dannybrasky:
Ever since dollar crossed $1 to 400 i have close shop until further notice. Hasta la Vista baby.

calculusx:


The matter tire me menn. . You buy $ #450 at the time of Purchase. Time to pay for Shipping you'll buy $ @ #470, before the Car gets here and you are ready to sell $ has gone up to #500.I'm frustrated

https://www.nairaland.com/6266078/clean-title-2004-toyota-corolla

$2093 + $1400 x #450 = #1,547,550 + 500,000 = $2,047,550. I can't even boast of 50k profit as there are still little things to fix

We have been impoverished. Imagine 2k usd car is now 2m+. The stupid thing here is that zombies because of 30k and others will still see APC and buhari as the best thing since bread and butter.

consider the option of saving in dollars or euros as naira is making nigerians poorer

chozzy:


With inflation skyrocketing?
You're just dumb.
.

He's not dumb, if he earns majorly and very well in dollars, it pays him.

PotatoSalad:

And you'll still buy things at 4x their original price. For your mind it's better.
How much is common gino tomato paste sachet now?
Olodo

The rate at which dollars has increased easily overrides that.
Imagine someone that made $1k weekly/monthly (about 190k-200k) in 2015, today, same $1k is about 500k. Will that person worry about tomato price when he makes 500k weekly/monthly?

Increasing dollar-naira rate pays people that earns majorly and high in dollars.

Trustme2:
The recent weeks has seen a drastic increase in the exchange rate of Naira to the Dollar which make business quite challenging.

This is moreso that prices of vehicles are determined by Dollar-Naira exchange rate. Within the month of November alone we have seen the Dollar going from N460-N487 as at today.

This is not likely to come down owing to the appraoching festivities in December. The last few months have also seen a maginal increase in the prices of both Tokunbo and Nigerian Used cars and customers no wan hear say price of cars increase, the insult no be here.

So how are you all coping and what strategies do we use to navigate this trying times?

FG slashes import duty on imported vehicles from 35% to 5%.
Why not talk about this?

Notatribalist:


FG slashes import duty on imported vehicles from 35% to 5%.
Why not talk about this?

Hmmmm. Not for luxury cars o. But for buses, tractors and vehicles used for public transportation. Government revenue is dwindling and trying to raise more led to increase in VAT. That policy isn't for luxury cars bro. Get that distinction right.

GAZZUZZ:
Car sales .


Since there is no restriction to who can import and sell a car, the market is very diverse.

The actual people who sell cars for a living are having a hard time competing with people who sell cars on the side.


A 2003 Toyota Corolla clean title will land Nigeria at about ₦1,940,000 naira , it will be put up for sale for about ₦2,100,000 and finally sold for about ₦2-2.03m in 1-2weeks

A profit of ₦less than ₦100,000 on an investment of roughly 2m and wait period of about 3months, with associated risk.


Now you have people who have relations outside the country who I would like to call recreational sellers, they do not sell cars for a living, they do not know how much these cars cost, all they do is wait for Obinna to send a car down, Obinna tells them the last price and they put it up for sale . After 2-3months of not seeing a buyer the price starts to drop out of frustration and finally a car that landed at say ₦1,000,000 would end up being sold for ₦900,000 with thank you


Cars are now very expensive, cat dealers are not finding it easy and have to source for cheap dollars to stay afloat, the dubious ones have to search for badly salvaged cheap vehicles to make more profit, they also have to cut more corners at the port to shortpay on custom duty to cover up for the shortfall in returns.

So this is the best time to really pay attention to vehicle info before paying for it.
https://www.nairaland.com/carguide

Run a vin report, check the custom duty, and stop chasing after cheap cars, you are most likely buying trouble .

May God help us in Nigeria.

I can vouch for you for this guy you tagged.
The guy too correct abeg

adonainana:


Finally this country is a time bomb, imagine sellin a 2006 car for $3,000 (1.4 million )

Imagine a 14 year old car that the Oyimbo manufacturers have even forgotten they made 14 years ago still selling for millions in a third world country that produces nothing of its own and only imports everything to sustain its lifestyle smh

/
What has greed got to do with your government's inefficiency and incompetence?

The oyibo selling the cars do not care about your exchange rates. A car that costs $10,000 + $1200 shipping + $2000 clearing = $13200. That's is N4.6m a year ago with dollar at N350. Nothing changed. Just by exchange rate fluctuation alone, the same $13,200 this year is N6.2m with dollar at N470. So where is the greed? Or do you expect the importer to still sell it at N4.6m because he is father Xmas?

\

Ugoc3:


The reduced import fee is specifically for cars mearnt for transportation of person s..e.g bus..coaster bus.. luxurious bus etc
Personal cars are not included in this
I.e the cost of buses will reduce

Hmmm...... so cars means buses etc...not private cars! Wow!.... I learn something new today!... thanks! ... cause it made no sense to me why they would reduce the duties on cars to 5% to aid in mass transportation!

@ topic.... there is always a demand for foreign exchange September to November to import stuff for the Christmas season. Come Christmas the exchange rate will go back to normal.

lekki1444:

Akanokomankimasef

dannybrasky:

Akanokomankimasef

i totally understand bro

GBTYO:
Reduce landing cost to the barest minimum by patronizing professional auto theft syndicates .


You could get a clean RX-350 for $5,000 .

Landing cost of 3-4mil and sell for 5-6mil profit.

That's the only way.

Insurance will compensate the original car owner.

SMH

captainamiedi1:
E favor me wella. Change small dollars to naira boom you are a big boy. Kudos to Buhari and his team. They are doing well

You're dumb bro.

chozzy:


With inflation skyrocketing?
You're just dumb.
.

He is very dumb

He does not know Nigeria imports almost everything

chronique:


Some of you just have a special way of saying stupid things confidently without even thinking if what you say is making sense or not. Exchange rate has made prices of toks go up and as such, a lot of people are looking into Nigerian used. What this means is 2 things. 1. The demand of Nigerian used goes higher which makes price go higher as the supply of the Nigerian used is not so much. 2. The people selling Nigerian used are selling to buy Toks of newer models. They obviously would try to squeeze out something reasonable from their used ones so the money they would add to it to get the Toks, won't be too much. Example : Mr A wants to sell a used 04 Camry for 800k to buy muscle for 2.1m. He finds out that muscle is now selling for 2.7m. He's forced to increase the price he wants to sell his Nigerian used due to the astronomical increase in the difference between what he budgeted for before. It's not his fault that the price of toks went up.

Fixed assets depreciate and machinery depreciate, so you are contradicting yourself, can you imagine what you are saying Mr A wants to sell his 04 Nigerian used Camry for 800k and all of a sudden he realise the car he wants to buy the value has gone up so instead he increases his own price of his used Nigerian car too

Do you guys even know the meaning of a used Nigerian car, a car that in a saner climate should be recycled. But things work opposite in Nigeria

The economics of opportunity, dangote has increased cement so every bricklayer increases his labour rate. Why dangote increased his cement they don’t know and they don’t care

Talking about demand for used Nigerian cars went up. Go to jiji and care 45 and see used Nigerian cars that no one would buy

Last last it’s us that is our problem and there is nobody to blame anyway. Same with people selling houses too and people selling land

adonainana:
Nigerians are greedy people
Yes dollar has increased but surely the levy import levy on imported cars has been slashed. So how come the effect can’t and won’t be seen by people buying tokunbo cars

Nigerians are greedy people and would exploit any situation. Any price of anything that goes up in Nigeria through chance, luck or pure economics never goes back down when every parameter has been fixed

Tokunbo cars aside, let’s say it cost 1.5million to import a tokunbo Toyota Camry 2009 to Nigeria. And the seller wants to make his own profit and sells for 1.9 million

Please what about used Nigerian cars, how come all of a sudden it is now expensive, like which part of forex deals with Nigerian used cars that has been used on Nigerian roads.

Too much greed in this country and sometimes if you say too much, people would be like if you can’t afford it, shift and same people want corruption to end, sars to end, nepotism to end. Like una never serious yet

Finally this country is a time bomb, imagine sellin a 2006 car for $3,000 (1.4 million )

Imagine a 14 year old car that the Oyimbo manufacturers have even forgotten they made 14 years ago still selling for millions in a third world country that produces nothing of its own and only imports everything to sustain its lifestyle smh

You only talked about clearing which is usually done in naira, how about shipping which is done in USD? or did you buy the car in naira? some of these people who sell these cars re not based in naija, so by the time they try to pull the money back to their base you will realized they haven't done any business....

chrisifeanyi:
No be small thing. I dey pity dem. Please I need foreign used Lexus RX 350 2009. It must be very neat with good title

I have 2010 direct from Canada

iamDrRhymes:
I thought the federal government has reduced import fees for vehicles from 35% to 5%? Just asking please.

you don forget ur country.... increment starts immediately why price reduction takes months to take effect

InvertedHammer:

/
What has greed got to do with your government's inefficiency and incompetence?

The oyibo selling the cars do not care about your exchange rates. A car that costs $10,000 + $1200 shipping + $2000 clearing = $13200. That's is N4.6m a year ago with dollar at N350. Nothing changed. Just by exchange rate fluctuation alone, the same $13,200 this year is N6.2m with dollar at N470. So where is the greed? Or do you expect the importer to still sell it at N4.6m because he is father Xmas?

\

Should a car that sold for $10,000 14 years ago still sell for $10,000 in 2020 irrespective of the exchange rate diferential?

chukel:
everything you typed here reeks of ignorance. To start with, the slash on import duty for vehicles has not been implemented. The man selling his nigerian used car, sells to probably buy a foreign used car. If foreign used price goes up, its normal economics for price of the Nigerian used to go up. Cos his purchase power needs to be higher in the price increasing market. Finally, go to foreign sites like cars.com or carsforsale.com and see the prices of 2006 vehicles. Then get back here and tell us if a 2006 for $3000 is obtainable in saner clime.

It’s normal economics for price of a Nigerian used to go up.

So then is when you remember economics,

What about the depreciation of the Nigerian used vehicle he wants to sell

All of a sudden you remember economics now but you’ve forgotten every machinery wil depreciate and be of less value as time goes on . We shouldn’t even start talking about how old the cars are

The site you said I should go on I went on there, there are not brand new cars my friend they are foreign used cars, some accidented some with fault, it’s quite unfortunate if you allow someone to sell a 20 year old car to you for 3,000 dollars for you to want to come and sell to come
And sell the foreign car ( tokunbo ) to unfortunate Nigerians

BabaOwen:
He is very dumb

He does not know Nigeria imports almost everything

He's better than most earning in Naira and pseudo spending in dollars.

CsRockefeller:


Should a car that sold for $10,000 14 years ago still sell for $10,000 in 2020 irrespective of the exchange rate diferential?

Please help me ask them oooo, 14 years ago the same car was being sold for $10,000 cos it was brand new then, of the same age and day 14 years ago.

Now 14 years after you still buying it for the same $10,000 coming to say dollar is this dollar is that

I don’t Know who we offend for this Nigeria ooo I really don’t know

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adonainana:


Fixed assets depreciate and machinery depreciate, so you are contradicting yourself, can you imagine what you are saying Mr A wants to sell his 04 Nigerian used Camry for 800k and all of a sudden he realise the car he wants to buy the value has gone up so instead he increases his own price of his used Nigerian car too

Do you guys even know the meaning of a used Nigerian car, a car that in a saner climate should be recycled. But things work opposite in Nigeria

The economics of opportunity, dangote has increased cement so every bricklayer increases his labour rate. Why dangote increased his cement they don’t know and they don’t care

Talking about demand for used Nigerian cars went up. Go to jiji and care 45 and see used Nigerian cars that no one would buy

Last last it’s us that is our problem and there is nobody to blame anyway. Same with people selling houses too and people selling land

This is Nigeria where virtually everything is abnormal. I'm just explaining to you how the exchange rate is affecting cars. I bought a Nigerian used camry 04 for sale at 1,050m recently. This is a car that was bought more than 6 years ago but still in a very good state. Ordinarily, the car is not supposed to be more than 700k.

lekki1444:
bro this how it works, these musicians bring billions of naira of investment into the country. because of whizzkid and davido and burna boy many americans and british are coming to nigeria as tourists. thats easily a billion plus naira industry. go to the island it is full of young americans spending cash who came to see burna boyy and rema and davido and whizzkid. its booming. especially this detty december ? brother stop bbeing ignorant. educate yourself. this is 2020 bro, ignorance is no longer cool

You're wasting your time on that guy

I totally gave up on him when he asked how burns boy and wizkid song is affecting the price of garri in the market

Like seriously

Ignorant people full Nigeria.

bilulu:

I have 2010 direct from Canada

What's mileage and Vin?

Plz WhatsApp me on 07063097718 for pix and price



quote author=chrisifeanyi post=96460576]No be small thing. I dey pity dem. Please I need foreign used Lexus RX 350 2009. It must be very neat with good title[/quote]

CsRockefeller:


Should a car that sold for $10,000 14 years ago still sell for $10,000 in 2020 irrespective of the exchange rate diferential?

/
That’s Tokunbo market. No fixed price. If that’s what you understand from the example I gave, so be it. Go with a gun and snatch a car if you cannot legally afford one. The greatest power you have over a seller is not to buy what s/he is selling.

/

What we were told

lekki1444:
ahhh nice one bros. So what can 10 million naira get in ibadan ?bungalow ? am asking for a friend who wants to return home from bulgaria

It’s all really relative.

Have him make repeated trips home and roam around the city.