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5 Affordable Cars That Stand the Test of Time

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With most purchases, there’s typically a tradeoff between affordability and durability.

Inexpensive usually means cheap because things that don’t cost a lot aren’t usually built to last — especially when they generate extreme temperatures and have thousands of moving parts.

But that’s not always the case with cars. In fact, some of the most affordable vehicles on the road are built to outlast many more expensive models.

The following vehicles are budget-friendly and can stand the test of time.

Toyota Corolla

When searching for affordability and reliability in the same vehicle, sometimes it’s best to follow the crowd.

“The Toyota Corolla is one of the best-selling entry-level vehicles,” said automotive expert, consultant and speaker Gretchen Seidel, who has 30 years of industry experience.

In fact, topping 50 million units sold in 2021, it is the best-selling car of all time. There are three main reasons for the Corolla’s enduring popularity: it starts at just over $22,000, has low ownership costs and boasts a tortoise-esque life expectancy of up to 300,000 miles.

“Its fuel efficiency is above 38 mpg and maintenance costs are lower than the average for compact cars,” said Seidel. “Toyota also leads with 11.1 million units of global sales, more than any other car company for 2023.”

Honda Civic

The Corolla’s chief competitor is wildly popular for all the same reasons.

“The Honda Civic is a great choice for an affordable car, with a starting MSRP of $23,950 and annual repair costs lower than most brands,” said Seidel.

RepairPal gives it an excellent 4.5-star rating and ranks it No. 3 out of 36 compact cars for ownership costs, the segment average of which is $526.

The publication writes, “The average annual repair cost is $368, which means it has excellent ownership costs. The severity and frequency of repairs are both much lower than other vehicles, so the Civic is one of the more reliable vehicles on the road.”

Seidel added, “Also, in dealership service departments, you regularly see them with well over 150,000 miles and over 10 years old. The Honda Civic is a great choice for a car that stands the test of time.”

Mazda 3

Also starting at under $25,000 — $24,170, to be exact — is the Mazda 3, which joins the Civic and Corolla in the class of dependable, affordable sedans.

“These vehicles are known for their reliability, fuel efficiency and low maintenance costs, making them excellent value propositions in the long run,” said John Lin, owner of JB Motor Works in Philadelphia.

RepairPal gives it a four-star rating and writes, “The average annual repair cost is $433, which means it has excellent ownership costs. The severity of repairs is low while the frequency of those issues is average, so major issues are uncommon for the 3.”

“They also tend to hold their resale value well, which can save owners money when it’s time to sell or trade in,” said Lin.

CoPilot for Car Shopping estimates that, with basic maintenance and care, the typical Mazda 3 will keep plugging along for 200,000 to 300,000 miles.

Hyundai Elantra

Several experts concurred that the Hyundai Elantra is another excellent choice for anyone looking for the magic formula of cheap to buy and cheap to own over the long haul.

A sleek, flashy and tech-centric sedan, the Elantra starts at just $21,625, giving it the lowest MSRP of any car on this list — and like the others, it won’t break the bank over time.

RepairPal gives it a stellar 4.5-star rating and estimates its “excellent ownership costs” at just $452 per year, well under the segment average of $526, adding, “The severity and frequency of repairs are both much lower than other vehicles, so the Elantra is one of the more reliable vehicles on the road.”

CoPilot for Car Shopping says the typical Elantra has a lifespan of 150,000 to 200,000 miles.

Honda Odyssey

Families that can’t squeeze into sedans are going to have to spend more for something bigger. The two biggest names in minivans are the Chrysler Pacifica, which starts at $39,400, and the Honda Odyssey, which starts at nearly $1,200 less.

There are cheaper minivans, but none that you should expect to hold out for more miles or guard their value more jealously.

“The Odyssey tends to last longer than the competition and depreciates more slowly than other minivans,” said Melanie Musson, an industry expert with AutoInsurance.org.

“They’re also regularly named the cheapest vehicle to insure. That’s partly due to their safety features and partly due to how they tend to be driven.”

If you can’t afford to buy new, what would be a high-mileage model for most previously owned vehicles is actually modest mileage for this marathoning minivan.

“Individuals on a tight budget can look for a used Odyssey with 100,000 miles and expect to drive it for several years with minimal maintenance,” said Musson.

That’s not an exaggeration.

Vehicle History states, “Across all generations, the Honda Odyssey has an expected lifespan of 200,000 to 300,000 miles, or 16 to 25 years.

Business

NCAA to launch portal to track airline performance in August

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The Nigerian Civil Aviation Authority (NCAA) says there are plans to launch a consumer protection portal to address complaints within the aviation sector.

Michael Achimugu, director of public affairs and consumer protection at the NCAA, told TheCable on Friday.

According to Achimugu, the portal is expected to be launched in August.

He also said the aim of the project will allow passengers to log complaints, track the on-time performance of airlines, and access self-reported data on the resolution of cases, making airline performance data publicly accessible and transparent.

“Our consumer protection portal is ready for deployment. We are currently training our officers. It will go live in August,” Achimugu said.

“The portal will enable the collection of flight operations data real-time-on-time and complaints filling and resolution.

“Invariably, the public will be able to see in real-time, each airline’s performance as regards flight operations (timeliness) and complaints handling and resolution (customer experience).”

In January, Festus Keyamo, minister of aviation and aerospace development, said the ministry would start publishing delayed or cancelled flights by domestic airlines.

The minister said airlines cannot be sanctioned by suspending their operations.

Shedding light on the minister’s promise, Achimugu said the consumer portal will encourage transparency and accountability of airlines.

“As for naming and shaming, it was always going to be better to have a transparent and incontestable system where customer experience and real-time data would be the reporting system,” he said.

“Our consumer protection portal ensures that the performance of each airline reports itself for such scrutiny.”

Achimugu also said there would be fairness in the evaluation of consumers’ complaints.

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INTERPOL blocks 720 bank accounts linked with online frauds in West Africa

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The International Criminal Police Organization(INTERPOL) said it has blocked over 720 bank accounts linked with online financial frauds across West African countries.

The organization said this was the outcome of its sting operation tagged ‘Operation Jackal III’, which ran from 10 April to 3 July across 21 countries on five continents.

It added that the operation targeted online financial fraud and the West African syndicates behind it.

According to a statement from INTERPOL, the operation led to hundreds of arrests, the seizure of assets worth USD 3 million, and the dismantling of multiple criminal networks around the world.

INTERPOL further disclosed that Portuguese criminal police, which it worked with, dismantled a Nigerian network involved in money mule recruitment, laundering funds from online financial fraud victims across Europe. More than 25 syndicate members were identified in the process.

“Data from seized computers and phones revealed large transfers to Nigerian bank accounts, cryptocurrency transactions, and sophisticated money laundering operations,” it stated.

Commenting on the operations, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), Isaac Oginni, said:

“The volume of financial fraud stemming from West Africa is alarming and increasing. This operation’s results underscore the critical need for international law enforcement collaboration to combat these extensive criminal networks.

“By identifying suspects, recovering illicit funds and putting some of West Africa’s most dangerous organized crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world.”

In Argentina, INTERPOL said Operation Jackal III saw the dismantling of a Nigerian-led transnational criminal network following a five-year investigation. It added that the country’s Federal Police seized USD 1.2 million in ‘supernotes’ – high-quality counterfeit banknotes – arrested 72 suspects and froze approximately 100 bank accounts.

“The network used money mules to open bank accounts worldwide and is now under investigation in over 40 countries for related money laundering activities. The suspects include citizens from Argentina, Colombia, Nigeria and Venezuela,” it said.

INTERPOL added that more than 160 fraud victims suffered significant financial losses, with some forced to sell their homes or take out large loans as a result.

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CBN directs banks to deposit unclaimed balances, funds in dormant accounts

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Naira will stabilise as foreign investments come in, says CBN

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to deposit unclaimed balances and funds in dormant accounts to the apex bank accounts.

CBN also issued regulatory guidelines for account owners and beneficial owners to recover their funds dormant for up to 10 years.

The apex bank outlined the regulations in a document on Friday titled ‘Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances and Other Financial Assets In Banks And Other Financial Institutions in Nigeria’.

A dormant account is a bank account that has remained inactive for at least one year.

The apex bank said the revised guidelines are a sequel to the conclusion of the review of the guidelines on the management of dormant accounts issued in October 2015.

“The revised Guidelines, which operationalizes Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020, followed engagement and consultations with relevant stakeholders, whose comments and recommendations were considered in the review process,” CBN said.

“It, amongst others, standardises the management of dormant accounts, unclaimed balances and financial assets, and outlines the procedure for the administration of these balances, funds, and assets by banks and other financial institutions in Nigeria.

“The modalities for the transfer of the relevant balances/funds/assets to the CBN, together with the revised templates for the rendition of quarterly returns to Banking Supervision Department or Other Financial Institutions Supervision Department (as the case may be) will be communicated subsequently.”

The financial regulator further said the guidelines supersede the previous guidelines, adding that they take effect immediately.

REUNITING FUNDS FOR BENEFICIAL OWNERS

In the document, CBN said the objectives of the guidelines are to “identify dormant accounts/unclaimed balances and financial assets with a view to reuniting them with their beneficial owners”.

“Hold the funds in trust for the beneficial owners; Standardize the management of dormant accounts/unclaimed balances and financial assets,” the apex bank said.

“Establish a standard procedure for reclaim of warehoused.”

10 YEARS DORMANCY

According to the financial regulator, eligible accounts are dormant account balances that have remained with the institution for 10 years and beyond.

“Eligible dormant accounts/unclaimed balances and other financial assets shall include: Current, Savings and term deposits in local currency,” CBN added.

“Domiciliary accounts; deposits towards the purchase of shares and mutual investments; Prepaid card accounts and wallets; Government owned accounts;

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to deposit unclaimed balances and funds in dormant accounts to the apex bank accounts.

CBN also issued regulatory guidelines for account owners and beneficial owners to recover their funds dormant for up to 10 years.

The apex bank outlined the regulations in a document on Friday titled ‘Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances and Other Financial Assets In Banks And Other Financial Institutions in Nigeria’.

A dormant account is a bank account that has remained inactive for at least one year.


The apex bank said the revised guidelines are a sequel to the conclusion of the review of the guidelines on the management of dormant accounts issued in October 2015.

“The revised Guidelines, which operationalizes Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020, followed engagement and consultations with relevant stakeholders, whose comments and recommendations were considered in the review process,” CBN said.

“It, amongst others, standardises the management of dormant accounts, unclaimed balances and financial assets, and outlines the procedure for the administration of these balances, funds, and assets by banks and other financial institutions in Nigeria.


“The modalities for the transfer of the relevant balances/funds/assets to the CBN, together with the revised templates for the rendition of quarterly returns to Banking Supervision Department or Other Financial Institutions Supervision Department (as the case may be) will be communicated subsequently.”

The financial regulator further said the guidelines supersede the previous guidelines, adding that they take effect immediately.

REUNITING FUNDS FOR BENEFICIAL OWNERS

In the document, CBN said the objectives of the guidelines are to “identify dormant accounts/unclaimed balances and financial assets with a view to reuniting them with their beneficial owners”.

“Hold the funds in trust for the beneficial owners; Standardize the management of dormant accounts/unclaimed balances and financial assets,” the apex bank said.

“Establish a standard procedure for reclaim of warehoused.”

10 YEARS DORMANCY

According to the financial regulator, eligible accounts are dormant account balances that have remained with the institution for 10 years and beyond.

“Eligible dormant accounts/unclaimed balances and other financial assets shall include: Current, Savings and term deposits in local currency,” CBN added.

“Domiciliary accounts; deposits towards the purchase of shares and mutual investments; Prepaid card accounts and wallets; Government owned accounts;


“Proceeds of uncleared and unpresented financial instruments belonging to customers or non-customers of FIs.”

Furthermore, the CBN said it will open and maintain an account earmarked for the purpose of warehousing unclaimed balances in eligible accounts.

The account shall be called the ‘Unclaimed Balances Trust Fund (UBTF) Pool Account’.

In addition, the CBN shall establish a management committee to oversee the operation of the UBTF pool account, monitor and enforce compliance with these guidelines; and manage the funds in line with the provisions of BOFIA 2020;

Other stakeholders of the unclaimed accounts are the Nigeria Deposit Insurance Corporation (NDIC) and financial institutions.

REACTIVATION, UNCLAIMED FUNDS

To reactivate a dormant account, CBN said the account owner or beneficial owner must complete a reactivation form in person.

“Obtain from the account owner evidence of ownership of the dormant account with valid means of identification, evidence of present place of residence, and affidavit on the accuracy of the information to reactivate the dormant account,” the apex bank said.

“Verify the information provided on the reactivation form; Not charge any fee for reactivation of dormant account.

“Reactivate the dormant account with the approval of two (2) authorized officers with one being at least the branch operations manager.

“Reactivate dormant accounts within a maximum of three (3) working days of receipt of a written application to that effect.

“Notify the account owner, free of charge, upon reactivation of the account.”

Also, to access the list of unclaimed balances transferred to CBN on the websites, the account owner/beneficial owner shall provide evidence of account ownership, valid means of identification, evidence of the present place of residence, and an affidavit on the accuracy of the information to reactivate the account.

“The profit and loss ratio on the unclaimed balances for non-interest banks shall be determined by the CBN from time to time;

“The FIs shall verify the claim and initiate the request with supporting documents to CBN within ten (10) working days;

“Application for reclaim shall be to the director banking services department, CBN;

“CBN shall refund unclaimed balance to the account owners/beneficial owners through their FIs within ten (10) working days from the date of the receipt of the FI’s request.

“Beneficial owners shall not make partial claims; and the right of beneficial owners to reclaim shall be indefinite.”

CBN said monitoring and enforcement of banks and financial institutions will be through off-site surveillance as well as on-site routine and target examinations.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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