Why Are Nigerian Car Dealers So Greedy?! - Car Talk (2) - Nairaland
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| Re: Why Are Nigerian Car Dealers So Greedy?! by pannyman(m): 12:02pm On Feb 09, 2012 |
The OP has the right to freedom of speech so the dealers should not get unnecessarily agitated. I did a check on Yahoo Autos for a 2008 camry, mileage around 60k miles, location Maryland, zip code 027103 because I have friends there. I came up with several within the price of about $10,000. Those who are knowledgeable in shipping cars should please do the math and tell us how much this should cost after shipping and clearing. I am asking this because I inquired from a dealer and he said a 2008 Camry of 60k miles would cost 3 million naira, which I feel is too much. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by BizBooks(m): 12:18pm On Feb 09, 2012 |
@Pannyman, At the current exchange rate, a 2008 Camry should cost between 2.5 to 3M depending on the specification and condition. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by pannyman(m): 12:28pm On Feb 09, 2012 |
Thanks BizBooks. Could you please break it down? Shipping, clearing and dealer's mark-up, based on the price of $10,000 for the car. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by akpan123(m): 12:43pm On Feb 09, 2012 |
you can get a car at a resonable price, depending on the type, mileage and year and most important. you have to be patient. but l believe naija has advatage based on population wise. have been in the auto business as head of maintance in sears for 5 years. all they need to do is set up a cooperative or a group with mature and trust worthy people, with common objectives. example if you have 50 that needs a car and they a discount of $300 from e.g clearing , shipping etc thats is already $15000. meand they can sit down draw an angenda that will benifict all the members. that is my objective , if l see resonable and trust worthy people to set it up. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by akin33(m): 12:43pm On Feb 09, 2012 |
I think it is better u do d home work b4 posting. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by akpan123(m): 12:55pm On Feb 09, 2012 |
like e. g l bought kia opia for $2000 , year 2004 and 95080 miles, so it depends on what you want, most toyota , especially camry are high in price. the higher the mileage. the cheaper. and also depending on the states. cars are expensive in maryland and cheaper pennyslvenia. when you want to buy a car try getting cars ,below 100,000 miles. if anyone needs info on any car write to akpann70@yahoo.fr . and will try and get the info for you. is free. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by BizBooks(m): 1:05pm On Feb 09, 2012 |
pannyman: I'm assuming that the 2008 Camry in question is fabric as you may not get leather for $10,000. So here's the break down: $10,000 - Cost of car $200 - Auction fee (may be a bit more depending on the auction or dealer) $200 - Shipping to closest Port - Baltimore (since you mentioned Maryland) $1000 - Shipping to Nigeria $100 - Courier Bill of Lading to Lagos $1000 - Seller's profit (may be more) Total USA cost = $12,500 x N165 = N2.1M approx. I don't have an estimate for Lagos clearing but assuming it costs 500K, then the total price will be around N2.6M. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by pannyman(m): 1:12pm On Feb 09, 2012 |
Great! Thanks BizBooks. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by jerryben12: 1:14pm On Feb 09, 2012 |
Dukes83: Your opinion is baseless. I am not a car dealer but car dealers in Nigeria are pushed to the wall by buyers. Someone in Nigeria wants to buy a car for N1000,000 and expects a brand new car. With your N1000,000 ($6, 240), this is what you get. 1995 to 1996 Honda Accord - $3000 Shipping from any other state except from MD, NY, NJ, etc that has ports - $1500 Clearing in Lagos - N180,000 to N200,000 ($1200) Profit for your car dealer - $500. Is this too much for a dealer that invests his money to buy a car and ship to Nigeria? A lot of people want to buy a year 2000 Honda Accord or Camry for N1000,0000. This is possible because all you get is an accident car or a car that has 500,000 miles and reduced to 100,000 miles for your happiness. Cut your coat according to your size. Buy what you can afford and do not put dealers on a tight corner. Like I said in my opening, I am not a car dealer but I have at least 98% knowledge of what happens in the US car market. I can provide you any guide you need on car buying for free. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by akpan123(m): 1:31pm On Feb 09, 2012 |
you are right but , i think over head cost matters , eg l ship my cars here in md for $950. secondly l buy from owners in pa ,va dc, md. thirdly come across people selling their car all the time , based on my job. my best car deal was a honda accord 2000 and 134000 miles. the guy was taken it to the dealer for trade in and brought it to sears to buy a batterry. l ask him how much the dealer offer . he said $900 and l paid him $1050. there was nothing wrong with car, just the ignition lock. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by ritze(m): 1:34pm On Feb 09, 2012 |
'anyone who brings in cars from abroad would not pay 210K to clear it, more like 110K to clear it' Are you for real? ignorance @ its peak |
| Re: Why Are Nigerian Car Dealers So Greedy?! by snthesis(m): 1:35pm On Feb 09, 2012 |
blank:hmmm!!  BizBooks:  blank:case closed   |
| Re: Why Are Nigerian Car Dealers So Greedy?! by sammyke(m): 2:20pm On Feb 09, 2012 |
but some of them are greedy nau |
| Re: Why Are Nigerian Car Dealers So Greedy?! by onyx01: 2:36pm On Feb 09, 2012 |
in a way, he is correct. i have shipped a Toyota corolla S 2005 model from Florida and the total cost, which includes Shipping, Fee, customs duty and of course the cost of the car for less than 1.5M. the car is sold in Lagos for 1.75M, |
| Re: Why Are Nigerian Car Dealers So Greedy?! by Fhemmmy: 2:36pm On Feb 09, 2012 |
sammyke: Name one that you know that are greedy . . . Most of the problem is our loving and effective govt. It will cost you almost 1.7M Naira to clear a 2011 SUV at our port . . . how much would dealer have to sell such to make a profit? |
| Re: Why Are Nigerian Car Dealers So Greedy?! by Fhemmmy: 2:40pm On Feb 09, 2012 |
onyx01: When you are buying yourself it is different from when a deal is doing it. I am sure before you decided to buy it yourself, you MUST have sent request to some dealers that you want: A clean record, Low mileage of like 50K Miles (Common practise here), you want leather, alloy and even a steering wheel that massages your fingers. Let us always make sure we compare apple to apple and not apple to oranges, Just cos you were able to land yours for less than 1.5M naira, does not mean every 2005 Corolla will be of same value and shape. Accidental rides are cheaper, the seller that sold yours to you might be in dare need of money and sell cheaper than the other seller . . . no 2 deals is exactly same. 1 Like |
| Re: Why Are Nigerian Car Dealers So Greedy?! by onyx01: 2:52pm On Feb 09, 2012 |
what are you saying?that its a lot cheaper when an individual buys from supposedly the same market than when a dealer does?common!!! do you think these dealers buy from places like yahoo autos?NO they don't! believe it or not, they buy salvaged cars(am sure you know what that means) from auction sites/cities which is way cheaper than even clean title vehicles. most of them reap people off, |
| Re: Why Are Nigerian Car Dealers So Greedy?! by ritze(m): 2:52pm On Feb 09, 2012 |
Fhemmmy: on point bruv |
| Re: Why Are Nigerian Car Dealers So Greedy?! by Fhemmmy: 3:06pm On Feb 09, 2012 |
onyx01: You need to make sure you do your research well before jointly putting all dealers in same boat. 1. Not all rides are Salvage. 2. Most buyers here check what they buying with carfax reports when they chose to. 3. Why do i have the feeling that you just registered this new name to attack? BTW . . . How come you dont just start buying and selling if you were able to buy one for under 1.5M Naira and you are sure they are selling for 1.75M Naira, you could make a fortune you know. Anyhow, again, no 2 deals are exactly alike . . , |
| Re: Why Are Nigerian Car Dealers So Greedy?! by Nobody: 3:10pm On Feb 09, 2012 |
@pannyman For those of you who check-out car prices on yahoo auto and other american online car websites, the prices you see online are just 80 percent of the cost. You are still going to pay for state tax of around 7-8 percent, dealer fee, in some cases county fee, towing fee from auction and another towing fee when you are processing shipping to Lagos. All of these fees add up. Nigerian government is the greedy entity that makes vehicle cost to be expensive. Above all, the exchange rate is not a good thing when considering the quote a car dealer gives you. Imagine if exchange rate was $1 to 100 naira. 1 Like |
| Re: Why Are Nigerian Car Dealers So Greedy?! by Fhemmmy: 3:19pm On Feb 09, 2012 |
payless: You are so right, Sir . . . But the guy has already made up his mind that dealers only sell crap to rip people off . . . . |
| Re: Why Are Nigerian Car Dealers So Greedy?! by calculusx(m): 3:29pm On Feb 09, 2012 |
jerryben12: May GOD bless you for hitting the nail on the head. Can you imagine someone offering #700,000 for my 1999 Honda CR-V? some buyers want almost a brand new car for ridiculous amount of money which is impossible. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by babyboy3(m): 3:36pm On Feb 09, 2012 |
Your opinion is baseless. I am not a car dealer but car dealers in Nigeria are pushed to the wall by buyers. Someone in Nigeria wants to buy a car for N1000,000 and expects a brand new car. With your N1000,000 ($6, 240), this is what you get. Daylight Robbery
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| Re: Why Are Nigerian Car Dealers So Greedy?! by Fhemmmy: 3:44pm On Feb 09, 2012 |
I am not too familair with rides from UK. But will it be a good assumption to say that the ride you posted up there is a RHD? If it is, please compare apple to apple and not to oranges . . . cost of changing the RHD to LHD is not cheap and with all the freaks that comes with it too. Will wait till you confirm and we do the math together |
| Re: Why Are Nigerian Car Dealers So Greedy?! by Nobody: 3:53pm On Feb 09, 2012 |
@baby-boy First of all, there is no way you are getting that car for that price. To my understanding, you have to pay a lot of taxes on that car you see because it's in England. Are you sure about the condition of that car? Just because you saw it that cheap does not mean it is a reliable car. Let me tell you a story, in 2001 a friend of mine in college saw a very cheap SUV on the internet and travel all the way to Oklahoma to get it. The cost of the car was $3000 and it was a 2001 Ford Explorer. He planned to pay and drive home the $3000 SUV, but when he got there, the vehicle's engines was knocked and this was not listed on the description of the vehicle. He had to travel back without a car. Be careful of what you wished for. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by Fhemmmy: 4:00pm On Feb 09, 2012 |
^^^ Nice one there . . . Has happened a lot to people that i know and they will end up coming back to you for advice . . . |
| Re: Why Are Nigerian Car Dealers So Greedy?! by babyboy3(m): 4:17pm On Feb 09, 2012 |
First of all, there is no way you are getting that car for that price. To my understanding, you have to pay a lot of taxes on that car you see because it's in England. Look you could get a better one (1999 - 2001) for around £450 - £700 that depends on the level you search, regarding the tax, You tax it if you want to drive it which is around £118 for 6 months, but if your shipping it you dont need to tax it but it has to be towed to the dock!!! Like I mentioned earlier on my friend bought a Peugoet 407 (2005 or 6) for £2100 which already had tax on it so he drove it to the dock, Another one bought a Land Rover Freelander 2002 for £1200 They are so many fantastic cars that you could get for around £500 Actually the moment they increased the age of the cars to be shipped to Nigeria to 15 years A LOT of Right Hand Drive are heading to Nigeria, The cost of fuel which is high over here got a lot of people to selling off their cars with the Engine Capacity from 2.3 ltr engines onwards at give away price! 1995 to 1996 Honda Accord - $3000 To change from RHD to LHD is between N180k - N200k
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| Re: Why Are Nigerian Car Dealers So Greedy?! by Chinom(m): 4:55pm On Feb 09, 2012 |
Yes, there is an element of greed amongst car dealers in Nigeria. Clearing agents contribute too by charging arbitrary prices. Second hand car dealers in Europe sell their cars with a profit margin of between €200 and €500. In Nigeria they want nothing less than $1000 . That's too much. A car can comfortably be cleared with N110k after paying the govt stipulated duties and levies. The clearing agents are the ones that mark it up to near N200k. In Nigeria there are no fixed prices for anything. All these vultures are just waiting for mugu to fall. One agent actually told me tp pay N350,000 to clear a regular car. I must however point out that this greed exists in almost all aspects of Nigerian business life. The prices of are not regulated. I don fall mugu to street traders countless of times. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by Nobody: 5:11pm On Feb 09, 2012 |
This thread truly has no business on the front page, it's title and content are miles apart. Don't allow car dealers to be thought of as greedy unless they are and are proven to be. |
| Re: Why Are Nigerian Car Dealers So Greedy?! by dayokanu(m): 5:38pm On Feb 09, 2012 |
I am not a car dealer, I have never sold a car to anyone but I have shipped cars to Nigeria for Family members OP, I can buy you the said car for $6,000 but you would come and drive it in America. Deal?  By the time you add Towing to Port + Shipping cost $1400 from places like Texas And clearing cost from Nigeria What do you have. I think some Nigerian buyers are unreasonable I once had a friend who told me he wanted to buy a car from US, I gave him the website to go and look for cars that he wants and send me the link. He went there and sent me cars that are sold for less than $2000, Honestly do you think any good car would be sold for $1200. I mean a car worth importing to naija. Next I opened the link and I saw that the seller said there is a "Check Engine light". I called him back that didnt he see it? And he told me yes he saw it but it doesnt matter that they have a way of removing the Light in Nigeria. Imagine I told him not to worry that he can find someone else to buy him the car. I am not a dealer and cant go to Abilene like 5hours drive to but a $1600 car that has a check Engine light on to ship to naija. Another person would have bought it and sold the car for cheap. The car would have fault down the road and you would start cursing. If something is dead cheap, Most time watch out. NB: Also because someone bought a car for $5000 doesnt mean the next person would buy it for the same. What causes difference in car prices are the same for all items. Different dealers sell the same cars for diff prices. cars cost differently in different states due to demand and supply. Shipping cars from East coast e.g Florida, baltimore isnt the same as with somewhere like Texas or California then the season you are buying cars makes a difference. If you are buying cars in the peak of the tax season i.e February-March, Its usually more expensive than during later in the year. During the tax season, more ppl have disposable cash and can afford to bid higher for cars vs when Money don finish Some dealers might be dubious but you need to put all these things into consideration E.g I heard the cost of clearing a Lexus IS 250 in Nigeria is over 1.5m, Imagine how much you would clear an SUV |
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