In 2024, Apple released its latest iPhone—the iPhone 16. Packed with cutting-edge features like enhanced AI capabilities, an even sharper camera, and more processing power than its predecessors, it’s a gadget that tech enthusiasts and loyal Apple fans are rushing to own.
Car brands like Toyota, BMW, and Tesla are not left out either, unveiling sleek new models that promise a smoother ride, better fuel efficiency, and jaw-dropping tech integrations. But it doesn’t end there. Everywhere you turn, there’s a new gadget, vehicle, or piece of technology designed to make your life easier or at least more stylish. And as you would expect, people are falling over themselves to get these commodities.
As an upwardly mobile person, it’s hard to say the pressure doesn’t get to you. On one hand, you want to move with the trends and ‘pepper’ your neighbors or simply upgrade your lifestyle. On the other hand, you’re calculating how many plots of land you could potentially buy with equivalent amounts.
The point is, it never gets easier, and if you have this dilemma right now, you’re not alone! If you’re wondering whether you should buy a flashy car, a new iPhone 16, or invest in land, we’re here to give our honest advice. Read on to know our thoughts.
1. Should I Buy the iPhone 16: Is It Worth It?
Let’s face it—owning the latest iPhone has almost become a status symbol. It screams luxury, success, and cutting-edge technology. And truly, the iPhone 16 is an absolute beauty with its sleek design, advanced AI, and impressive battery life.
It’s the kind of phone that doesn’t just help you make calls; it practically organizes your life. Face recognition, 3D mapping, and a brilliant 48MP camera make it the perfect device for a professional or social media enthusiast.
But let’s look at the numbers. The iPhone 16 costs a minimum of $1,200. If you go for the Pro Max model with added storage, you could be looking at upwards of $1,600. In the context of Nigeria, that’s about ₦1.9 million to ₦2.6 million, depending on the exchange rate.
So, with prices starting at around $1,200, is it worth it? Sure, you’ll have the latest technology in your hands, and it’ll be perfect for those Instagram-worthy moments. But at the end of the day, what else do you gain? The iPhone will eventually depreciate, and within a couple of years, another model will render your expensive gadget outdated.
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- How Real Estate Investment Trusts Work in Nigeria
- 5 Best Ways to Create Passive Income in Real Estate in Abuja
- Why Hush Homes Nigeria Limited is the Best Real Estate Company in Abuja
Pros of Buying an iPhone 16:
Cutting-edge Technology: It’s a great tool if you work in tech or content creation and need the best in mobile technology.
Prestige: Owning an iPhone 16 signals status, which can be a confidence boost, especially in social or professional circles.
Convenience: Top-tier security features, fast processing speeds, and smooth integration with other Apple products.
Cons of Buying an iPhone 16:
Depreciation: Phones, especially iPhones, lose their value fast. After a year, the iPhone 16 will no longer be Apple’s latest gadget.
No Investment Value: The iPhone 16 is not an asset. It won’t appreciate over time.
Price: It’s an expensive investment for something that becomes outdated in a year or two.
2. What about Buying a Car: Luxury or Necessity?
Cars are more than just a luxury. In some places, they can be a necessity, especially if public transportation is unreliable or unavailable. Truth be told, owning a car gives you freedom, mobility, and, depending on the model, a certain level of prestige.
Maybe you currently have your eyes on a Toyota Corolla, a Honda Civic, or even a flashy Tesla Model 3. But before you rush to buy one, understand that cars are notorious for their rapid depreciation. According to Mercedes Benz, a new car loses 20% of its value within the first year alone, and by the fifth year, it could depreciate by up to 60%.
In 2024, car manufacturers have unveiled newer, smarter, and sleeker models that are hard to resist. But should you really splurge on a car now? Take a look at the numbers. Currently, a decent mid-range car like a Toyota Corolla or Honda Civic costs about ₦8 million to ₦15 million, depending on the year and model. High-end brands like Mercedes or BMW can easily exceed ₦25 million. That’s a significant chunk of money.
That said, owning a car does have practical benefits. It saves you time commuting, offers convenience, and for some, it can even be a way to make money through ride-sharing apps like Uber or Bolt. Still, the maintenance costs—think fuel, insurance, and repairs—can add up quickly.
Pros of Buying a Car:
Convenience: A car gives you freedom of movement, making your life a lot easier if you need to commute regularly.
Comfort: No more dealing with cramped buses or high Uber fares.
Status: Let’s face it—owning a car, especially a luxury one, comes with bragging rights, and a lot of us live it.
Cons of Buying a Car:
Depreciation: Like phones, cars lose value over time. The moment you drive a new car out of the showroom, it depreciates by up to 10%.
Maintenance Costs: Owning a car is a long-term financial commitment, including insurance, repairs, fuel, and taxes.
No Investment Value: Just like an iPhone, a car doesn’t appreciate. Forget about the devaluation of naira that made it look like it appreciated in value. It’s a tool that will wear down and lose value the longer you use it.
3. Should I Buy Land?
Now, let’s talk about land. Unlike an iPhone or a car, land is a tangible asset that truly appreciates in value. In Nigeria, the real estate market is booming, with land prices rising year after year.
Depending on the location of your choice, you can buy a plot of land for as little as ₦1.5 million or as high as ₦30 million in prime areas like Lagos or Abuja.
Let’s look in detail at why you’re better off buying land than spending on asset-generating gadgets like an iPhone and a car.
Pros of Buying a Land:
Appreciation: Land doesn’t depreciate like cars or phones. In fact, real estate is one of the few assets that generally increases in value over time. For example, land in Lagos has seen a steady rise of about 15-20% annually.
Passive Income Potential: Once you own land, you can lease it out, build rental properties, or sell it for a profit later. Some people have earned as much as 50% ROI on their land investments in less than five years.
Stability: Unlike stocks or cryptocurrency, land is a stable investment. The demand for land and housing will never go away.
Cons of Buying a Land:
Initial Cost: The upfront cost of land can be high, especially in prime areas. However, there are more affordable options on the outskirts of major cities or in developing areas.
Slow Liquidity: Land is not as liquid as a phone or car. It takes time to sell, and you can’t cash it in as quickly as you would a more liquid asset.
Why You Should Buy Land Instead of a Car or iPhone 16
If you’re still undecided, let’s break it down a bit more. The iPhone 16 is appealing for its features and status boost, but it’s not going to contribute to your financial future. In a couple of years, you’ll likely be on the hunt for the iPhone 17, and the cycle continues.
Also, a car, while convenient, is one of the worst investments you can make if your goal is long-term financial stability. It depreciates rapidly, and unless you’re using it as a source of income (like an Uber driver), it’s more of a financial burden.
While it’s tempting to upgrade to the latest iPhone or buy a fancy car, these purchases will only drain your bank account without offering any long-term financial benefits. On the other hand, buying land is an investment that pays off in the long run.
Here’s why:
Appreciation Over Time: As mentioned earlier, land increases in value. According to a report by Statista, Nigeria’s real estate sector grew by 1.8% in 2023, and this trend is expected to continue. If you invest in land now, it could be worth twice as much in the next five to ten years.
Building Wealth: Land ownership is a key component of wealth-building. Most wealthy individuals have a significant portion of their portfolio in real estate.
Diversification: Even if you’re not into real estate full-time, owning land is a great way to diversify your investments. Unlike the volatile stock market, land is a stable asset that will protect your wealth over time.
Also Read:
- How to Save Money for Your First Real Estate Investment in Abuja
- An Overview of the Real Estate Investment Opportunities in Asaba
- 10 Real Estate Mistakes You Must Not Make in FCT, Abuja
Conclusion: Land is the Smart Choice
At the end of the day, the decision is yours. But if you’re looking for something that will grow in value, provide stability, and possibly generate income, land is the way to go. The iPhone 16 and a car might make you feel good in the short term, but only land can offer long-term financial rewards.
So, next time you’re tempted to splurge on the latest gadget or shiny car put your financial goals into consideration. Understand that a plot of land could be the key to building wealth and securing your future. Make the smart choice. Buy land.
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