Normally, the reverse should be the case. Like how can a car worth 3 million naira 7 years ago now be almost 8.5 million?
No modification, just the normal same car of 7 years ago with the same engine and probably the same body.

How do these things appreciate so much once they get to Nigeria, even worse the value keeps adding as the year goes by.

Same thing with laptop computers.

What's going on?

Economic abnormality is the answer. Nigeria is the fastest in moving towards the wrong direction. What Nigeria sells to foreigners keeps losing price value. What Nigeria buys from foreigners keeps gaining price value. How much was crude oil last 5 years and how much is crude oil now? If naija gets a functioning refinery, crude oil price will rise only in Nigeria against Nigerians.

In conclusion, bad economic policies keep crippling Naira. Good economic policies favour other currencies.

They don't as both items mentioned above obeys the laws of wares and tears. The issue we have is that our currency is dying everyday and this is what we use in exchanging with dollars. The dollars has sworn never to show naira mercy. Our depreciative manners makes it look as if these items are appreciating.

Aswear, the matter tire me. Na tha Corolla price worse pass. Accounting in secondary school taught us that assets like this depreciates in value. It is the other way round in the current Nigeria. It is well

immortalcrown:
Economic abnormality is the answer. Nigeria is the fastest in moving towards the wrong direction. What Nigeria sells to foreigners keeps losing price value. What Nigeria buys from foreigners keeps gaining price value. How much was crude oil last 5 years and how much is crude oil now? If naija gets a functioning refinery, crude oil price will rise only in Nigeria against Nigerians.

In conclusion, bad economic policies keep crippling Naira. Good economic policies favour other currencies.

Are we the only country with bad economy? I've seen people going out to some neighbouring countries to get this cars very cheap then smuggle it into Nigeria.

U no get problem na if na only car u notice the price skyrocket

HitbackIIback:
They don't as both items mentioned above obeys the laws of wares and tears. The issue we have is that our currency is dying everyday and this is what we use in exchanging with dollars. The dollars has sworn never to show naira mercy. Our depreciative manners makes it look as if these items are appreciating.

So a car dealer, who had a stock he never sold 5 years ago stand a chance of selling it at a higher price just because the niara has depreciated? Not because he added anything to the car?

Something is seriously wrong.

Tombrown3:

Are we the only country with bad economy? I've seen people going out to some neighbouring countries to get this cars very cheap then smuggle it into Nigeria.

Many African countries have better economy than Nigeria. It is simple.

aycapri:
Aswear, the matter tire me. Na tha Corolla price worse pass. Accounting in secondary school taught us that assets like this depreciates in value. It is the other way round in the current Nigeria. It is well

I swear, 2002, a car of 20 years is sold 2.5m in naija, like how? These cars are probably not being manufactured again or has many many more newer models to compliment the years.

Yet it's still very had for a middle class to acquire. It is depressing indeed

immortalcrown:

Many African countries have better economy than Nigeria. It is simple.

Is there any solution you think (your opinion) can solve this problem?

Soulsymbol99:
U no get problem na if na only car u notice the price skyrocket

Lol... Na where en pain me more I dey talk, I want to get a car soon.


If a bag of rice was sold 15k last 5 years ago and today it's sold for 33k; I won be bothered as it's no longer the same rice of 5 years ago am buying today. A lot has gone through the manufacturering processes etc...

Its not a car that remains the same for 10 years but rather it's value appreciates in Naija

Tombrown3:


So a car dealer, who had a stock he never sold 5 years ago stand a chance of selling it at a higher price just because the niara has depreciated? Not because he added anything to the car?

Something is seriously wrong.

It's just business, Corrolla for instance new price is high so even people with old stock just top up, that's what bad economy can do.

I once had an Infinix phone I bought 17500, 2yrs later someone price it 24000 even as fairly used it original price has gone up to like 35k that was the era of "change" naira shooting from 180 to 300 and above. So that's how bad the economy is bro

This is serious food for thought. But foreign exchange has a major role to play here and cost of clearing at the ports too.

Tombrown3:


Lol... Na where en pain me more I dey talk, I want to get a car soon.


If a bag of rice was sold 15k last 5 years ago and today it's sold for 33k; I won be bothered as it's no longer the same rice of 5 years ago am buying today. A lot has gone through the manufacturering processes etc...

Its not a car that remains the same for 10 years but rather it's value appreciates in Naija

If you surf d net u'll see alot of people r selling good cars in ok conditions.Unless ur looking @ direct tokunbo.if not,the Buhari effect hold everybody if u knw wot I mean

The major factor is most automakers didn't have computer chips to push out their cars 2020,2021,2022 due to covid. Most 2022 cars you place order for here, you will have to wait for 3 to 6 months. Thus, since people can't have new cars, old ones started increasing in price (law of demand and supply). Is very bad here in Canada, cars also appreciated in value.

The price increase here will influence cost of tokunbo cars in Nigeria. It is still simple economics.

Tombrown3:
Is there any solution you think (your opinion) can solve this problem?

The solutions are numerous. I will mention just few.

Make policies to discourage ostentatious living. In America for example, the more expensive your car, the more tax you pay for the car. In Nigeria, an undergraduate that has no job will own an expensive car on campus. If the undergraduate's father or mother is properly taxed, the undergraduate may not own the car.

Stop celebrating people's wealth when you do not clearly know the sources of the wealth. Those who fraudulently make money deliberately cause inflation just to show they are richer than others. They will pay 1,000 Naira for a bottle of water that normally costs 100 Naira. They raise the prices of items to monopolize the satisfaction. If you begin to ask critical questions about people's wealth before celebrating those people, even crime will reduce. People commit crime for money because they know the society does not ask how the money comes. The society cares about only the money.

Serve yourself in many areas. If you open Chicken Republic door yourself, the price of food in the place will reduce. If the company hires a person tom open the door for you, the person's salary will be added to your bill.

Learn that wearing one cloth more than once in a week is not poverty as long as the cloth is neat.

Discourage irrational spending. People used millions of dollars to attend the 02 Arena show just to show off. The same performance can be watched online. Going to 02 Arena is not wrong. But there are more important things the money can be used for. Those people that traveled and bought tickets for the show passed homeless people and poor patients on their way to airports. But irrational thinkers will say it is not my money. They will say whoever makes money should spend the money as he wishes. But the same fools complain when pastors and politicians spend public money.

Stop accepting gifts during political campaigns. Politicians use their money to offer the gifts and later embezzle public funds to pay for the gifts. Why is he giving you the gift? To do him a favour? Are you voting for him to favour him or for him to serve you? Do children give adults gifts when adults send children on errands? Is it not abnormal for a political candidate you want to send on an errand to give you gifts for sending him on an errand? Answer these questions.

Stop celebrating political projects as if the politicians spend their personal money on the projects. Why would you sing and dance when a governor tars a road? Is the job not why you voted for him? Is he not getting salaries for doing the road? Is the road construction a charity work by him?

Doing these things will change people's ideologies. The ideological change will reduce the demand for foreign goods. When the demand reduces, the price will fall. Remember the law of demand and supply. Nigeria demands more than it supplies. The higher the demand, the higher the price.

No real insurance and government environmental protection agency against pollution, if not the prices will drop to dust

immortalcrown:
The solutions are numerous. I will mention just few.

Make policies to discourage ostentatious living. In America for example, the more expensive your car, the more tax you pay for the car. In Nigeria, an undergraduate that has no job will own an expensive car on campus. If the undergraduate's father or mother is properly taxed, the undergraduate may not own the car.

Stop celebrating people's wealth when you do not clearly know the sources of the wealth. Those who fraudulently make money deliberately cause inflation just to show they are richer than others. They will pay 1,000 Naira for a bottle of water that normally costs 100 Naira. They raise the prices of items to monopolize the satisfaction. If you begin to ask critical questions about people's wealth before celebrating those people, even crime will reduce. People commit crime for money because they know the society does not ask how the money comes. The society cares about only the money.

Serve yourself in many areas. If you open Chicken Republic door yourself, the price of food in the place will reduce. If the company hires a person tom open the door for you, the person's salary will be added to your bill.

Learn that wearing one cloth more than once in a week is not poverty as long as the cloth is neat.

Discourage irrational spending. People used millions of dollars to attend the 02 Arena show just to show off. The same performance can be watched online. Going to 02 Arena is not wrong. But there are more important things the money can be used for. Those people that traveled and bought tickets for the show passed homeless people and poor patients on their way to airports. But irrational thinkers will say it is not my money. They will say whoever makes money should spend the money as he wishes. But the same fools complain when pastors and politicians spend public money.

Stop accepting gifts during political campaigns. Politicians use their money to offer the gifts and later embezzle public funds to pay for the gifts. Why is he giving you the gift? To do him a favour? Are you voting for him to favour him or for him to serve you? Do children give adults gifts when adults send children on errands? Is it not abnormal for a political candidate you want to send on an errand to give you gifts for sending him on an errand? Answer these questions.

Stop celebrating political projects as if the politicians spend their personal money on the projects. Why would you sing and dance when a governor tars a road? Is the job not why you voted for him? Is he not getting salaries for doing the road? Is the road construction a charity work by him?

Doing these things will change people's ideologies. The ideological change will reduce the demand for foreign goods. When the demand reduces, the price will fall. Remember the law of demand and supply. Nigeria demands more than it supplies. The higher the demand, the higher the price.

You made so many rational points that can be put into consideration. I like your evaluation and if put to practice will reduce a lot crime, especially the questioning of a gotten wealth.

In America, is expedient to have a job before anyone can rent you a house.

In conclusion, we are the real cause of our problem so to say.


Thank you very much your input. I appreciate.

godofuck231:
No real insurance and government environmental protection agency against pollution, if not the prices will drop to dust

Please elaborate on this more.

henrinco:
The major factor is most automakers didn't have computer chips to push out their cars 2020,2021,2022 due to covid. Most 2022 cars you place order for here, you will have to wait for 3 to 6 months. Thus, since people can't have new cars, old ones started increasing in price (law of demand and supply). Is very bad here in Canada, cars also appreciated in value.

The price increase here will influence cost of tokunbo cars in Nigeria. It is still simple economics.

Wow... Just wow...

aycapri:
Aswear, the matter tire me. Na tha Corolla price worse pass. Accounting in secondary school taught us that assets like this depreciates in value. It is the other way round in the current Nigeria. It is well

Especially that Corrola. That was how someone posted a 2006 Corrola for #3M on Nairaland. In my mind, I'm wondering why anyone would save #3M and use it to buy a 17-year old car just because of exchange rate issues. Why not use the money to send 20 orphans to primary school?? Better still, invest it. This is the same car people bought for #1.4M 2-3 years ago. 3 years later, you want to buy a scrap for twice the price when your income has not increased exponentially.

Nigerians are the ones driving these crazy prices with their herd mentality. It is true the economy has gone from bad to worse but not to the extent of selling outdated flooded scraps for #3-4M.

Tombrown3:
Normally, the reverse should be the case. Like how can a car worth 3 million naira 7 years ago now be almost 8.5 million?
No modification, just the normal same car of 7 years ago with the same engine and probably the same body.

How do these things appreciate so much once they get to Nigeria, even worse the value keeps adding as the year goes by.

Same thing with laptop computers.

What's going on?

And increased mileage

The reasons are; Dollar rates and increasingly high custom duties.... Then greediness on car dealers, especially third party sellers.

2012 i bought a 2005 Toyota Matrix for 1.550mill today, 10 yrs later its about 2.2mill.

Take good care of your cars, because the Nigerian economy has now turned a car into an asset, abnormal but true.

1. Crashing naira against the dollar
2. High import duty
3. Global chip shortage
4. Increased demand for used vehicles

Tombrown3:


Please elaborate on this more.

check the US laws on vehicle insurance and and carbon emissions

PAQ:
The reasons are; Dollar rates and increasingly high custom duties.... Then greediness on car dealers, especially third party sellers.

2012 i bought a 2005 Toyota Matrix for 1.550mill today, 10 yrs later its about 2.2mill.

Take good care of your cars, because the Nigerian economy has now turned a car into an asset, abnormal but true.

I saw it online on jiji, imagine adding almost 100% in value after 10 years, cars in Nigeria are like Italian Cheese, the older it gets the better it becomes, such an irony. Smh. Thanks for your input anyway.

I bought my corolla for 1.2, Used it for over 3 years, brain box was stolen once, sold the car for 1.7 .......rather stick to my lion, everybody dey fear am

Acidosis:


Especially that Corrola. That was how someone posted a 2006 Corrola for #3M on Nairaland. In my mind, I'm wondering why anyone would save #3M and use it to buy a 17-year old car just because of exchange rate issues. Why not use the money to send 20 orphans to primary school?? Better still, invest it. This is the same car people bought for #1.4M 2-3 years ago. 3 years later, you want to buy a scrap for twice the price when your income has not increased exponentially.

Nigerians are the ones driving these crazy prices with their herd mentality. It is true the economy has gone from bad to worse but not to the extent of selling outdated flooded scraps for #3-4M.

You sha know how to mix sense and nonsense together. So for a person to not buy a car but instead send 20 orphans to school with the money while his family is trekking under rain and sun is your solution to inflation?

sandysaint:



You sha know how to mix sense and nonsense together. So for a person to not buy a car but instead send 20 orphans to school with the money while his family is trekking under rain and sun is your solution to inflation?

Not just sending 20 orphans to school, I will also prefer to burn #3m cash than pay a greedy car dealer that sum in exchange for a scrap.

If you want to discuss inflation, let's meet on business/investment section.

Tombrown3:
Normally, the reverse should be the case. Like how can a car worth 3 million naira 7 years ago now be almost 8.5 million?
No modification, just the normal same car of 7 years ago with the same engine and probably the same body.

How do these things appreciate so much once they get to Nigeria, even worse the value keeps adding as the year goes by.

Same thing with laptop computers.

What's going on?

Inflation

The major reasons are;
1. Increase in dollar rate.
2. Increase in demand
3. Custom duties.
4. Increase in tax and levies paid by the dealers.
The best is to maintain the car you have and for those that doesn't have yet, God will provide.

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Funny but true.

Bought my corolla 05 1.65m in 2016.

After 6 years with 3 years of uber, I sold it for 1.6m just last week.