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Nairaland Forum / Nairaland / General / Autos / NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 (2559 Views)
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NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by NaijaphiliaBlog: 12:04am On Mar 04, 2023 |
This is a photograph of a purchase receipt for a brand new Honda Civic car which was purchased on 17 Nov 1976 from Leventis Motors. At that time, a brand new Honda Civic cost only Three Thousand, Two Hundred and Five Naira (₦3,205) in Nigeria. SOURCE https://naijaphilia.com/blog/2023/03/04/naija-throwback-honda-civic-purchase-receipt-in-1976/ 1 Like 1 Share
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Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by DaCharis2016: 12:32am On Mar 04, 2023 |
Na wa ooo |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by LikeAking: 12:34am On Mar 04, 2023 |
Amazing.. They bought brand new cars like it was nothing in those good old days.. Nice! 2 Likes |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by overdrive(m): 12:43am On Mar 04, 2023 |
LikeAking: That sum of money wasn't easy to come by then. 16 Likes 2 Shares |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by budaatum: 12:50am On Mar 04, 2023 |
LikeAking: Really? Perhaps post the annual salary of those you claim "bought brand new cars like it was nothing in those good old days" so we can truly see how amazing those good old days were. 2 Likes |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by YeyeGbami: 12:51am On Mar 04, 2023 |
That 3,205 is now 3.2M. 3 Likes |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by NaijaphiliaBlog: 1:52am On Mar 04, 2023 |
Your proposal is insightful. Let's check it out: (A). PURCHASING POWER IN 1976 VS COST OF 1976 HONDA CIVIC In 1976, Nigeria's nominal minimum wage was ₦60 per month i.e. ₦720 per annum. In 1976, the cost of a brand-new Honda Civic was ₦3,205 This was equivalent to 53.5 months' salary (or four and a half years' salary). (B). PURCHASING POWER IN 2023 VS COST OF 2023 HONDA CIVIC In 2023, Nigeria's minimum wage is ₦30,000 per month i.e. ₦360,000 per annum. In 2023, the cost of a brand-new Honda Civic is ₦19.5m (approx). This is equivalent to 650 months' salary (54 years' salary). (C). INFERENCE By this purely linear logic (not taking any other germane factors into account), the base-salaried Nigerian worker in 2023 is more than 12-fold worse off than his 1976 counterpart! budaatum: 30 Likes 3 Shares |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by usecondom(m): 2:19am On Mar 04, 2023 |
3 Likes |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by budaatum: 4:54am On Mar 04, 2023 |
NaijaphiliaBlog: Good try. Very good try in fact, but linear logic don't quite cut it I would think, since there's a lot of germaine factor (exchange rate, along with its corresponding strength of currency, and inflation), which must be taken into account unfortunately. But again, very very good try. Your minimum wage figures are questionable for starts (first image below), and a person on minimum wage in 1976 and 2023 would only dream in their sleep of buying a brand new Honda Civic regardless. Those who buy brand new Honda Civics in 1976 and 2023 earn a lot more than minimum wage. Yeyegbami says ₦3,205 in 1976 is now ₦3.2M, and by linear logic, if his claim is true, ₦60 in 1976 would be like ₦60,000 today, or ₦600,000 if one usecondom. Second image is the salaries of newly commissioned officers in the Medical Corp in 1976. They are the sort of people who'd have bought a brand new Honda Civic in 1976, and likely who would buy one today. That said, a person on a ₦60 a month wage in 1976 was likely better off than a person on the equivalent wage today as Nigeria was doing financially much better in 1976 than it is today, but I wouldn't say as well off as to buy a brand new Honda Civic. 2 Likes 1 Share
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Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by DeFuturePresido: 5:10am On Mar 04, 2023 |
LikeAking: There is no doubt that the standard of living in the country has fallen, over time. Those who are old enough will have memories of many relations who took loans and bought brand new vehicles, in those days. These days, what ratio of our honest, hard-working citizens can afford to buy brand new cars? 1 Like |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by DeFuturePresido: 5:12am On Mar 04, 2023 |
DaCharis2016: Na real wah! |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by ACRI: 5:17am On Mar 04, 2023 |
The price of a brand new Peugeot vehicle was around #6000 naira at SCOA, my Father bought one around late seventies and early eighties. They had payment plans. I drove those vehicles cos I grew up to meet them. University of ibadan was feeding students at dinning halls then and they had their laundry done for them too in the seventies. The current political class destroyed this country shortly they took power in the eighties-bubu and nineties. Lets hope they fix it |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by SAFDO: 5:32am On Mar 04, 2023 |
Those were the days! Almost seems like you are talking about an entirely different country...?? ACRI: |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by SAFDO: 5:34am On Mar 04, 2023 |
Certainly wasn't. However, it is quite obvious that the standard of living in the country has fallen. overdrive: |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by Sammy4Joy: 5:44am On Mar 04, 2023 |
Brand new Peugeot @ N6,000! Sounds incredible but it is true. One of my elderly uncles bought his Peugeot 504 at N6,200 in 1982, if I remember correctly. Truly, inflation is an ill-wind that does no one any good. ACRI: |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by Sammy4Joy: 5:46am On Mar 04, 2023 |
YeyeGbami: Probably more like N20m now. 1 Like |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by NaijaphiliaBlog: 8:01am On Mar 04, 2023 |
Excellent points! You are right - my intention was not to imply that a minimum wage worker in 1976 could afford a brand new car, but rather to indicate the gap in purchasing power between the 1976 and the 2023 salaries of a given worker on equivalent salary scale. budaatum: 4 Likes 1 Share |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by CodeTemplar: 8:34am On Mar 04, 2023 |
Rice and chicken money in 2023. |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by budaatum: 8:46am On Mar 04, 2023 |
NaijaphiliaBlog: And I can't argue with that since it's very true. |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by AskProf: 11:08am On Mar 04, 2023 |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by grandstar(m): 11:35am On Mar 04, 2023 |
NaijaphiliaBlog: I love these sort of educative responses. 1,000 stars That's why Ghanaians were rushing to Nigeria. My dad built his twin duplex at Ikeja for 60k in 1981. 1 Like |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by damosky12(m): 2:58pm On Mar 04, 2023 |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by LexngtonSteele: 4:09pm On Mar 04, 2023 |
Nice analysis. Thanks for breaking it down. NaijaphiliaBlog: |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by Ofemmanu1: 5:03pm On Mar 04, 2023 |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by NaijaphiliaBlog: 4:31am On Mar 05, 2023 |
LexngtonSteele: You are most welcome. |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by Sammy4Joy: 4:34am On Mar 05, 2023 |
CodeTemplar: In fact, there are some places where a plate of rice and chicken now costs more than N3,205!!! |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by Sammy4Joy: 4:36am On Mar 05, 2023 |
Ofemmanu1: Do you mean a Tokunbo Civic? |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by StrongestGuy: 4:46am On Mar 05, 2023 |
Wow! Right now, N3,205 can't even buy a plate of Extravaganza Pizza from Domino's. NaijaphiliaBlog: |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by StrongestGuy: 4:48am On Mar 05, 2023 |
Yes o! A lot of Ghanaians came to live in Nigeria in those days. grandstar: |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by NaijaSamurai: 6:38am On Mar 05, 2023 |
Inflation actually affects everybody, negatively. That is one of the reasons Central Banks around the world make such intense efforts to fight it. Sammy4Joy: |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by NaijaSamurai: 6:41am On Mar 05, 2023 |
Re: NÀÌJÁ THROWBACK! Honda Civic Purchase Receipt In 1976 by timbros(m): 8:06am On Mar 05, 2023 |
Ofemmanu1: Really? Where please? 2 Likes 1 Share |
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