₦airaland Forum

1. Foreign exchange rate: Over the last one year the rate of dollar has ranged from between 1700 to 1400 (so on average 1500) and dollar has been scarce due to the many regulatory changes with the CBN in a bid to stabilize the dollar rate. Most dealers have to compete will the international market when buying cars from abroad even when it comes to parts as well so a Camry 2012 is going to to cost around 2000-4000 USD(depending on condition) which comes to roughly 3.8M to 6M in Naira
See attached some ads confirming the price

2. Auction fees and Shipping cost: if you’re purchasing a car as a certified dealer you are likely to pay some fees to the auction company which is usually between $800 and can run as much as $5000 (depending on the car value, sometimes even more). Following which you then have to pickup your new purchase and ship it down to Nigeria. see attached all necessary associated fees
When it comes to shipping a car from say maybe the US to Nigeria we have a few option which I won’t dive into but it varies widely based on the state you purchased your vehicle (most recently trump has been clamping down on immigrants who dominate the logistics industry in US, so shipping has become costly) but I will put it at between 2000 - 4000 USD depending on state of purchase and condition of vehicle ( if a car doesn’t move it has no runner fees associated of about $600)
Auction and shipping estimate - $2800( 4.2 million Naira) mind you this is on the lower end

3. Customs clearing : Nigerian customs are a car dealers greatest Nightmare and il explain why. So the government understands that we are an import heavy economy and want to take full advantage of this and tax the importers to Enrich the coffers of the government so very steep custom fees have been placed on our beloved imports, cars are not excluded.
The cost of clearing cars in Nigeria has changed from 2018, 2019, 2020, 2021, 2022, 2023, 2024 and 2025. The reason for this is the current change in the exchange rate. The exchange rate used by customs is $1 to ₦1,537.82 at this moment. This exchange rate is subject to change at intervals (depending on the strength of ₦). There is also a new VIN valuation policy implemented by customs that has hiked the value of underaged vehicles (vehicles from 2014 downwards), which then increases the total cost to clear vehicles.
Clearing our test 2012 Camry is roughly - 3.5 million Naira [url] https://www.nairaland.com/783002/total-cost-clearing-vehicle-nigeria/567[/url]

4. Vehicle repair and miscellaneous costs : I have used a 2012 Camry as a test example that car is over 13 years old and is estimated a car owner from brandnew will put about 15000 miles annually on a car depending on the state and individuals usage after 13 years the car is expected to have nothing less than 200, 000 miles on the odometer and with usage comes maintenance cost or if you buy an accidented car you have repair costs (Remember this economy de touch everybody if a car is too expensive they wont buy it and would rather go for one that has a minor accident to lower the cost for the End user)
Give or take Maintenance cost includes Brake pads, Suspension repair, Electrical repair, Engine tune up, Painting and packaging (Nylon seat, upholstery repair, detailing)
Estimated maintenance cost for 012 Camry - 1 Million Naira

*miscellaneous expenses will include replacing stolen parts from port( port rats are notorious for stealing car keys, Rim and Radio amplifiers or anything they can easily lay their hands on)

Our Camry is landing at between 12.5 and 14.7 Million Naira

You won’t blame a dealer that has been on this importation for 3 months before he finally see buyer to add a markup of 1.5M ( roughly 10% profit margin) which I won’t even advice because if you took a loan to fund this purchase you will be paying about 5% per month (15% interest ) so even if you don’t take a loan it means you would have been better off putting that money in RENMoney(28% p.a) and collect interest then there won’t be any cars for you to buy on Nairaland

Autoconnoisseur:
4. Vehicle repair and miscellaneous costs : I have used a 2012 Camry as a test example that car is over 13 years old and is estimated a car owner from brandnew will put about 15000 miles annually on a car depending on the state and individuals usage after 13 years the car is expected to have nothing less than 200, 000 miles on the odometer and with usage comes maintenance cost or if you buy an accidented car you have repair costs (Remember this economy de touch everybody if a car is too expensive they wont buy it and would rather go for one that has a minor accident to lower the cost for the End user)
Give or take Maintenance cost includes Brake pads, Suspension repair, Electrical repair, Engine tune up, Painting and packaging (Nylon seat, upholstery repair, detailing)
Estimated maintenance cost for 012 Camry - 1 Million Naira

*miscellaneous expenses will include replacing stolen parts from port( port rats are notorious for stealing car keys, Rim and Radio amplifiers or anything they can easily lay their hands on)

Why exactly would a person steal the keys of a car?

Guy no talk o, everything don cost. Even ashy dem don increase price of knacking kpekus na there everything scatter. If get the cash buy it b4 it will add up

Hmmmmmm
Honestly cars are too expensive in Nigeria now. Unnecessarily expensive with Greed.
I got interested in purchasing Hondo CRV SUV 2013 ...and the seller told me #12M..
I was like whaattttt

Kobicove:
Why exactly would a person steal the keys of a car?

Exactly my same question
What do they use the stolen keys for bc the car might be transferred out of Lagos

Autoconnoisseur:
Our Camry is landing at between 12.5 and 14.7 Million Naira

You won’t blame a dealer that has been on this importation for 3 months before he finally see buyer to add a markup of 1.5M ( roughly 10% profit margin) which I won’t even advice because if you took a loan to fund this purchase you will be paying about 5% per month (15% interest ) so even if you don’t take a loan it means you would have been better off putting that money in RENMoney(28% p.a) and collect interest then there won’t be any cars for you to buy on Nairaland

Or even more at times
The prices of car importation are astronomical

A friend came to Lagos last month to recover his car from the dealer who imported it. The profit on that car was N9m. Nigerian car dealers are thieves. Government increased cost but dealers worsened the situation.

Never knew people were making 9m selling just 1 2015 car.

SocialJustice:
A friend came to Lagos last month to recover his car from the dealer who imported it. The profit on that car was N9m. Nigerian car dealers are thieves. Government increased cost but dealers worsened the situation.

Never knew people were making 9m selling just 1 2015 car.

Just WOW

Most of them are just Greedy actually....

Even Nigerian used vehicles that was imported way back was no exceptions

Nigeria used 2008 Camry going for #15M lol

eteebanky1:
Just WOW

Most of them are just Greedy actually....

Even Nigerian used vehicles that was imported way back was no exceptions

Nigeria used 2008 Camry going for #15M lol

People are still buying, that's the reason the greed is going on. They import accident cars, fix it and charge the highest price.

The system is spoiled how can a common man avoid a car in Nigeria the cheapest car in Nigeria will be 9 million

SocialJustice:
A friend came to Lagos last month to recover his car from the dealer who imported it. The profit on that car was N9m. Nigerian car dealers are thieves. Government increased cost but dealers worsened the situation.

Never knew people were making 9m selling just 1 2015 car.

Is this profit minus all the addendum cost of importation?

Rockyfancino:
Is this profit minus all the addendum cost of importation?

Pure profit. Issues came up, the guy clearing the car ate the money and my friend had to complete the process so his profit dropped to about N4m.

If you import cars and sell with even 20% margin, it's a good business but the target of dealers is 50% and above.

If you have capital, bring in the car and post on Nigeria's biggest marketplace. Your phone will not rest, it is even dealers that will buy it from you at 20% markup and sell with their usual 50%+ profit.