i do not understand why some auto dealers in our forum are ridiculous and greedy.

why will u want to sell naija used cars older than 12-15 years almost the same price as tokonbo ones? some of these cars one may still need to spend above 50K to get them to taste.

Image a registered Bulldog going for 650K. My friend bought a car from a dealer here in 2008 and ended up spending 82K on it despite buying at high price.

Repent now for the kindom of boko haram is near by

I wonder o, imagine someone selling used 1998 pathfinder at 950k.

Rudebwoy:

I wonder o, imagine someone selling used 1998 pathfinder at 950k.

This is a gross exaggeration.

WTH would buy it?


@post. confirmed over pricing dey worry many sellers for hia

@ Op, Reach out to this fellow, and you will give a testimony after everything ( nice_naija104@yahoo.ca )

NL ha s become a place of extortion, not just selling  used cars at exorbitant price but also doing backyard business. A lot Niaraland car dealers buy their car in NL( eg rollyfemmy)  and sell it also in Nl thus doubling the price. Others are just too greedy , taking advantage of NL popularity to sell cars at outrageous price. Many ppl do not go to auto section again when everybody knows the way to Cotonou

Some of the so called auto-dealers on NL are merely agents of agents of the actual seller while some sellers are extortionists. That is why it is difficult for some of them to provide pictures for the cars they claim to sell. The ones that place pictures add mind boggling figures to a fair price. Personally I would not buy from an NL car dealer.

A major US car auctioneer is opening an office in Lagos soon. Their days of extortion are numbered.

1stCitizen:

Some of the so called auto-dealers on NL are merely agents of agents of the actual seller while some sellers are extortionists. That is why it is difficult for some of them to provide pictures for the cars they claim to sell. The ones that place pictures add mind boggling figures to a fair price. Personally I would not buy from an NL car dealer.

A major US car auctioneer is opening an office in Lagos soon. Their days of extortion are numbered.

Not a bad idea.

1stCitizen:


A major US car auctioneer is opening an office in Lagos soon. Their days of extortion are numbered.

Cool menh how soon, abeg give me their website

europe is comming soon to salvage the situation for cheap cars buy direct from - buygermancarsng dot com

davodguy:

i do not understand why some auto dealers in our forum are ridiculous and greedy.

why will u want to sell naija used cars older than 12-15 years almost the same price as tokonbo ones? some of these cars one may still need to spend above 50K to get them to taste.

Image a registered Bulldog going for 650K. My friend bought a car from a dealer here in 2008 and ended up spending 82K on it despite buying at high price.

Repent now for the kindom of boko haram is near by

1stCitizen:

A major US car auctioneer is opening an office in Lagos soon. Their days of extortion are numbered.

You should let everybody know that the "major US auctioneer" you referred to (ie IAAI) deals exclusively on insurance auctions. These include accident, salvage, flood, theft-recovery and other problem cars. I don't know if this is a good or bad development.

In their defense, they do not hide the fact they only sell problem cars. If you read the Tribune article you linked to, you will see the following:

“With growing demand for affordable transportation around the world, the opportunity to profit from buying and repairing damaged vehicles had become relevant,” he said.

“American spec cars are very desirable in West African markets because of their special features. Our company sells salvaged vehicles via live-online auction at over 155 locations across the United States.

kayci_d77:

NL ha s become a place of extortion, not just selling  used cars at exorbitant price but also doing backyard business. A lot Niaraland car dealers buy their car in NL( eg rollyfemmy)  and sell it also in Nl thus doubling the price. Others are just too greedy , taking advantage of NL popularity to sell cars at outrageous price. Many ppl do not go to auto section again when everybody knows the way to Cotonou

confirmed. i saw him negotiate cars here

When we get in cars like that, we want to get rid of them as quickly as possible. We have no use for them. We cannot resell them, we don't want the bother of taking them to auction, and they look bad sitting on our lot.

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Its not only the ones that sell NIgerian used cars but even the ones that sell the so called tokunboh cars. Imagine one posting a 2005 pathfinder with almost 180k miles(about 260,000 km already),basic options for N3.5m?? How many more weeks do I use the car before I start replacing the entire car all over again? Another posted a 2007 (he called it 2008)lexus Gx 470 for N8.5m? How much is it to buy a new one then? I would rather go take a loan and add to that to buy a new one instead of buying a 4 year old car at that price. One daft posted a used(with considerable mileage) GL550 for N15m? When a brand new one,2011 model,highest package with all the utilities MB ever thought of goes for $76,580( about N12m) including transport,destination charges,all taxes and shipping. Some will say that is not the last price so its open to negotiation. How will i start negotiating for a used car that is way more expensive than a brand new one with more options? Does it sound logical? Do they think everyone is a politician(another pseudo name for thieves in Nigeria) who put spending before thinking at all? bleep!
There are a few of them though that you can see clearly are not out to take advantage of you and i cant resist mentioning Bizbooks here.i do not know him from adam, but his prices are usually not far from realistic prices and he comes out a honest and str8 person. At least from testimonies here on nairaland.

But seriously, it's only in Naija that someone buys a car for say 1M uses it for 3years and thereafter sells for 800k. I mean warra h3ll??

Anyway, its good cos it pays me too cos I'll benefit in a similar way when its time to fling any of my rides.

They are doing business. If you choose not to buy then explore another means.

All the throat-cutting car dealers on NL should be identified and names published to caution prospective buyers.

Dejoeman:

All the throat-cutting car dealers on NL should be identified and names published to caution prospective buyers.

viceb:

They are doing business. If you choose not to buy then explore another means.

Can't you read? They are clearly exploring other options. However, that does not deny them their right to complain about it on a public forum.

viceb:

They are doing business. If you choose not to buy then explore another means.

Abi o!! Na by force them ask you to buy?

You mean we should all quietly walk away and pretend all is well so that others fall victim. No wonder Nigeria is where it is today.
Some of us have better options but do you think its normal to allow other unsuspecting Nlders to fall mugu??

O king:

Abi o!! Na by force them ask you to buy?

@bizbooks, thanks for opening our eyes to the fact that they r coming with salvage and likes. now we know its a sweet and sour thing.
but then the tone of ur writeup shows a hint of displeasure.

all in all, I think I will rather but a toks that's openly declared "salvaged" from a major auctioneer, fixed by pros than buy naija used that might have been bought as salvaged, and driven mercilessly on naija deathtraps for years and still put up for sale at an outrageous amount.

Nobody is forcing out money from anyone's pocket. It's a matter of negotiation.

Atouba:

Its not only the ones that sell NIgerian used cars but even the ones that sell the so called tokunboh cars. Imagine one posting a 2005 pathfinder with almost 180k miles(about 260,000 km already),basic options for N3.5m?? How many more weeks do I use the car before I start replacing the entire car all over again? Another posted a 2007 (he called it 2008)lexus Gx 470 for N8.5m? How much is it to buy a new one then? I would rather go take a loan and add to buy a new one instead of buying a 4 year old car at that price. One daft posted a used(with considerable mileage) GL550 for N15m? When a brand new one,2011 model,highest package with all the utilities MB ever thought of goes for $76,580( about N12m) including transport,destination charges,all taxes and shipping. Some will say that is not the last price so you can negotiate. How will i start negotiating for a used car that is way more expensive than a brand new one with more options? Does it sound logical? Do they think everyone is a politician,another pseudo name for thieves in Nigeria who put spending before thinking at all? bleep!
There are a few of them though that you can see clearly are not out to take advantage of you and i cant resist mentioning Bizbooks here.i do not know him from adam, but his prices are usually not far from realistic prices and he comes out a honest and str8 person. At least from testimonies here on nairaland.

You have a right to complain and a responsibility to do your research before buying a used car. Yes, there are some greedy dealers but there are indeed a lot of reputable ones as well. In the free market buyers should always beware.

Car prices in Nigeria will always reflect the constant depreciation of the Naira relative to the dollar, shipping costs and Custom clearance charges. Sadly, most people do not take the time to find out about all these costs before painting car dealers as greedy people.

My perusal of posted car prices on this site suggests there is very stiff competition in Nigeria, considering the average car prices in North America.

Bros Jarus,
I guess you were just trying to be funny there(highlighted). Negotiate what?? Something you know is ridiculously priced. I just dont bother whenever Iam faced with such a scenario. I always believe the seller is not in a proper state of mind. Ask for more for a used vehicle when a better and brand new one cost 25% less. Its nothing but a strong case of dementia.

Jarus:

Nobody is forcing out money from anyone's pocket. It's a matter of negotiation[color=#990000][/color].

Pls only buy Nigerian used car that you know the maintenance history at least to start with. Then check the value of a fresh tokunbo of the car, for instance, if it is 2004 model car and the car is worth 2 million, and have been used for 2 years. Depreciation of cars is valued at between 5% and 10% of the original value yearly in countries where there are good roads and weather conditions, and maintenance culture. But in Nigeria, it is depreciated between 25% to 50% depending on where it is used and weather condition too.

So when you take the lowest value, and depreciate for 25%, for in 2 years a car bought for 2 million and used in Egbeda, Ipaja, Ikorodu, Ikotun area, Okomaiko Lekki etc (where cars spend up to 6 hours daily in traffic gridlock) will have lost value to the tune of 500,000 Naira in first year alone, you now have 1.5 million car value. 25% of 1.5 million is 375,000 naira depreciation after another 1 year. Please use your tongue to count your teeth before you now negotiate. after 2 years, the car should be worth N1,125,000 according to usage in Nigeria. In fact if you price well, you will get it for 1 million. simple.

This is not a local problem, auto dealers the world over rip off the buyers.

[img]http://s01.flagcounter.com/count/7uR/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/pageviews=0[/img][img]http://s10.flagcounter.com/count/oH/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/pageviews=0[/img][img]http://2.s01.flagcounter.com/count/7uR/bg=FFFFFF/txt=FFFFFF/border=FFFFFF/columns=1/maxflags=1/viewers=3/labels=0/pageviews=0[/img]

chei, tx 4 this info,was thinkn of gettn a fairly used car here o.bt now i no beta.

BizBooks:

You should let everybody know that the "major US auctioneer" you referred to (ie IAAI) deals exclusively on insurance auctions. These include accident, salvage, flood, theft-recovery and other problem cars. I don't know if this is a good or bad development.

In their defense, they do not hide the fact they only sell problem cars. If you read the Tribune article you linked to, you will see the following:

One of them has finally responded. At least they are transparent enough to give a detailed listing of the issues with these cars. Some of them are so negligible that they are better than the VIN cloned, overused, inflated priced and sometimes stolen junk you guys flog on NL. NL car buyers! caveat emptor!

[b]I can't resist the aroma of sensationalism and argument that this thread offers.
It is always good to see buyers complaining.
That way, we know what they think and how to approach them next time.

I might as well put up a thread on why buyers price cars ridiculously.
It is common sight to see a potential buyer here pricing a 2003 Honda Accord for N1.2m and then goes ahead to tell u that his friend's friend's sister's elder cousin bought it for that price.

I shake my head in utter dejection. But like someone said earlier, it is an open market.
While i agree with the allusion this thread is making, so many things here reek of over-generalisation.
I won't bother to go into details but we should be bear certain things in mind when wanting to invest in a car; used or brand new. It is a depreciating asset.

Back to the question of over-pricing by some dealers, we need to bear something in mind; nobody sets out to do business without profit as the end product. It is not a charity organisation. Rather, the idea of a good venture is to get the best product at the best possible price for the client to be happy and you the dealer to smile to the bank.

Hence, if in a bid to achieve the above, someone goes to salvage auctions and buys a 2003 Honda Accord for 2k, uses another 1.5k to put it in order and then caters for logistics and clearing for 3k and then sells his car for 1.4m-bearing in mind the exchange rate- he may have achieved the above but something has suffered; QUALITY.

But juxtapose that to someone who goes to re-certified cars auction and buy a clean title vehicle, ships and does everything for 8k. he marks up his profit and sells for N1.8m, he has also achieved the above. But something else may have suffered; selling the car quickly so as to turn in his capital and go for another venture.
It is now the buyers responsibility to do his due diligence before parting with his money.

We know what is available in the market and how it obtains to quality and reliability.
It is the same buyers that have encouraged the salvaged car mart and yet complain of junks.
You get what u asked for. If you want cheap cars, you will get cheap cars. If you want expensive units, they are all there. If you want reasonable priced quality cars, they also there. The best thing for u is to do a due diligence and be sure u are paying for the right thing.

I have a minimum of 4 years experience selling cars and i can assure you -go and do ur own investigation- that Nairaland has a vast majority of the cars priced well. If you are not battling with tampered odometer, you are contending with terrible mangled cars that were straightened up. Nairaland auto section at least has some level of censorship and due diligence required before posting a car here. Here to some extent, we try to be open. People will harass u for VIN and to disclose the downsides of your vehicle et al, but can you do that in an open market like Berger, or Awolowo Way Ikeja of Agidingbi? For all our criticism, this website gives us the best. We do name and shame here, hence others take a cue and play their games well. This practically unobtainable in the open market. Quote me anywhere!!

As for agents of agents of agents of the seller's agent, u can easily fish then out.
We know how to deal with people like that. But just as we have agents selling properties, so are there selling cars.
U don't expect to bring a client to buy something from a friend and go empty handed. Do you?

All the same, what u see today is a response to what the client wants and nothing else.
Greed is just a function of the human person. As for over priced cars, we know them when we see one. Make your inquiries from the registered dealers. That way, you are sure of what u are buying and from whom.

I rest my case.[/b]

kayci_d77:

NL ha s become a place of extortion, not just selling  used cars at exorbitant price but also doing backyard business. A lot Niaraland car dealers buy their car in NL( eg rollyfemmy)  and sell it also in Nl thus doubling the price. Others are just too greedy , taking advantage of NL popularity to sell cars at outrageous price. Many ppl do not go to auto section again when everybody knows the way to Cotonou

I'v noticed it too