Cars, Auto Dealers & $ Dollar – Naira Exchange Rate: How Are You Coping? – Autos
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This is moreso that prices of vehicles are determined by Dollar-Naira exchange rate. Within the month of November alone we have seen the Dollar going from N460-N487 as at today.
This is not likely to come down owing to the appraoching festivities in December. The last few months have also seen a maginal increase in the prices of both Tokunbo and Nigerian Used cars and customers no wan hear say price of cars increase, the insult no be here.
So how are you all coping and what strategies do we use to navigate this trying times?
Since there is no restriction to who can import and sell a car, the market is very diverse.
The actual people who sell cars for a living are having a hard time competing with people who sell cars on the side.
A 2003 Toyota Corolla clean title will land Nigeria at about ₦1,940,000 naira , it will be put up for sale for about ₦2,100,000 and finally sold for about ₦2-2.03m in 1-2weeks
A profit of ₦less than ₦100,000 on an investment of roughly 2m and wait period of about 3months, with associated risk.
Now you have people who have relations outside the country who I would like to call recreational sellers, they do not sell cars for a living, they do not know how much these cars cost, all they do is wait for Obinna to send a car down, Obinna tells them the last price and they put it up for sale . After 2-3months of not seeing a buyer the price starts to drop out of frustration and finally a car that landed at say ₦1,000,000 would end up being sold for ₦900,000 with thank you 
Cars are now very expensive, cat dealers are not finding it easy and have to source for cheap dollars to stay afloat, the dubious ones have to search for badly salvaged cheap vehicles to make more profit, they also have to cut more corners at the port to shortpay on custom duty to cover up for the shortfall in returns.
So this is the best time to really pay attention to vehicle info before paying for it.
https://www.nairaland.com/carguide
Run a vin report, check the custom duty, and stop chasing after cheap cars, you are most likely buying trouble .
May God help us in Nigeria.
5 Likes 1 Share
Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.
7 Likes
No be only auto dealers this rate dey affect o. Importers generally are feeling the heat. E no easy at all
9 Likes 1 Share
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Some will even resort to buying stolen cars from US and Canada.
2020: Toyota Corolla 2003 sales price in nigeria 1.7 million.
same product and manufacturing date more expensive 10 years after( Do they mean the older the more expensive)
8 Likes 2 Shares
see Innoson cars accepts Naira not dollar. Let us grow our Naira
11 Likes
Yes dollar has increased but surely the levy import levy on imported cars has been slashed. So how come the effect can’t and won’t be seen by people buying tokunbo cars
Nigerians are greedy people and would exploit any situation. Any price of anything that goes up in Nigeria through chance, luck or pure economics never goes back down when every parameter has been fixed
Tokunbo cars aside, let’s say it cost 1.5million to import a tokunbo Toyota Camry 2009 to Nigeria. And the seller wants to make his own profit and sells for 1.9 million
Please what about used Nigerian cars, how come all of a sudden it is now expensive, like which part of forex deals with Nigerian used cars that has been used on Nigerian roads.
Too much greed in this country and sometimes if you say too much, people would be like if you can’t afford it, shift and same people want corruption to end, sars to end, nepotism to end. Like una never serious yet
Finally this country is a time bomb, imagine sellin a 2006 car for $3,000 (1.4 million )
Imagine a 14 year old car that the Oyimbo manufacturers have even forgotten they made 14 years ago still selling for millions in a third world country that produces nothing of its own and only imports everything to sustain its lifestyle smh
4 Likes
No be small thing. I dey pity dem. Please I need foreign used Lexus RX 350 2009. It must be very neat with good title
Gc
. Next level pro Max loading… 2 Likes
1 Like 1 Share
They have promised to reduce the clearing or vehicles from 35% to 5%. Wait you shall see
The recent weeks has seen a drastic increase in the exchange rate of Naira to the Dollar which make business quite challenging.
Na all businesses we dey deal on important dey suffer am ooo
WHAT ARE THE NIGER DELTA MILITANT DOING..?
WE NEED YOU GUYS.,…
OUR ECONOMY IS COMPLETELY GROUNDED.
YET DULLARD CONTINUE TO BORROW LOAN..,
1 Like
E no go better for Buhari and APC
2 Likes
God pls give our Leaders Sense.
1 Like
It’s a dead country on autopilot..
Hunger everywhere… Fuel hike.. food price hike
Yet Yoruba Muslims chant sai barber
7 Likes 1 Share
I thought the federal government has reduced import fees for vehicles from 35% to 5%? Just asking please.
I am still employed. Nothing concern me.
1 Like
This Nigeria, most people will rather be suffering and smiling than voice out.
articlewriter:
Innoson cars accepts Naira not dollar. Let us grow our Naira
he exchanges back to dollar an importer raw materials
articlewriter:
Innoson cars accepts Naira not dollar. Let us grow our Naira
Nigerians prefer cars wey oyinbo don drive before.
2 Likes
Nothing can justify a failed leadership in nigeria
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