₦airaland Forum

There are some business i can't venture into

fineboynl:
The car might not be the same standard. State tax and rent. Sometimes it can take more then a year in their car stand. The risk is too high

You said nothing but the truth. 2018 Rx350 rhat cost between 18m is now sold over 38m

kingbee90:
Tinubu's subsidy removal, custom tarrif increase and high cost of living caused by his policies has really made the cost of everything to go up.
Before 2023 elections, those SUVs were N15-17M.

It's not the fault of car dealers.

anonimi:
It’s not about the gain only but also about the cost of holding the car and waiting for a buyer.

I'm not even surprised at those comments justifying this exploitative marketing and sales, I'm more surprised at the number of likes those comments are getting. And yet, we are feigning ignorance as to why the prices of items keep increasing everyday even when naira is stable or even gaining.
Do you think all those used months or years in car stand before they see buyers?

tgmservice:
Na theif we all be for this country na


Need more content

And you can see how some people are justifying the greed and likes are raining down on their comments! We are we who are indeed

FuckYeyeMods:
13million gain on a single..?
No doubt, Islam is truly beautiful and a way of life.

I just made the same comment referencing Islam . Thanks guy. See justification everywhere

Creamypie:
go and find out how much they pay for clearing alone. Corolla 2005 b4 APC was 150k. Then sold for 1.4 million. Now clearance alone Costs 3m and above, not to talk of shipping and other dues. That car now sells for approx 8 million. Thats not to say I support the increments

So, he didn't pay for clearance on the one he imported himself, right? Look for another justification for the greedy behaviour

ironheart:
The sad part is that they will sell you salvaged or accident car for direct used car at an extreme mark-up

You are really informed about car business. I can never buy car in Nigeria. Just buy directly from abroad at least you know what you are buying and even buy it cheaper.

We are our problem in this country

It really makes you wonder why dealers add so much on top of the real price. Buying directly sounds way smarter and cheaper if you have the time and patience. Hopefully, stories like this make people think twice before just accepting those high prices.

Naturally speaking, the degree in which profit is marked up is limitless.

Chilipepper:
A Nigerian man has shared an eye-opening experience about just how much local auto dealers mark up car prices.

According to him, his friend recently bought an SUV that usually goes for ₦55–₦60 million in the Nigerian market. But instead of paying that, he decided to handle everything himself — buying abroad, shipping, and clearing the car.

When it finally landed at his doorstep, the total cost was about ₦43 million.

He couldn’t help but ask:

“Dear Nigerian auto dealers, why is the mark up that huge? I’m genuinely curious.”

Have you tried buying tomato and cow from the north yourself?

Try it. In fact, buy your corn flakes, soap, detergent, seasoning, yam, rice, beans etc from source.

So many factor arrest price variations in same car model. It include history, mileage, country of import etc.

Get good prices of cars @ IG: Largeman_motors

So, the car dealer won't make a profit?

If the final cost upon landing in Nigeria, and it sells for 60m, that's a 17m profit or 40%. But usually it's much lower than that- probably 25-30%.

It's fair.

harmargedon:
Many talk because its cheap. they forget that these dealers tend to have these cars up for sale for months, sometimes years before they get buyers.

If they had the cars at sensible prices, they wouldn't take that long.

symbianDON:
would you invest 43m in a business just to make 1m profit? Besides, buying a vehicle for private use is completely different from buying to keep in a car stand where it may sit for months before being bought hence, tying down the dealers 43m! It's all business.

Isn't it wiser to sell the car for a reasonable markup, rather than the exploitative ones that will have the car sitting in the stands for months?

kingbee90:
Tinubu's subsidy removal, custom tarrif increase and high cost of living caused by his policies has really made the cost of everything to go up.
Before 2023 elections, those SUVs were N15-17M.

It's not the fault of car dealers.

Why don't you blame Buhari for ruining the economy? The subsidy removal was unavoidable.

Tinubu did not increase the tariff on cars. It was the Naira devaluation that increased the tariff amount paid.

Chilipepper:
A Nigerian man has shared an eye-opening experience about just how much local auto dealers mark up car prices.

According to him, his friend recently bought an SUV that usually goes for ₦55–₦60 million in the Nigerian market. But instead of paying that, he decided to handle everything himself — buying abroad, shipping, and clearing the car.

When it finally landed at his doorstep, the total cost was about ₦43 million.

He couldn’t help but ask:

“Dear Nigerian auto dealers, why is the mark up that huge? I’m genuinely curious.”

Just business

If OP is the car dealer, he will understand it better.

The car dealer will sell the car at the prevailing exchange rate so he has enough money to re-stock.

ambale:
Una go just come online to dey disgrace Una ancestors

Dealers still have other costs he would incur ooo

And how I go do business of 40m and my gain na 1m??

Dats nuts ooo

Car dealers these delays are so greedy... back then, over 20yrs ago...I was into car dealings... the landing cost of a 3 Yr old land cruiser was about 3m and it was sold for around 3.3- 3.5 m back then... dealers made between 100- 500k profit , some even made 50k ... some will even make a loss so that they wudnt pay demurrage for incoming vehicles... they made about 10 to 15% profit...but these days , car dealers target 40 to 300% profit... back then, an average Nigerian could afford a 5yr old car....but now its impossible...back then 50% of private cars onthe road weren't more than 10 to 12 yrs in age ..but now 90% of private cars on the road are over 15yrs old ....if u import a car for 40m , it sudnt be more than 45m ....greed is the problem with Nigeria, that's why most of these cars stay for a long time b4 it's sold ... their clients are mostly those that pay instalments ... or yahoo boy wey hammer... most people that have lump cash will rather import .... that's what most of these celebs with lots of cash do...they know car dealers are rip-offs ... I have seen people sell cars that costs 50m land cost for 150m...that's criminal, and that's cos the government re not putting them in check... there's no difference between these car dealers and these online loan sharks ...

Mandate1:
this is not what you should consider. If you invest 45m in fixed deposit for 10% per annum, you'll get 4.5m without risk.

A car dealer invests same amount in a car that takes 2-3months to land, bears all risks and costs of clearing. You don't expect him to get same margin of profit as someone who invested in fixed deposit without risk. 10-15% margin of profit is not too much. Mind you, the higher the risk, the higher the returns.

Lol....which company will pay u 10% a month ..if not ponzi schemes...and u say without risk... treasury bills or fix deposits in commercial banks will not give u more than 15% ton20% a year.... only fraudsters will offer u 10% a month....and u called it risk free ...ndi cibex and mmm

ceejay80s:
So u call 15-20 million naira on top a car gain or stealing ?
3 characters left

You can start selling too na

Banjotobisamson:
Do your maths , A business man collected loan of 40m for three months and interest rate at 5 percent that’s 6m and he is hoping to sell in less than 3 months( buying, shipping and clearing) 2 months are gone , on arrival he put the car up for sale @ 48/50m. If it’s easy to make huge profits, diversify into it and comeback here to give tesimony

Only a fool will borrow money to go into car business when he wasn't given a contract to supply

GboyegaD:
What is N1M to N44M? That is a very low margin. For a profuct whose cost price is that high, rate of turnover wouldnt be as quick and there are associated cost to holding stocks. If the total cost of importation and staging is N44M, N6M in margin is low but acceptable. I would expect it be priced at least N52.5M.

But the greedy dealers will put the price at 60 or 65m...that's the problem

Firebox123:
will car dealer not gain or make their money again

They have family too feed at home too

did you read at all? Why would you want to make more than 10million naira selling just one car? We the buyers don't we have families to feed?.... Next time read before you comment

Brendaniel:
Sometimes i don't blame the dealers, think about this:

Average dollar rates under presidents since 1999

OBJ - 100$ = 11,000 naira

GEJ - 100$ = 21,000 naira

BAT - 100$ = 150,000 naira

Now do the maths untop of this car with the value in dollar and the profit he has to make to sustain himself and his family and also keep the business afloat, so if he was making say 500$ per vehicle before, he should cut it down and become poorer and scatter his business because some people chose to support nonsense leaders into office, He should blame Tinubu first before blaming the dealers.

why are you skipping Buhari own? Tinubu shouldn't come in here

Brendaniel:
The question you should be asking is why some certain set of people support nonsense leaders back to back

Since there'll always be nonsense people then they'll always have supporters

maasoap:
No be the same rate under Tinubu the guy himself used to import and clear himself? Mathematics is hard for some people to understand, but at least, common sense is easy

One is doing business and the other is importing for personal use, a lot of you have not done business before that's why you are talking like this.

nurudeen181:
Since there'll always be nonsense people then they'll always have supporters

Reason why the country needs to divide....

saintnegroid:
why are you skipping Buhari own? Tinubu shouldn't come in here

I also skipped Yaradua's own.... equation balanced...

Iceking1:
Please tell me, where in Nigeria would you see a 2015 Toyota Camry for 15-17m?


The last 2012 Camry I priced at a car stand, I was told 17m last price, I went and the seller never dreamed to call me back.

lol 😂
All is well..
I will rather accept the waiting time of six to eight weeks for me to order and ship 🛳️ the car by myself than going to car stand and get a Toks car…

[quote author=horluwashegun post=136333776][/quote]One is doing business and the other buying for personal use, I doubt you guys do business, that's why you guys are talking like this....