The thing that pisses me off with most people on Nairaland, is the brazen display of ignorance. People just run their mouths like tap and say all manner of stuffs... For those of you saying importers are greedy and jacking prices up arbitrarily, have you ever asked yourselves how the importers get dollars they use in making purchases? Go around most car lots in Lagos today and you will find that most of them are out of stock and have almost closed up completely cos they can't bear the huge burden of importing with high exchange rates. A lot of them have switched to Nigerian used cars. This brings me to another issue I'd like to address. When you see a car dealer quoting a high price on a Nigerian used car, know that the fault starts from the client he bought it from, or is selling on his behalf.
I had an issue this week with a client who wanted to sell a used 2009 Camry. We were 4 individuals involved in the sale of this car. Client had agreed to 1.8m initially and as soon as the buyer agreed to pay for the car, the owner changed his price to 2.1m. All efforts to get him to collect 2m, proved abortive. At the end, the deal didn't work. Somebody who doesn't know all of these, would say a dealer is greedy if the dealer attempts to sell the car for 2.2m. As I speak to you, I'm currently trying to negotiate a Camry with a client and he is insisting on 2.2m. How much am I expected to sell it?

Don't just sit there and blame innocent dealers over what they have no control over. Last week, we got a 2009 Benz c300 and Lexus ls460 and it would be shipped in pretty soon. How much was the dollar last week? If the dollar keeps falling to around 300 or less by the time the 2 cars come in, how much do you think I'd sell? Will I sell at a conversion rate of 300,for a car that was bought with dollar of 400+? You do the maths.

Dottore:
The truth is that it will take at least one month or even two for price of commodities to really reflect the naira appreciation if the naira sustains it's strength against the dollar.

I concur

Besides dos goods were purchased at the inflated dollar rate. Don't expect dem to sell at a loss

oruma19:
taaaaa!!! Nigerians are the enemies of Nigeria. If there's a problem, it doesn't take a second to hike prices, when things are returning to normal now, Nigerian traders who are the devil's will refuse to do the corresponding change in prices of goods and services. Tell me who us now to blame . If u go to buy something from the mkt, the sellers first make calls to either lagos or Onitsha to knw if prices have changed. What sort of a country is dis? Now that dollar is crashing, u may not believe me some pple are not happy. U can imagine ..

sometimes u just need to reason before you type. I agree Nigerians hate themselves. But reason this. Mr. A bought a car and shipped at $5000 last month when dollar was 520. The car is for sell now and u expect him to sell at the rate of 380?. Dollar is now 380, Mr. B buys same car at $5000 today in US at the rate of 380. It will take approximately 2months for that car to arrive. When it does, he will sell as he bought.
Scenario number 2
Mr. A buys a car is selling a car at 380k in Nigeria which today is $1000. Then naira depreciates to 520. If he still sells at 380k, he wouldn't have enough capital to go back to market to buy another car at the prevailing rate of 520 to a dollar. If u have never done any trade, just shut up and listen.

Damolux01:
What's the appreciation like sef? How much is naira to $$ now?

Damolux01:
What's the appreciation like sef? How much is naira to $$ now?

AND YOU ARE A NIGERIAN?

andycom:




my brother I concur to what you said, we are to greedy. last month someone posted a 1999 Lexus es 300 for 1.250, can you imagine that

and you think thats not 419 ?

andycom:




my brother I concur to what you said, we are to greedy. last month someone posted a 1999 Lexus es 300 for 1.250, can you imagine that

and you think thats not 419 ?

Its a great development. But I think commodities would take time before their prices degrade.
So to say, inflation is as easy as destroying, deflation is as hard as building. I pray the development lasts.

bigcil2:
So as we all know the US dollar is crashing and falling like the nursery rhyme "London Bridge is Falling Down, Falling Down, Down , Down....."

It has been a habit now for some months that car dealers especially the ones on Nairaland, took advantage of the crisis. In fact i saw one guy post an ad for a Tokunbo Volvo s40 or so for almost a million Naira, the year of that car was either 96/98 can't really recollect. But my point is finally they can't hide on the disguise of
"Dollar is costly"

So my questions are thus:-

1. Will they sell tokunbo corolla sport 03-05 for 1.2/1.4m instead of selling between 2-2.2m. Also good to note that they're selling the Nigerian used version for 1.8m
1. Will prices fall or will they continue with the excuse of
"You can see the price of dollar is high"

Well for me I know it will be one story or the other. But am happy at least if I don't get a good price here na to go to one of those auction sites and buy my car directly from reasonable sellers that have conscience.

so you think its the dealer's fault?
Do a little research on your own, check how much the s40 is sold in America, how much it cost to ship the car to Nigeria and the amount to clear it at the port.
Pls don't forget to come back and tell us ur findings.

Saintjoel I'd like your input on this.

Naija used 99 camry for 1.1m.

Fresh air in Nigerian economy It is a good and nice experience for us as dollar is crashing by the day

That's the problem with most Nigerians. They claim to know when they are actually uninformed. Can't make simple research. Quite agree there are few greedy sellers. But how many are they. U can't be a greedy seller in a competitive market. U won't just sell. If everybody sells at a range, it tells u something. They can't even go online and see how much these cars cost in the US, then factor in shipping fee and multiple by prevailing exchange rate and add clearing fee. They will just sit and be making conjectures. Someone told me yesterday that he saw a very clean toks 2006 corolla for 1.6m. I laughed and told him to rush and buy it. I am very sure he is buying a Nigerian used packaged as toks because of his greed not that of the dealer. Same greed from the populace that makes dealers boycott custom duty in order to sell at our greedy purchase price. Tomorrow when caught, u blame dealer. Advice is make your research and buy the car ur money can afford. Don't look for 2010 Venza when u have 2m.

How long does it takes a ship to travel from the us to Nigeria and for you to think dollar crashed at 390 400 DAT to me is not crashing and may not affect the auto market its not beureu de exchange market have you forgotten custom increased their duty b4 the increase many factors determines that hop dollar comes back to where it was b4 we might attempt to answer this question for now its a no go area

whats goes up (prices) in nigeria hardly comes down. nigeria market histroy taught me that

what of those selling bitcoin?

The truth is that if the dollar crash is sustained, prices of cars will come down in the next 2 months. I just pity dealers who buy and stock cars. People are buying from US everyday and in the next 2 months, those cars will be here. They will sell out faster cos they bought at cheaper rate and that is business. The dealers who stocked may be forced to sell at a loss. I bought some corollas yesterday for some clients at the cost of 385/dollar. Their gain. So u guys should take a chill pill and analyse these things before u blame guys.

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miraclea:
How long does it takes a ship to travel from the us to Nigeria and for you to think dollar crashed at 390 400 DAT to me is not crashing and may not affect the auto market its not beureu de exchange market have you forgotten custom increased their duty b4 the increase many factors determines that hop dollar comes back to where it was b4 we might attempt to answer this question for now its a no go area

there was no custom increment. If nothing the exchange rate custom uses may even go down making the cost of vehicle importation cheaper.

SIMEONMPEE:
Especially those that are selling used car.. which they have used for more than 2, 3, 4, 5 years... I was so shock seeing Toyota highlander used 2003 to 2005 selling for 2. 3m to 2. 8m

Most of those car are bought far lesser than the price they want to sell now

I swear na we Nigeria they do ourselves

greedy

If you sell stuff as a business, you want to be able to buy more and sell. With the rate dollar was rising, people could not buy what they sold, even at the same price they sold it earlier.

That was why businesses closed shop. They would rather not do business than run loss after all the effort.

SIMEONMPEE:
Especially those that are selling used car.. which they have used for more than 2, 3, 4, 5 years... I was so shock seeing Toyota highlander used 2003 to 2005 selling for 2. 3m to 2. 8m

Most of those car are bought far lesser than the price they want to sell now

I swear na we Nigeria they do ourselves

greedy

that person selling probably wants to sell and buy another car. If he sells at the price u want, how do u expect him to make up the difference and buy tokunbo when that one is almost out of reach too. All I'm saying is the we should be considerate and not one sided in reasoning. The only example I will castigate is someone who bought a highlander for 2m, used for 3yrs, wants to sell because he is travelling out not because he wants to replace the car and pegs the price above 2m. That guy is wicked.

chukel:
sometimes u just need to reason before you type. I agree Nigerians hate themselves. But reason this. Mr. A bought a car and shipped at $5000 last month when dollar was 520. The car is for sell now and u expect him to sell at the rate of 380?. Dollar is now 380, Mr. B buys same car at $5000 today in US at the rate of 380. It will take approximately 2months for that car to arrive. When it does, he will sell as he bought.
Scenario number 2
Mr. A buys a car is selling a car at 380k in Nigeria which today is $1000. Then naira depreciates to 520. If he still sells at 380k, he wouldn't have enough capital to go back to market to buy another car at the prevailing rate of 520 to a dollar. If u have never done any trade, just shut up and listen.

Warped logic

Yes, I expect him to sell

Why?

Because If he doesnt sell now, another dealer who is ready to sell at the prevailing market price will be smiling to the bank instead

If you dont know that sometimes in business, you just have to cut your losses, then you aint a smart businessman afterall...

sekem:


Warped logic

Yes, I expect him to sell

Why?

Because If he doesnt sell now, another dealer who is ready to sell at the prevailing market price will be smiling to the bank instead

If you dont know that sometimes in business, you just have to cut your losses, then you aint a smart businessman afterall...

I believe u have never had any business dealings or u have never run a successful business.

sekem:


Warped logic

Yesn, I expect him to sell

Why?

Because If he doesnt sell now, another dealer who is ready to sell at the prevailing market price will be smiling to the bank instead

If you dont know that sometimes in business, you just have to cut your losses, then you aint a smart businessman afterall...

I believe u have never had any business dealings or u have never run a successful business in Nigeria. Our exchange rate is still unstable. And all the previous posters have hammered on sustained appreciation of naira. So if u don't understand the dynamics, u won't fare well in business

chukel:
I believe u have never had any business dealings or u have never run a successful business.

You are right on both accounts.

those car dealers are wicked. Ordinary Toyota pencil, dem wan cut my neck. No be there fault sha. Dollar really gats come down biko

Imagine a Nigerian used 2010 corolla for 2.6M. I tire for car dealers. Nigerians are the problem of Nigeria.



Meanwhile, anybody or company that wants to sell 2010 and above corolla should contact me.

Dollar was Naira 375 to a dollar yesterday 24-03-2017 from aboki

It is not the dealers fault, it is the reality of the shipping cost (average of $1000 to $1200 ) and clearing cost at Nigeria Port and also the price of purchase from USA in dollars ($)
but am sure the price will go a bit down in like 2 months time. let us all pray it goes down further as 390 Naira may still not be so cheap for average Nigerians.

www.largemanmotors..com

chukel:
sometimes u just need to reason before you type. I agree Nigerians hate themselves. But reason this. Mr. A bought a car and shipped at $5000 last month when dollar was 520. The car is for sell now and u expect him to sell at the rate of 380?. Dollar is now 380, Mr. B buys same car at $5000 today in US at the rate of 380. It will take approximately 2months for that car to arrive. When it does, he will sell as he bought.
Scenario number 2
Mr. A buys a car is selling a car at 380k in Nigeria which today is $1000. Then naira depreciates to 520. If he still sells at 380k, he wouldn't have enough capital to go back to market to buy another car at the prevailing rate of 520 to a dollar. If u have never done any trade, just shut up and listen.

Sir, you didn't complete scenario number 2.
If that same man bought a car at 520k in Nigeria which was 1000 USD last month, and he sells that car at 400k, he will have excess of 20k and can buy that same car again at 1000 USD, because 1000 USD today is 380 Naira to a dollar. Who is fooling who.

DrOBD:

Sir, you didn't complete scenario number 2.
If that same man bought a car at 520k in Nigeria which was 1000 USD last month, and he sells that car at 400k, he will have excess of 20k and can buy that same car again at 1000 USD, because 1000 USD today is 380 Naira to a dollar. Who is fooling who.

Did you go through what you just wrote? Buy at 520k and sell at 400k? And lose 120k? In business, if you can't make profit, you try and break even. That means if you buy and can't make a profit on your 520k, you must sell at 520k(breaking even), and not below your cost price. If you have this type of mindset, please do not attempt to go into business or else you would lose your entire capital in a jiffy.

Not fair to call them greedy car dealers. They would be the first to reduce price. If a car costs the dealer USD 2K... it would be that times the exchange rate. If the rate goes up.. so does the price.. if it drops.. as current... he can afford to drop the price because his price tag is based on USD. If he intends to make USD 500 profit... he will hold to that and price the car at the present exchange rate.

Apart from dollar the main reason cars are expensive is also the clearing costs
Which most people have completely ignored on this post