Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,292 members, 7,780,683 topics. Date: Thursday, 28 March 2024 at 07:26 PM

The Effects Of Naira Devaluation On Car Prices - Car Talk - Nairaland

Nairaland Forum / Nairaland / General / Car Talk / The Effects Of Naira Devaluation On Car Prices (6817 Views)

Mechanics And The Pranks They Play On Car Owners. Share Your Experience / Tips on car maintenance and how 2 drive Automatic cars / Nasty effects of road accidents (caution very graphic and potentially offensive images)! (2) (3) (4)

(1) (2) (Reply) (Go Down)

The Effects Of Naira Devaluation On Car Prices by rukatech: 5:29pm On Jan 02, 2009
In Nigerian auto market, what is the effect of recent Naira devaluation on car prices now and in coming months?
Your input, please.
Re: The Effects Of Naira Devaluation On Car Prices by Nobody: 7:21pm On Feb 19, 2009
bump
Re: The Effects Of Naira Devaluation On Car Prices by Ukpekeson(m): 7:44pm On Feb 19, 2009
CHECK OUT THE EFFECT FROM N118/120 TO N160.00. FOR JUST ONE DOLLAR.

YOU CAN IMAGINE THE EFFECT, I GUESS?

CHEERS,

cool
Re: The Effects Of Naira Devaluation On Car Prices by showbobo(m): 8:37pm On Feb 19, 2009
Ukpekeson:

CHECK OUT THE EFFECT FROM N118/120 TO N160.00. FOR JUST ONE DOLLAR.

YOU CAN IMAGINE THE EFFECT, I GUESS?

CHEERS,

cool
WORD!!!

Also, the cefa to naira conversion earlier was 1000cefa=277naira and now its 1000cefa=312naira
Re: The Effects Of Naira Devaluation On Car Prices by Nobody: 8:40pm On Feb 19, 2009
showbobo:

WORD!!!

Also, the cefa to naira conversion earlier was 1000cefa=277naira and now its 1000cefa=312naira

Nice to know for those interested in cars from Cotonou.
Re: The Effects Of Naira Devaluation On Car Prices by JosBoy4Lif(m): 9:06pm On Feb 19, 2009
Oil dependency is a scary thing. Don't worry the price of oil will sky-rocket soon.
I say to Nigerians this is the time to change your dollar-accounts to naira, wallahi!
Re: The Effects Of Naira Devaluation On Car Prices by Wellas14(m): 9:21pm On Feb 19, 2009
It's a wakeup call for everyone to work with the future in mind. Dont squander any opportunity you've got now.
Re: The Effects Of Naira Devaluation On Car Prices by Fhemmmy: 9:40pm On Feb 19, 2009
The effect of the rate of dollar change will be higher prices?
Re: The Effects Of Naira Devaluation On Car Prices by StFunmi(f): 9:56pm On Feb 19, 2009
The effect is gonna be felt by the 2nd quarter of 2009. If you want to buy anything in Nigeria, do so now before April.
Re: The Effects Of Naira Devaluation On Car Prices by ahf(m): 10:13pm On Feb 19, 2009
Cars are already getting more expensive. Those planning a car change might have to do a rethink.

If your old car aint broken, dont fix it,

Downturn is a time to limit spending on luxury items,
Re: The Effects Of Naira Devaluation On Car Prices by Nobody: 10:20pm On Feb 19, 2009
I read somewhere that this is the first time Africa is really going to feel the impact of a global meltdown. In the midst of widespread poverty, I can’t begin to imagine what this might mean for Nigeria. God help us.
Re: The Effects Of Naira Devaluation On Car Prices by keba(m): 10:23pm On Feb 19, 2009
JosBoy4Lif:

Oil dependency is a scary thing. Don't worry the price of oil will sky-rocket soon.
I say to Nigerians this is the time to change your dollar-accounts to naira, wallahi!
In your dreams lipsrsealed lipsrsealed

Who will buy to make it increase?
Re: The Effects Of Naira Devaluation On Car Prices by cvibe: 11:04pm On Feb 19, 2009
St Funmi,

There's no cause for alarm.

Wheelz.

Vast arable farm land waiting for cultivation.
Re: The Effects Of Naira Devaluation On Car Prices by brosun(m): 12:35am On Feb 20, 2009
Let's not derail from the specifics: "The Effects of Naira Devaluation on Car Prices." Will be really nice if some of our forumites who go to Cotonou regularly or are in the know give us regular updates on the Naira to Cefa exchange rates so that intending car buyers may know and take appropriate actions. I understand, for instance, that Naira exchanged for 304 to 1000 Cefa on Monday this week, and only on Tuesday went up to 312 to 1000 and on Wednesday went down to 310 to 1000 Cefa only to go up again to 312 to 1000 today. A knowledge of these fluctuations may be of help to forumites who plan to buy cars. Let's keep these updates going on this thread, colleagues, as part of our contributions! Only a suggestion!
Re: The Effects Of Naira Devaluation On Car Prices by showbobo(m): 4:27am On Feb 20, 2009
brosun:

Let's not derail from the specifics: "The Effects of Naira Devaluation on Car Prices." Will be really nice if some of our forumites who go to Cotonou regularly or are in the know give us regular updates on the Naira to Cefa exchange rates so that intending car buyers may know and take appropriate actions. I understand, for instance, that Naira exchanged for 304 to 1000 Cefa on Monday this week, and only on Tuesday went up to 312 to 1000 and on Wednesday went down to 310 to 1000 Cefa only to go up again to 312 to 1000 today. A knowledge of these fluctuations may be of help to forumites who plan to buy cars. Let's keep these updates going on this thread, colleagues, as part of our contributions! Only a suggestion!
And . . . . . . . It makes no sense really. . . .As you and i know the so called exchange rate flunctuates
Re: The Effects Of Naira Devaluation On Car Prices by isolo: 4:42am On Feb 20, 2009
Please lets stick to the question. How does the naira exchange rate affect car prices in nigeria?. Personally I have to increase car prices or I hwill lose money big time. What about other dealers. Did you increase your prices and by how much is a fair percent?.
The naira to cefa is 1000=310 right now and naira to dollar is 1 dollar= 157N.
If you reply please include the cefa and dollar to naira rate. I suggest making cefa and dollar to naira value a stick and regularly updated for everybody here to benefit, both buyers and sellers. my 2 cents.
Re: The Effects Of Naira Devaluation On Car Prices by tkb417(m): 8:05am On Feb 20, 2009
Cars are already getting more expensive. Those planning a car change might have to do a rethink.

If your old car aint broken, dont fix it,

Downturn is a time to limit spending on luxury items,

the brand new cars have gone up!!
At least i can say of Honda. The Civic tht was about 3.6 (full options) before now goes for about 4.8!!!!!!!!!!!

na wa!
for those whos thinking of changing cars, na to look for extra millions o
Re: The Effects Of Naira Devaluation On Car Prices by adeyemik: 9:30am On Feb 20, 2009
Dis ya question na wah oooooo. Bros, why you tink say na so so bicycle full china? Tay tay wen dey moni (yuan) no good sansam, moto price dey high, food price bad, sa everytin bad for d country. D price of moto dat time na hin force fipol to dey use bicycle.

So for our obodo naija, de ting wey devaluation go do na hin bi say fipol no go dey buy moto again, na bicycle everybodi go go buy. Car owner wey do shakara giv fipol we dey ride bicycle, no wori soludonomics go soon mak everybodi the same (bicycle riders).

For our car explorer sori importer, e beta mak una dey take style style import bicycle smallsmall, before e bicom Tochukwu, Dele and Haruna bizness.

Bros, I imagin sai na bicyle we all com de ride for lagos, how una tink say 3rd Mainland bridge go bi?

Baba God go help use for this era of SOLUDONOMICS

[size=18pt]END OF STORI[/size]
Re: The Effects Of Naira Devaluation On Car Prices by oluwdashmi(f): 10:28am On Feb 20, 2009
WORD!!!

Also, the cefa to naira conversion earlier was 1000cefa=277naira and now its 1000cefa=312naira
@ Showbobo
1000Cefa was even N240/N241 as at November only for it to rise and rise to 290 in December and now it is 310 and above. you can imagine the effect.
Re: The Effects Of Naira Devaluation On Car Prices by larryshow4(m): 10:59am On Feb 20, 2009
you can imagine how things would get more expensive. Its really crazyy, let them get something done about it before we all get nut in this countryyyyyyyyy
Re: The Effects Of Naira Devaluation On Car Prices by rapheka: 11:25am On Feb 20, 2009
we hv a long way to go
Re: The Effects Of Naira Devaluation On Car Prices by koolpal(m): 11:35am On Feb 20, 2009
the moment we keep depending on the dollar there is no how we will not be experiencing the hike in price, God help us
Re: The Effects Of Naira Devaluation On Car Prices by JosBoy4Lif(m): 7:31pm On Feb 20, 2009
keba:

In your dreams lipsrsealed lipsrsealed

Who will buy to make it increase?

The demand for Oil will go up by the summer, that's my prediction.
Re: The Effects Of Naira Devaluation On Car Prices by papagiddy(m): 10:05pm On Feb 20, 2009
well, was at ring road to price mazada 626,1997 model, d dealler said 650k. that it used to be 450k. and i want a car seriously be4 march ending. am just tried of okada okada everyday honestly! may wait till sept or november abi?
Re: The Effects Of Naira Devaluation On Car Prices by Nobody: 10:20pm On Feb 20, 2009
papa giddy:

well, was at ring road to price mazada 626,1997 model, d dealler said 650k. that it used to be 450k. and i want a car seriously be4 march ending. am just tried of okada okada everyday honestly! may wait till sept or november abi?

Thanks for sharing your experience, would be nice to hear from more shoppers/buyers - firsthand or hearsay.
Re: The Effects Of Naira Devaluation On Car Prices by samosward(m): 6:52am On Feb 21, 2009
This is actually the best time for the yahoo boys to hammar big time.
Re: The Effects Of Naira Devaluation On Car Prices by hackney(m): 2:28pm On Feb 21, 2009
I think that due to the Naira devaluation, the price of used cars will initially go up a bit as expected ; however due to the credit crunch(global downturn if you may),there are millions of brand new cars at ford,toyota,honda,mini, (infact all car makers) that are unsold.
As a result i think that the price of brand new cars will fall further and this will in turn drive down the price of used ones(it should do but knowing that anything 'Nigeria' doesn't follow any rules or market principles, ).
Travelling abroad to buy new cars if you can seems to be looking like a viable option at the moment (for those who can afford them mind you).
Re: The Effects Of Naira Devaluation On Car Prices by ayobase(m): 3:01pm On Feb 21, 2009
add times 1/4 of normal value.
Re: The Effects Of Naira Devaluation On Car Prices by niyidrums(m): 3:08pm On Feb 21, 2009
the way things are going now in Nigeria, citizens and non citizens or let me just say in cot residential s in Nigeria are to pray for this country. Actually i am a half breed. funny right? what i mean is that part of me is from Ghana why other of me from Nigeria. i try getting across to a friend of mine in Ghana about a transfer into university of Ghana thinking that they are still using the old cedis, but could you believe now that Ghana is more better of than Nigeria economically and in different ways too? the new cedis of Ghana now is 110 meaning that they economic in terms of currency is far better than ours, what do u think about this?
Re: The Effects Of Naira Devaluation On Car Prices by sultaan(m): 3:23pm On Feb 21, 2009
hackney:

I think that due to the Naira devaluation, the price of used cars will initially go up a bit as expected ; however due to the credit crunch(global downturn if you may),there are millions of brand new cars at ford,toyota,honda,mini, (infact all car makers) that are unsold.
As a result i think that the price of brand new cars will fall further and this will in turn drive down the price of used ones(it should do but knowing that anything 'Nigeria' doesn't follow any rules or market principles, ).
Travelling abroad to buy new cars if you can seems to be looking like a viable option at the moment (for those who can afford them mind you).

Yes that will be true if and only if the Nigerian market is as open as the western markets.
All these companies could not come to in when Nigeria had money because of excessive long necks.
Devaluation of naira is a direct consequence of low oil prices.

Now things will get reaally baaad if the Chevy Volt works, and all manufacturers start making affordable hybrid, that will  mean most cars in 20 years will be using  about 1 litre per 300km, right now the first generation of Volt is using battery for the first 60km(if you travel less than 60km per trip you won't need any fuel shocked
Re: The Effects Of Naira Devaluation On Car Prices by Baro(m): 8:51pm On Feb 21, 2009
It's DEVALUATION, why is the front page reading DEREGULATION?
Re: The Effects Of Naira Devaluation On Car Prices by qimpex: 7:28pm On Feb 22, 2009
Before I left Lagos on Dec 2nd, I ran to the Zenith Bank at the airport to exchange naira to dollar.This is usually my choice of exchanging money, since I have a Zenith account, I don't need to physically withdraw naira from my account.Unfortunately, I was told that I have to wait till 10 am before they can get the rate for the day, from their H/office. Since I had a Delta flight to catch at 9:00 am, I rushed to one of the malams next door, who was willing to change it for N122.I was skeptical, so I ignored them and ran to the Travellex counter. I was only able to change the max allowed by Travellex @N120. I left the remaining amount for my rep to exchange later in the day and wire same through the bank. However, by the time I arrived ATL, my rep called me that the new rate is N140.I was shocked and decided to wait till Xmas time, trusting in the power of supply and demand in a true economy. Well the rest is history,


All the cars that I and a couple of my friends have sold between then and now, are total lost. The proceeds from the sale, less other expenses, and crazy commissions for middlemen is not up to the cost price.anyway, the moral of the story is that in about 2-3 months the prices of vehicles in Nigeria will skyrocket, since the US credit crunch has drastically reduced the export rates of cars from the US. In fact, most orders from Nigeria have not been met since they requestors can't exchange and transfer dollar at the current rate.The truth of the matter is that, it is a buyers' market now, till Q2 2009 when the real effect will be effect on car prices, spare parts etc

(1) (2) (Reply)

How To Minimize Fuel Usage In Your Car During This Fuel Scarcity / List Of Cyber Bullies On Cartalk Section Of Nairaland / Our Petrol Really Has Serious Impurities

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 42
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.