‘How vehicle owners can survive in recession’

To survive Nigeria’s current economic situation, vehicle owners in the country must prioritise preventive maintenance and develop smart innovations to keep the economy running.

Transportation is regarded as the engine that propels the economy but with inflation figures hitting record high, cost of vehicle jumping to all-time increase and petrol pump price at N145 to a litre, experts urged corporate organisations and individuals to implement clever decisions that would enable them to manage daily operations.

Indeed, with upsurge in capital properties, particularly automotive, which is drastically reducing purchasing power of buyers, keeping vehicles in good shape to avoid breakdown and reduce spare parts replacement cost may help users survive the tough time, experts said.

“The cost of capital goods has gone up significantly. The need for effective maintenance is most apt at this time”, Managing Director of Elizade Nigeria Limited, Ademola Ade-Ojo said, saying that the organisation would invest more in maintenance to help customers keep their vehicles in good condition.

Deputy Managing Director, Kewalram Chanrai Group, Victor Eburajolo, said he expects individuals and organisations to plan wisely, stressing that misuse of private and public vehicles must be addressed.

According to him, with series of bank arrangements, people can take advantage of buying vehicles through hire purchase and pay gradually.

“That will be a good way to handle the situation and make it possible to go for new cars and not used cars”, Eburajolo added.

To him, people must begin to take public transport or share their vehicles with their co-workers till the situation abates.

Managing Director, Mymoto-XE, Wole Onasanya, said organisations and individuals may have to delay their car replacement decision, noting that if this would happen, better use of existing vehicles remained key factor.

Onasanya, who said maintenance culture is still very poor in Nigeria, told The Guardian that Nigerians would have to rethink their maintenance culture to endure current economic challenge.

Though cost of vehicle spare-parts is also rising, Onasanya, whose organisation launched a cover called Mymotoshield recently to offer repair contract or extended warranty that covers the cost of parts and repair services related to a pre-agreed set of vehicle mechanical and electrical vehicle components that stop working in normal cause of use, said such innovations would also assist vehicle owners to transfer risks associated with replacement of spare-part and mechanical cost.

“You should pay more attention to everything that will make the car last longer. That is one of the basic way to run around the situation”, Onasanya said.

According to him, avoiding roadside mechanics and opting for good auto repair shop will avert loss.

He added that people must learn how to make do with what they have and if necessary restore rundown vehicles.

United State trained auto specialist, who manages Admiralty Motor workshop in Lekki, Lagos, Maryann Chukwueke said the automotive industry is the third worst affected sector from the economic challenge.

Chukwueke said automobile owners must adopt prudent decisions of strictly following manufacturer service prescription.

She said: “For most manufacturers preventive maintenance is at 5,000 kilometer interval.”

If people could follow necessary steps of preventive maintenance their cars would take them through the year ahead, Chukwueke stressed.

The dealer, who said players in the sector must concentrate on innovative that would enable vehicle owners survive the downturn said: “As an organisation, we have introduced a 50 per cent discount and have reinforced our two years service contract for customers to enable them keep up with their business. The basic reason is to ensure that customers keep their businesses running and survive the situation”.

Mercedes-Benz Nigeria Spare-parts Manager, Urban Lavan lamenting that the country’s economic situation is drastically affecting business, stressed that patronizing roadside mechanics would add negatively to the situation.

He said he expects that people would take care of their vehicles more this time, but the organisation has not witness an increase in that regard.