Nigerians be crying over toyota cars as if na by force, pls is it a must to buy the overpriced toyota cars?

The smart ones are daily dumping the overhyped and overpriced brand and seeking cheaper alternatives and some others wan die on top corolla matter, and you blame the dealers for keying in on the obsession abi

Also, simple logic demands this : if you believe the dealer is greedy for selling the S40 at 900k or 1m, solution is simple, take your 500k or 600k whichever you suppose is the fair price, buy and ship the car from abroad, pay the duties, effect the little necessary repairs and splash water on that greedy dealer on your way home

Thanks

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.

you smart

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.

The only problem i have with ur post is ur mindset. 'Greedy cardealers' is all u see. Im sure even wen dollar ws low u were shouting everywhere greedy car dealers. I am against greed bt note dat car dealers are out to make profit cos its also an investment like u wud want to make profit from ur own investment based on how u invest. Its not a charity biz like sm of u are wishing for.

Imagine u saying corolla sports 03 is 1.2m b4 dollar rise. It ws 1.4m. If ure given a lemon car u will be the 1st to come to nairaland and shout scam. I am personally werey of cheap thing cos nobody is a fool. That y we have real brands and china so u can chose wat suits u.

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.

The price will fall gradually.They are not to blame anyway.A country that can't manufacture or a produce what she needs (food,clothes,machines etc) is at the mercy of those who to produce them not even country like Nigeria wt vast human and material resources.If you care to know,the man who produces the heat-resistatnt porcelain in the space craft that landed in the moon is a Nigerian,.
Nigerians are forces to reckon wt in most countries of the world almost in all areas of life.
Three VCs of South African Universities are Nigerians

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 we talk like people who are not learned...prices rise because importers buy dollar at High rate which is d fault of the govt not the importer ...do you expect one to sell his car at d same price he sold it when dollar was low?? Also even if d dollar crashes ,do you expect people that imported goods and cars at high dollar rate to just reduce their price Like that?? Here by making a loss?? It will take some time for prices to crash cos those goods bought at high dollar rate would have to be sold out before new and cheaper goods at subsidizes rate will come in..it is simple econimics

God is faithful.

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.

Most likely more in most cases. One month is too short a settling period!

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.

u don't even get the picture I'm painting. Calm down. Dealers buy cars in US dollars. U change ur naira to US dollars to buy the car. If he bought it let's say at $1k last month which was 520k, are u saying he should sell at 400k, that he would make gain? How will u buy at 520 and sell at 400 and make gain? He is already losing from the 120k from the transaction. Whether u think he will make 20k cos exchange rate is 380 is wrong business. Imagine if he borrowed the money, how will he account for that. No doubt if the crash is sustained, most dealers will lose money. But the aim of every business is profit making not loss. I don't advocate for greedy profit though.

Zhirinovsky:
If you want to purchase a vehicle then stay away from nairaland dealers. Most times they inflate the prices above a 100%

This is exactly what I keep saying , I only check Nairaland prices if am bored and looking for someone to pick on

valarinz:
Nigerians be crying over toyota cars as if na by force, pls is it a must to buy the overpriced toyota cars?

The smart ones are daily dumping the overhyped and overpriced brand and seeking cheaper alternatives and some others wan die on top corolla matter, and you blame the dealers for keying in on the obsession abi

Also, simple logic demands this : if you believe the dealer is greedy for selling the S40 at 900k or 1m, solution is simple, take your 500k or 600k whichever you suppose is the fair price, buy and ship the car from abroad, pay the duties, effect the little necessary repairs and splash water on that greedy dealer on your way home

Thanks

Please what are the cheaper alternatives? You know we have to consider maintenance due to our death traps called roads. Was thinking of mazda or nissan but wss warned not to try it.

ismokeweed:

Please what are the cheaper alternatives? You know we have to consider maintenance due to our death traps called roads. Was thinking of mazda or nissan but wss warned not to try it.

my brother don't mind them. The craze for corolla has made the demand so high that at auction a 2003 corolla will be going as high as $3000 to $4000 which sometimes can get u a 2006 Nissan pathfinder. The law of demand and supply applies to these things. U see Nigerians out bidding themselves on corolla auction like their life depended on it. At the end of the day, it's exorbitant. Even Mercedes-Benz E320 2005 model sometimes is even cheaper at auction than the light weight 03 corolla. It's all our craze for Toyota especially corolla.

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.

4get d greedy pple... datz aw 1 said 2010 tokunbo Rav4 for 5.6m jst imagine? d're yet to see Olympus fall

holusormi:


This is exactly what I keep saying , I only check Nairaland prices if am bored and looking for someone to pick on

Hahahahahaha...... u're not worse dan me

i dnt agree wt you guys to some extent, you will nt tell me how and priz of my goods, its my choice to make,greedy or nt greedy, if my priz of goods dos nt sut u please check the next line. tanx.....

ismokeweed:

Please what are the cheaper alternatives? You know we have to consider maintenance due to our death traps called roads. Was thinking of mazda or nissan but wss warned not to try it.

Those same people warning you not to try it, are part of the reasons why dealers keep ripping buyers off, everyone says "buy toyota" and as a dealer it's easy for me cos toyota has been made to be the new cocaine, I'll jack up my prices

JohnXcel:
Saintjoel I'd like your input on this.

Hmm, I will say that the dealers have no blame in this issue. When you consider the reality that most of them have to source for dollars from the black market at exorbitant rates and you also have to consider shipping charges,that alone rose to N650,000 (1,500$) alone when dollar was N450 - 1$. There's also custom duty and port charge like demmurage too to consider, clearing a car manufactured in 1999 may cost almost N450,000 to clear.

Now add N650,000 + N450,000 to the original cost of the vehicle in dollars, you'll see why dealers try to sell at those rates to meet up, who wants his/her business to collapse just because clients want cheap cars but government policies aren't making it possible.


I agree that it's not good when you buy at a lower rate and you sell at higher rates but my question is this, will banks give special considerations to you when next you want to buy dollars just because you sold your cars at a lower rate. I'm not holding brief for any Car Dealer but common sense dictates that you use any means to protect what brings food to your table.




Also take into consideration that many of the cars advertised in websites are advertised by second or third level dealers, many of them aren't firsthand owners, most of the car lots you see around have different people investing into it,they're the originals owners and importers while others are just marketers, so a profit margin has to be added. Thats how car dealerships operate throughout the world.

PLEASE,INTRODUCE ME TO RELIABLE CAR AUCTION SITES.The only one I know is the one in USA advertising damaged cars more than real cars.

horlabiyi:
The greedy dealers are really going to suffer for this. 5 months is not really too much time to wait for because I just can't imagine buying a Tokunbo pencil camry for over a million naira.

My brother i wonder, what was sold for 750 now over a million. The guy next dokr purchased a caburator engine manual pencil light for over a 1.1mill, abeg make e come down or else na bicycle

chukel:
my brother don't mind them. The craze for corolla has made the demand so high that at auction a 2003 corolla will be going as high as $3000 to $4000 which sometimes can get u a 2006 Nissan pathfinder. The law of demand and supply applies to these things. U see Nigerians out bidding themselves on corolla auction like their life depended on it. At the end of the day, it's exorbitant. Even Mercedes-Benz E320 2005 model sometimes is even cheaper at auction than the light weight 03 corolla. It's all our craze for Toyota especially corolla.

U are right because sometimes I wonder why a Benz E320 of 05/06/07 model will be cheaper to corolla of 04 model? Definitely it must be law of demand and supply. Don't see the fancy/crave for corolla sef.

wristbangle:


U are right because sometimes I wonder why a Benz E320 of 05/06/07 model will be cheaper to corolla of 04 model? Definitely it must be law of demand and supply. Don't see the fancy/crave for corolla sef.

Nigerians love band wagon mentality. Matrix was far cheaper than corolla though it's the same engine and mechanical parts with corolla but different body. Now as corolla is almost out of reach, they have shifted to matrix. Matrix is also becoming annoying expensive at auction. Same with Honda pilot. These were vehicles they almost regarded in the past as good for nothing. Meanwhile the Nissan they claim is a bag of problem is what US people use most. There is hardly any family in the states that doesn't own a Nissan.

chukel:
Nigerians love band wagon mentality. Matrix was far cheaper than corolla though it's the same engine and mechanical parts with corolla but different body. Now as corolla is almost out of reach, they have shifted to matrix. Matrix is also becoming annoying expensive at auction. Same with Honda pilot. These were vehicles they almost regarded in the past as good for nothing. Meanwhile the Nissan they claim is a bag of problem is what US people use most. There is hardly any family in the states that doesn't own a Nissan.

To be honest though, Nissan has engine problem especially those sedans of 01 - 05 but the SUV got good engines and that is what you will the USA using such as pathfinder, etc.

fexyrich:
sometimes we talk like people who are not learned...prices rise because importers buy dollar at High rate which is d fault of the govt not the importer ...do you expect one to sell his car at d same price he sold it when dollar was low?? Also even if d dollar crashes ,do you expect people that imported goods and cars at high dollar rate to just reduce their price Like that?? Here by making a loss?? It will take some time for prices to crash cos those goods bought at high dollar rate would have to be sold out before new and cheaper goods at subsidizes rate will come in..it is simple econimics

it is either u just like to comment or u don't know what u r talking about. People had plenty of stock before dollar became scarce and they picked their prices based on the "so-called" hike. my friend u just displayed ur ignorance as to the way the Nigerian system works. Demand and supply theory doesn't hold sway in Nigeria. Nigerians that are into business respond to mkt forces by "hearsays" forget this nonsense u r talking about. It's for an ideal society "ceteris paribus". Naija system is not an ideal system and until we engage in proper introspective revolution we shall continue to wander in this wilderness of retrogression.

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.

this ur yeye one sided analysis. I suppose u r one of the useless marketers killing d system. What about the goods u stocked when dollar was still below #200? Wicked people who jus take laws into their hands and make Nigeria suffer unduly. Did u consider 2 months space before changing thr prices of old goods u already imported during the crises?I pity all of u cos u won't even enjoy the so called "windfall". now ,dollar has come crashing, offset ur debt by using the windfall u made when dollar was scarce and u sold ur goods at triple the price. Eranwe.

karnap:
and you think thats not 419 ? and you think thats not 419 ?

pure 419

chukel:
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.

After good analysis, then you end up sounding very stupi.d

If he bought the highlander 3years ago,@ the dollar rate then and you expect him to sell it off below the current market rate, dont you think he need to buy ticket that probably most have been inflated also, and wont him buy dollar as a BTA.

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 ..

How long does it take to wire money to a car dealer in the US? (3-5 days, weekends not included)
How long does it take to transport a car from dealership to the port (4 - 7 days)
How long to finish customs processes at the US port and load onto a RORO vessel? (New Jersey, Georgia, Florida, etc)? (5- 10 days minimum)
Shipping from US port to Lagos: 14 days minimum
Clearing from customs in Nigeria: another 7 - 14 days.
Driving of car from Lagos to point of sale: 2 days

This is a total of 42 days minimum.

So the guy who said it will take at least 2 months for car prices to benefit from a SUSTAINED crash of the USD, is more at home with the situation and understands the facts better than you, a typical Nigerian who does not take time to process information before using it to make a rational statement.

valarinz:


Those same people warning you not to try it, are part of the reasons why dealers keep ripping buyers off, everyone says "buy toyota" and as a dealer it's easy for me cos toyota has been made to be the new cocaine, I'll jack up my prices

And the painful part, toyota camry is been stolen recklessly in benin since last year. Someone will just pack his car, come back and meet empty space. One of my preferred cars will always be Mercedes.

Thank OP for that wonderful write-up, but what you don't understand his that, apart from the rise in the rate of dollar, the custom duty has also been increased by 75%. I don't think you should blame the dealers(although, some dealers are very greedy but not all).

jpworld:


After good analysis, then you end up sounding very stupi.d

If he bought the highlander 3years ago,@ the dollar rate then and you expect him to sell it off below the current market rate, dont you think he need to buy ticket that probably most have been inflated also, and wont him buy dollar as a BTA.

the above shows how senseless u can be. U can actually chip in ur point without insult.

oruma19:
this ur yeye one sided analysis. I suppose u r one of the useless marketers killing d system. What about the goods u stocked when dollar was still below #200? Wicked people who jus take laws into their hands and make Nigeria suffer unduly. Did u consider 2 months space before changing thr prices of old goods u already imported during the crises?I pity all of u cos u won't even enjoy the so called "windfall". now ,dollar has come crashing, offset ur debt by using the windfall u made when dollar was scarce and u sold ur goods at triple the price. Eranwe.

I believe u r a kid of 19 years. Won't trade words with u. Continue roaming about in ignorance.

chukel:
the above shows how senseless u can be. U can actually chip in ur point without insult.

That you ended up giving stupid analysis is not insult.

Amen
Wow so this topic made FP. Cool

NemzySeries:

4get d greedy pple... datz aw 1 said 2010 tokunbo Rav4 for 5.6m jst imagine? d're yet to see Olympus fall