand cars.
Time: 04:53:11
Insights into car dealership investments.
Time: 04:53:18
Balancing cost and benefits in financial deals.
Time: 04:54:00
Value of understanding the car market.
Time: 04:53:37
Key factors in business valuations.
Time: 04:53:52
Decision making in collective investments.
Time: 04:54:14
Importance of networking in investment opportunities.
Key Takeaways
- Importance of choosing reliable cars to avoid mechanical issues.
- Regular maintenance is crucial for long-term car performance.
- Budget planning and savings are essential when buying a car.
- Use of services like Uber for cost-efficiency pre-purchase.
- Investment considerations for car dealerships.
- Market knowledge aids in negotiating car prices.
- Risks associated with under-maintained vehicles.
- Collective decision-making in financial investments.
- Value assessments for an effective car buy.
- Networking for resourceful investment decisions.
- Importance of peace of mind in car ownership.
Behind the Mic
Yeah, no problem. I'll tell them. I just wanted to find out what the estimate is for like Toyota Corolla ST 2020 and then Toyota highlander around the same year, what would it roughly cost to go from. Ah, let's say Accra to Komasie, Temer, those areas. This kind of topics are very broad because if you are going to specifically focus on the duties, it may not be the same because if you are bringing a different kind of car, the duty that you may pay may not be the same with a different kind of car because even the latest models, for instance, the latest models of Helix, Toyota Hilux, you may bring it in and you pay over 100,000. So what I will do is, what I do for some of my clients is, if they are bringing in their car, I basically sit down with them. We go through the kind of car they want to bring. Then I help them by estimating how much they will pay at the port. Sometimes I take certain clients to also make them comfortable when clearing their car. So basically, if they are bringing in their cars, they can contact me and I can walk them through the processes. Either I take them to clearing agents that I recommend or ones that they trust and know already. Okay, that's right to basically answer your question. So is there anything else? Yeah, going to contact you directly? Okay, once to, reach me directly, DMs are open. I have, you can just text me if you want to do business or bring in your car or whatever. Just reach out. That's about that. If you have your car and you want to do service, whatever is get in touch we can sort you out .Ah, so next on the list is PG .So PG, go ahead. Good afternoon. So I'm asking that what process do you really go through in getting a new car? Whether hybrid or electric, because I've seen a lot of data suggesting that the emissions on our roads are causing a lot of lung diseases. It's unfortunate we don't have numbers in Ghana yet, but those available in the UK QR, Canada, South Africa and other places are really scary. So what's really the process? Do you use a loan? You use some special sort of credits repayment system or you just buy it outright? And what are the negotiations like? Okay. Mekics, are you on? Yeah, I'm in now. Now go ahead. Okay. That's actually a really important question because I see a lot of people want to go into hybrid electric cars mostly, but their concern is that we don't have enough mechanics that can work on these kinds of cars. And also there's the battery life and all those electrical components that we don't really have access to or access is quite expensive. So with financing a car basically if you work with a company that has credit unions, companies with credit unions or banks, they can vouch for you and give you loans. Or even personal, you know some of these microfinance institutions can support with a certain amount that you can top up and buy your car. Car dealerships especially the ones focused on hybrids and electric allow you to spread your loan payments into, there's a company I don't remember their name, but they have this payment structure where you can basically pay within 1248 months. Some banks like Prudential. Zenith have these kind of arrangements. It's just between you your banker your union. With emissions, of course, we have higher emissions compared to other first world countries. With electric and hybrid is better because you pollute. I think that's basically your question. Thank you. I just want to find out how much premium it costs to buy a Prius compared to a similar car cheaper. Right. That makes sense. Tricky, basically that question may not be as broad. We'll have to sit down go through the kind of spec ,year, model and also inspect the car the state in which it was shipped in. For instance, if you want to bring a 2016 Prius, for example say you want to bring a full spec interior good state expect to pay between 20 to 24,000 cities bringing the car includes your polo duty its estimates. and likely, if you want import from California Alaska you need to consider cost higher because of distance state. Bringing it in. So basically sit down go through. But, you could also try out a cheaper car currently with us, we have some options we can offer. The most important bit, you must like the car, try to go bring the car in check it out. Okay, I'm grateful. Thank you. I think we can proceed with the hands or your lunchask next to chuchu then darcy or kevvhu. Thank you. Good afternoon. So I have my settlement. So I'm thinking of changing my car. I'm checking some hybrids but I'm also considering some regulars because of funds, I was thinking should I, how long would it take to get a hybrid and how much would it cost? Or should I go ahead with the regular fuel consuming car? Thank you. Okay. That's also a tricky question because it depends on other options that you consider. The hybrids, I'll say go for hybrids because electrics they are not as advanced in Ghana the hybrids are ok. But, if you're looking at it from a cost angle it's expensive, but will save you on fuel cost I mean the amount you'll be spending on fuel with not be as high hybrid. regular gas, I would tell you say, pick a car that's problem free. It won't leave you on the road. You could get peace of mind. or Save money to buy whichever car you want, while you drive. Then go call you Uber driver as they go help you. But some people don't agree. So then they will squeeze go buy some car where mechanics play with plenty. sometimes I mean, get registered cars, For as low as 70k now. But, you know, squeaky clean, some maintenance, maybe mechanical or electrical jobs before, sound. So that's it. right. That's helpful. I was also thinking that you mentioned your business. Do you have any investor or investments coming in asides beside yourself? Okay, that's also an interesting question. I don't have any active investor. Kwame, import deals, sell, share profit, that's what we do, like not currently an active investor yet. but open to it. So what would you value the business at? That would have to take a few more considerations before I can answer. Yeah, Yeah. That was a tricky question. Like. Okay, sure. thank you for the answers. Up next we go to oldboy Kuzi then Tomraussi.' You can't speak. Hello? I don't have a question. Good afternoon. Good afternoon. Afrrank, quick sorry to Interject. The last speaker I'd like to answer. Payment options, hybridirons we do. Toyota GH offer credit facilities over time. So you might to explore that. Thank you. Okay. Noted. Right next go to Darcy. Good afternoon. How are you all doing? think. Okay. Doing well. Thank you. Hi, good evening. yes. so my question is, for certain type products you decide to sell. Did you experience a lack of? interest or sales? Did you pivot. Yes, awesome. Ok so to basically yeswe've sold somepeople didn't like back. Then we had the inventory some deals to move out be honest it wasn't is be more sticky if you were, hybrid, high end, I hope that answers question do any advice those persons or interested kind of your business in low capital available? ummaybeside hustle regular full-time you I mean already within don't solely advocate going path people will lose much validate, validate the market were in maybe consistently running it through the right time reiterate find the formula to make money Yep. Definitely I was telling someone this trick is not to try and sell something you have cheaper but to make what aready have cheaper. simply selling a product high demand at a competitive price I agree. I think that makes sense for anybody considering selling then thank you awesome. Yes, sir Go next to fritz Check you streaming live youtube? Yes. Good day, sir. Afternoon Fine Q. Right wanted question. We've followed seriously over want a car wanted to ask around to get help round have to have only expand customer base. Like billboards, television companies to advertise spend Ok, Frank over to you. Hi, thanks for following want to buy DM. Ok, currently, From business orientation last year. Billboards, signboards places high human villages it's it's It's strategic those locations transets, codrive by especially tell it quickly oh, don't normally have saved number. Aaaaaaa get reach over us."', Oh ot advertise actively radio stations, sponsors on ads due, Currently we do I'd aggressive advertising that. Do thing meet required target, the client suddenly know about maintained customers. Word mouth. yes talk about some, try explain usually agree what situation. Imagine run cost that's exponentially understand Thank you. Question want ask, since regular buying car monthly I'm actually in the market might go Want to import? make profit Ok, As investor. Ok cool Basically I would advise don't try irrational about the car you're talking about. Pray that the dollar doesn't shoot up much because if it does clearly mean duty going go also Dollar, pay. lower compared figures, rough figure import duty port expenses general. to do car, come my workshop. I'll take care. Nice. 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