Ahmed0336:
Thank God for fall in dollar.

Ahmed0336:
Thank God for fall in dollar.

ehis889:
I went around 2 weeks ago trying to get a Nigeria used car. Note, I said a Nigeria used car

I drove there with my current car, a 2000 Camry. I told them i want to sell mine. They were offering N400,000. So I called off the deal and decided to buy the Nigeria used 2004 Camry they had in their stand without selling mine. They said it is N1.3m. I checked the photocopy of the car document and saw that it was bought in 2011 by the owner. Their excuse is this "don't I now the cost of dollars for tokunbo now?" They said tokunbo is N2m. I checked again the time the tokunbo car they were selling arrived Nigeria and was cleared: November 2015. How much was USD in November 2015? He wants to sell it for N2m at present exchange rate.

Today I went to the same car stand with a friend. I went in my friend's car. The dealer did not recognize me. They first price he mentioned for this same tokunbo camry was N1.650m. Where did N350K go to? We asked for the Nigerian used car. It was sold for N950k last week friday. At the car stand, we could see regret all over the dealers faces. One brought in 2007 RX350 to sell an set the price at N5.5m. Now his bubble has bursted. He won't even get a buyer to pay N4.5m for it.

The truth is these dealers are not sad because they are going to make losses. They are sad that they cannot make over N1m profit on the sale of one car.

My personal note to all greedy car dealers on Nairaland: Your regrets would get bigger. You have not seen anything yet

amuokuko:
The dollar should keep falling probably to #300, so that some car dealers go chop their car..

kayjasper:
@ehis889

This Op is ignorant


In your post, you said in a space of two weeks the price went down from 2m to 1.650m


Isn't that an indication that prices that were high was truly as a result of the cost of dollar and naira variations?

When u said a dealer was sad because he won't be able to sell a car with profit of 1million naira I just laughed at your ignorance.

The fact he bought the car at the dollar rate in 2015, doesn't mean he should sell at the same old dollar rate now. Nobody in his right sense will do that except he is willing to fold up his business. If am selling at 350 to a dollar because that's the rate when I purchased it, how will I replace the car back when dollars went up to 450? That's the economic ignorance you are displaying here.


It's not affecting cars only, go to the Cellphone stores too, they change their own prices every morning to reflect the current value of the price they bought it. So what's all this noise you are making?


And for the records.. No dealer, I repeat no dealer can make 1 million Naira on a car sales except maybe he is giving it out on higher purchase or it was a bulk sales to big firms or he government.

So f you did a little of economics in your secondary school you should be able to realise the high cost was a direct result of the landing cost and the desire to stay afloat in business

Too many things I would have said to you but obviously you wouldn't even understand.

Stop believing it is dealers that jacked up car price, it's just the reality of the forex situation in the county.

kayjasper:
@ehis889



When u said a dealer was sad because he won't be able to sell a car with profit of 1million naira I just laughed at your ignorance.

The fact he bought the car at the dollar rate in 2015, doesn't mean he should sell at the same old dollar rate now. Nobody in his right sense will do that except he is willing to fold up his business. If am selling at 350 to a dollar because that's the rate when I purchased it, how will I replace the car back when dollars went up to 450? That's the economic ignorance you are displaying here.

ehis889:


You see your stu'pity. You are trying hard to justify your greed. If you buy at N350 to a dollar and your total cost is N1.5m you can sell at N1.7m and make profit. We use Naira in Nigeria. Your profit is N200k. If you go back to buy and it cost you a total N2.2m at N450, then you sell for N2.5m. You make N300k.

But in your greed, you want to sell for N2.5m to make a profit of N1m on a car that cost you N1.5m. Do not try to justify your greed. Assuming you made this post in to me person, face to face, I assure you, by now you would have lost 1 tooth.

kayjasper:
@ehis889

This Op is ignorant


In your post, you said in a space of two weeks the price went down from 2m to 1.650m


Isn't that an indication that prices that were high was truly as a result of the cost of dollar and naira variations?

When u said a dealer was sad because he won't be able to sell a car with profit of 1million naira I just laughed at your ignorance.

The fact he bought the car at the dollar rate in 2015, doesn't mean he should sell at the same old dollar rate now. Nobody in his right sense will do that except he is willing to fold up his business. If am selling at 350 to a dollar because that's the rate when I purchased it, how will I replace the car back when dollars went up to 450? That's the economic ignorance you are displaying here.


It's not affecting cars only, go to the Cellphone stores too, they change their own prices every morning to reflect the current value of the price they bought it. So what's all this noise you are making?


And for the records.. No dealer, I repeat no dealer can make 1 million Naira on a car sales except maybe he is giving it out on higher purchase or it was a bulk sales to big firms or he government.

So f you did a little of economics in your secondary school you should be able to realise the high cost was a direct result of the landing cost and the desire to stay afloat in business

Too many things I would have said to you but obviously you wouldn't even understand.

Stop believing it is dealers that jacked up car price, it's just the reality of the forex situation in the county.

ehis889:


You see your stu'pity. You are trying hard to justify your greed. If you buy at N350 to a dollar and your total cost is N1.5m you can sell at N1.7m and make profit. We use Naira in Nigeria. Your profit is N200k. If you go back to buy and it cost you a total N2.2m at N450, then you sell for N2.5m. You make N300k.

But in your greed, you want to sell for N2.5m to make a profit of N1m on a car that cost you N1.5m. Do not try to justify your greed. Assuming you made this post in to me person, face to face, I assure you, by now you would have lost 1 tooth.

kayjasper:



Eeya... Didn't know I was speaking to a kid. Wouldn't have wasted my time.

So u believe am "an ugly guy in Ibadan using a female pix to attract buyers"... See how foolish you are?

Am sure you were the fool that called my boss midnight demanding to speak to me directly. How silly some men can be.

I have stated many times categorically, I am not an auto dealer, I am just a certified and reputable online marketer. Managing sales for many companies and franchise.

Maybe u were disappointed when u couldn't get me when u called.. Pele.. Go and find your level somewhere else. Your rant already gave you away.



Small Boy!!!!

ehis889:
I went around 2 weeks ago trying to get a Nigeria used car. Note, I said a Nigeria used car
as in ehn...na thunder go faya deir greedy yarnshhhhh!!!!!!!!!!
I drove there with my current car, a 2000 Camry. I told them i want to sell mine. They were offering N400,000. So I called off the deal and decided to buy the Nigeria used 2004 Camry they had in their stand without selling mine. They said it is N1.3m. I checked the photocopy of the car document and saw that it was bought in 2011 by the owner. Their excuse is this "don't I now the cost of dollars for tokunbo now?" They said tokunbo is N2m. I checked again the time the tokunbo car they were selling arrived Nigeria and was cleared: November 2015. How much was USD in November 2015? He wants to sell it for N2m at present exchange rate.

Today I went to the same car stand with a friend. I went in my friend's car. The dealer did not recognize me. The first price he mentioned for this same tokunbo camry was N1.650m. Where did N350K go to? We asked for the Nigerian used car. It was sold for N950k last week friday. At the car stand, we could see regret all over the dealers faces. One brought in 2007 RX350 to sell an set the price at N5.5m. Now his bubble has bursted. He won't even get a buyer to pay N4.5m for it.

The truth is these dealers are not sad because they are going to make losses. They are sad that they cannot make over N1m profit on the sale of one car.

My personal note to all greedy car dealers on Nairaland: Your regrets would get bigger. You have not seen anything yet

tripoli007:
Just the same way someone is trying to sell a Camry muscle 2010 sport for 4.8million saw the ad on here and just laughed away greed everywhere ,them never see anything ,dollar is going to $150-200 soon

ehis889:


You see your stu'pity. You are trying hard to justify your greed. If you buy at N350 to a dollar and your total cost is N1.5m you can sell at N1.7m and make profit. We use Naira in Nigeria. Your profit is N200k. If you go back to buy and it cost you a total N2.2m at N450, then you sell for N2.5m. You make N300k.

But in your greed, you want to sell for N2.5m to make a profit of N1m on a car that cost you N1.5m. Do not try to justify your greed. Assuming you made this post in to me person, face to face, I assure you, by now you would have lost 1 tooth.

kayjasper:
@ehis889

This Op is ignorant


In your post, you said in a space of two weeks the price went down from 2m to 1.650m


Isn't that an indication that prices that were high was truly as a result of the cost of dollar and naira variations?

When u said a dealer was sad because he won't be able to sell a car with profit of 1million naira I just laughed at your ignorance.

The fact he bought the car at the dollar rate in 2015, doesn't mean he should sell at the same old dollar rate now. Nobody in his right sense will do that except he is willing to fold up his business. If am selling at 350 to a dollar because that's the rate when I purchased it, how will I replace the car back when dollars went up to 450? That's the economic ignorance you are displaying here.


It's not affecting cars only, go to the Cellphone stores too, they change their own prices every morning to reflect the current value of the price they bought it. So what's all this noise you are making?


And for the records.. No dealer, I repeat no dealer can make 1 million Naira on a car sales except maybe he is giving it out on higher purchase or it was a bulk sales to big firms or he government.

So f you did a little of economics in your secondary school you should be able to realise the high cost was a direct result of the landing cost and the desire to stay afloat in business

Too many things I would have said to you but obviously you wouldn't even understand.

Stop believing it is dealers that jacked up car price, it's just the reality of the forex situation in the county.

ogtavia:
Good morning Madam....stop acting like this isn't Nigeria or the economics you were taught in school is different from people's own...yeah,its true dollars was scarce leading to high exchange rate...most dealers are opportunists,i don't know if you are one of them...you said,if a dealer buys a car at 350 to a dollar, how will he replace the car when dollar goes up to 450...Madam, that situation you just mentioned is a profit loss situation,if truly you understood economics and the dynamics of profit and loss,you would know that,your customers isnt the one to bear the cost of your loss,that is one thing every Nigerian is doing and it's irritating,why,no serious price control agency or machinery....even those who had no reason to jerk up prices jerked up theirs to take advantage of the current situation....you see,many countries might have gone through recession but you didn't hear of it,why,it wasn't essentially dollar induced....i hope at the end of the day when the dollar stabilizes at a more reasonable amount, we will all understand that in business,when the terms change,your customers are the ones you should protect....you people should stop thinking like the Nigerian government that puts everything on its citizens..

nextprince:


I have a camry 05 (big 4 nothing) which I wanted to exchange for a tokubo rav4 08, u know what I mean. While my car was pegged at N700k, .

VeeBabs:


WRONG @the sentence in bold. Very WRONG. Market forces are unforgiving, my friend. No dealer or businessman, for that matter, will absorb any kobo of extra cost of doing business. Every price increase, for whatever economic reason, is always passed on to the end consumer. Period.

Repeat: Always passed on to the end consumer.

That's Capitalism for you. The problem with us in Nigeria is that we are always happy to jack up prices in line with economic dictates, but we do the best we can to gang up against a price drop, even when the same economy dictates it.

Take the price of fuel, for instance. Crude oil prices dropped, they refused to lower pump price to reflect the cheaper rates they were importing the products. But when oil prices were very high, marketers pressured government every day for higher and higher subsidy payments.

Even this latest drop in the price of dollars, reports reaching me have it that BDCs are already ganging up to slow down the appreciation of the naira. Many BDCs bought dollars at N500, but are now being forced to sell at N450. So, they are currently trying to form a united effort to stop this latest strengthening of the naira.

They were happy when prices were rising, they made money; but now that prices are dropping, they are upset.

But who wouldn't be? They're in business to make money, not lose money.

And that's where government regulation comes in. Mind you, I meant regulation, NOT PRICE CONTROL.

Price control is a taboo in a Capitalist system. Price is an exclusive product of the battle between demand and supply. However, Nigeria actually practices a Mixed Market economy (as per the Constitution), not a pure Capitalist one.

But government regulation can take the form of policing the various industries to prevent cartels from attempting to fix prices by themselves, against the dictates of demand/supply.

How much effort is the government doing in this regard?

The reason the dollar rate started dropping recently is because the government (CBN) intervened to thwart the speculative strangehold of the BDCs on the dollar rate. By flooding the market with dollars, BDCs became less capable of controlling dollar supply and fix high exchange rates.

If the CBN continues with this intervention (they've promised to inject $21 million every week henceforth), the dollar rate will surely come down to a much lower level.

Finally, this is only happening for two main reasons:

- Crude oil prices are rising strongly.
- Niger Delta militants have stopped blowing up pipelines and oil facilities.

The consequence of these two things is that Nigeria now produces a lot more crude oil that we did in 2016. Now, add to this the high price of the crude oil. The result: DOLLARS ARE FLOODING NIGERIA'S TREASURY.

The foreign reserves have risen sharply.

If you want to see the dollar rate go down and stay down, just make these two things your prayer points every morning:

- Oh Lord, do not let militants return to the creeks in the Niger Delta.
- Oh Lord, do not let oil prices to fall below $50 per barrel.

ADURA!!!!!!

VeeBabs:


WRONG @the sentence in bold. Very WRONG. Market forces are unforgiving, my friend. No dealer or businessman, for that matter, will absorb any kobo of extra cost of doing business. Every price increase, for whatever economic reason, is always passed on to the end consumer. Period.

Repeat: Always passed on to the end consumer.

That's Capitalism for you. The problem with us in Nigeria is that we are always happy to jack up prices in line with economic dictates, but we do the best we can to gang up against a price drop, even when the same economy dictates it.

Take the price of fuel, for instance. Crude oil prices dropped, they refused to lower pump price to reflect the cheaper rates they were importing the products. But when oil prices were very high, marketers pressured government every day for higher and higher subsidy payments.

Even this latest drop in the price of dollars, reports reaching me have it that BDCs are already ganging up to slow down the appreciation of the naira. Many BDCs bought dollars at N500, but are now being forced to sell at N450. So, they are currently trying to form a united effort to stop this latest strengthening of the naira.

They were happy when prices were rising, they made money; but now that prices are dropping, they are upset.

But who wouldn't be? They're in business to make money, not lose money.

And that's where government regulation comes in. Mind you, I meant regulation, NOT PRICE CONTROL.

Price control is a taboo in a Capitalist system. Price is an exclusive product of the battle between demand and supply. However, Nigeria actually practices a Mixed Market economy (as per the Constitution), not a pure Capitalist one.

But government regulation can take the form of policing the various industries to prevent cartels from attempting to fix prices by themselves, against the dictates of demand/supply.

How much effort is the government doing in this regard?

The reason the dollar rate started dropping recently is because the government (CBN) intervened to thwart the speculative strangehold of the BDCs on the dollar rate. By flooding the market with dollars, BDCs became less capable of controlling dollar supply and fix high exchange rates.

If the CBN continues with this intervention (they've promised to inject $21 million every week henceforth), the dollar rate will surely come down to a much lower level.

Finally, this is only happening for two main reasons:

- Crude oil prices are rising strongly.
- Niger Delta militants have stopped blowing up pipelines and oil facilities.

The consequence of these two things is that Nigeria now produces a lot more crude oil that we did in 2016. Now, add to this the high price of the crude oil. The result: DOLLARS ARE FLOODING NIGERIA'S TREASURY.

The foreign reserves have risen sharply.

If you want to see the dollar rate go down and stay down, just make these two things your prayer points every morning:

- Oh Lord, do not let militants return to the creeks in the Niger Delta.
- Oh Lord, do not let oil prices to fall below $50 per barrel.

ADURA!!!!!!

Malcolmx12:
abeg I wun buy ur camry , serious buyer. or if u have someone selling naija used

nextprince:


Actually, I want to exchange it for a rav4, I believe I Will get a better deal that way and it will be easier for me that way.

ehis889:


If you have pics, you can upload it here on this thread.

nextprince:


Actually, I want to exchange it for a rav4, I believe I Will get a better deal that way and it will be easier for me that way.

ehis889:


If you have pics, you can upload it here on this thread.

nextprince:


U know what? Quote me on any old thread, drop ur contact for me there, when I copy it, u can modify.

Actually I'm not in naija right now, but the guy who I parked the car with is somehow having issues with sending the pics to me right now. What I will do is that after we talk, I will link u and him for any other thing like inspection etc. The car is in Lagos. U will know where I'm calling from when I call.