₦airaland Forum

So the rate of our economy has been bastardized this much? In 2016 this car Mazda 626 use to be 700k toks and 2022 It's 1.7m even negotiable, the post is here on nairaland.

And now I'm about to buy this car and it's now 6.8m toks. Is the country this bad? How can a normal legit person raise reasonable amount to purchase a year 2000 car.


Country is gone

This post is actually front page worthy. This topics haven't been discussed enough.

Post the picture of the car so we can understand better

Rega99:
This post is actually front page worthy. This topics haven't been discussed enough.

It's really insane, a car of that year for that amount, really not worth it. I have to go and meet up with someone to help give it to me on installment has I can't afford it.


I bought my first corolla 09 2020 for 2.950m

Where are we going now

That's why we need to chase the Bandit in Aso Villa

Watch the badtists come here to defend an obvious failure ... I gave up on some people when tinubu said he would continue from where buhari stopped , yet they voted for him . Buhari tenure that was like someone that did an exam that scored Negative when we know the worse would have been 0 .....

The jagabandits just messed up everything to please the west that don't give a famn about you anyhow, everything is now comparable in price to what we buy in the western world but source of livelihood, purchasing power etc are now at an all-time low for Nigerians

Betterthanwalki:
So the rate of our economy has been bastardized this much? In 2016 this car Mazda 626 use to be 700k toks and 2022 It's 1.7m even negotiable, the post is here on nairaland.

Country is gone [/quote

And now I'm about to buy this car and it's now 6.8m toks. Is the country this bad? How can a normal legit person raise reasonable amount to purchase a year 2000 car.

Country is gone

The exchange rate in 2017 was $1- N360

It is now around N1,400.

It being 4 times the price now makes sense.

Bit of good news. The government plans to reduce import duty on cars fron 70% to 40%.

This should reduce car prices by around 20%.

Lets do the maths.

Car cost 4m. Import duty at 70%. That is 2.8m.
When you add 2.8m to 4m, you get 6.8m.

Vs

Car cost 4m. Import duty now at 40%. That is 1.6m. When you add 1.6m to 4m, that is 5.6m.

5.6 divided by 6.8m with give us 80%.

That means that the car price is now 80% of the former price.

Betterthanwalki:
So the rate of our economy has been bastardized this much? In 2016 this car Mazda 626 use to be 700k toks and 2022 It's 1.7m even negotiable, the post is here on nairaland.

And now I'm about to buy this car and it's now 6.8m toks. Is the country this bad? How can a normal legit person raise reasonable amount to purchase a year 2000 car.


Country is gone

The Country is gone
An suv of 3m straight from US in 2022 now goes for 12m plus

There's no way a Mazda 626 is 6m

Even the 2010 CX9 is not up to that

Chummynoni:
Watch the badtists come here to defend an obvious failure ... I gave up on some people when tinubu said he would continue from where buhari stopped , yet they voted for him . Buhari tenure that was like someone that did an exam that scored Negative when we know the worse would have been 0 .....

Didnt Okonji-Iweala, Charles Soludo and Lamido Sanusi not praise the economic reforms?

These are economists and they provided well informed kudos.

What Tinubu supporters say is irrelevant. Instead focus on what these economists say.

grandstar:
The exchange rate in 2017 was $1- N360

It is now around N1,400.

It being 4 times the price now makes sense.

Bit of good news. The government plans to reduce import duty on cars fron 70% to 40%.

This should reduce car prices by around 20%.

Lets do the maths.

Car cost 4m. Import duty at 70%. That is 2.8m.
When you add 2.8m to 4m, you get 6.8m.

Vs

Car cost 4m. Import duty now at 40%. That is 1.6m. When you add 1.6m to 4m, that is 5.6m.

5.6 divided by 6.8m with give us 80%.

That means that the car price is now 80% of the former price.

Don't let this Government fool you again!

Give them 6 Month from this date.. you will be surprised nothing as changed.

The news is?


xxxxxxxxxxxx

Leave am make e dey post to people wey be like am

TheLoneCitizen:
There's no way a Mazda 626 is 6m

Even the 2010 CX9 is not up to that

I think they said brand new vehicles. Are you sure it covers Tokunbo cars?

grandstar:
The exchange rate in 2017 was $1- N360

It is now around N1,400.

It being 4 times the price now makes sense.

Bit of good news. The government plans to reduce import duty on cars fron 70% to 40%.

This should reduce car prices by around 20%.

Lets do the maths.

Car cost 4m. Import duty at 70%. That is 2.8m.
When you add 2.8m to 4m, you get 6.8m.

Vs

Car cost 4m. Import duty now at 40%. That is 1.6m. When you add 1.6m to 4m, that is 5.6m.

5.6 divided by 6.8m with give us 80%.

That means that the car price is now 80% of the former price.

This is the More reason Tinubu have to go

Another four years of Tinubu regime is scary and unimaginable

grandstar:
The exchange rate in 2017 was $1- N360

It is now around N1,400.

It being 4 times the price now makes sense.

Bit of good news. The government plans to reduce import duty on cars fron 70% to 40%.

This should reduce car prices by around 20%.

Lets do the maths.

Car cost 4m. Import duty at 70%. That is 2.8m.
When you add 2.8m to 4m, you get 6.8m.

Vs

Car cost 4m. Import duty now at 40%. That is 1.6m. When you add 1.6m to 4m, that is 5.6m.

5.6 divided by 6.8m with give us 80%.

That means that the car price is now 80% of the former price.

Most of the time, Customs and the NPA don’t follow any directives from the FG.

They will still continue with the old tariff because they know nothing will happen.

If you don’t believe me, go and price that car around August you will see that the price will even increase.

The fact is we don't have a domestic car industry that exports massively

A friend on mine bought a Camry for 2m on 2019, that same Camry is at least 8m today.

I regret not buying that car when I had the money.

Now I can't even afford any decent car on the market

grandstar:
The exchange rate in 2017 was $1- N360

It is now around N1,400.

It being 4 times the price now makes sense.

Bit of good news. The government plans to reduce import duty on cars fron 70% to 40%.

This should reduce car prices by around 20%.

Lets do the maths.

Car cost 4m. Import duty at 70%. That is 2.8m.
When you add 2.8m to 4m, you get 6.8m.

Vs

Car cost 4m. Import duty now at 40%. That is 1.6m. When you add 1.6m to 4m, that is 5.6m.

5.6 divided by 6.8m with give us 80%.

That means that the car price is now 80% of the former price.

Oil dey your brain.

Good mathematics!

In 2022..... Dollar was 400 naira.... Now it's 1600 naira... Do u expect the price of 2022 to still be maintained until now especially knowing that these cars are imported.... They will be paid for in dollars.... So let's say the dealer bought the car in 2022 for 2000 dollars..... That's like 800k in 2022 assuming it's 400 naira per dollar..... Now let's say he bought it at the same rate of 2000 dollars in 2026....at the rate of 1500 naira per dollar... That's 3m already..... So what exactly are you complaining about?? Or u didn't know that the naira was floated??

I just heard that toyota corolla d uber type is now 6.5m

Betterthanwalki:
So the rate of our economy has been bastardized this much? In 2016 this car Mazda 626 use to be 700k toks and 2022 It's 1.7m even negotiable, the post is here on nairaland.

And now I'm about to buy this car and it's now 6.8m toks. Is the country this bad? How can a normal legit person raise reasonable amount to purchase a year 2000 car.


Country is gone

APC fanatics will tell you otherwise, 2004 Toyota Corolla (Pencil) was 1.6 million in 2016, now in 2026, it ranges from 9.8 million - 12 million as of 3 months ago. We all are enjoying the APC we voted, didn't vote and stayed neutral for. We all are suffering from bad leadership. It's well.

Borrow2222:
Most of the time, Customs and the NPA don’t follow any directives from the FG.

They will still continue with the old tariff because they know nothing will happen.

If you don’t believe me, go and price that car around August you will see that the price will even increase.

I dont know when implementation would start.

2027 is an election year and a drop in import duty on cars would be a vote winner for car buyers and car dealers.

And the rubbish president is still asking u to pay 23 percent of ur income to them. From money wey no reach u. In Nigeria of today 30m per year cant give u a quality life o.

...go for another term till 2031

Ofunaofu:
This is the More reason Tinubu have to go

Another four years of Tinubu regime is scary and unimaginable

The same complaints people are making now, was the same complaints made 11, 15, 21 and even 30 years ago.

I can even recall when people were complaining about how a brand new peugeot made in Nigeria was now N1 million in 1990.

You guys won't vote for a government that encourages domestic production, you vote for a government that would dash you freebies and subsides, and this is the result.

IamAtAnger:
Leave am make e dey post to people wey be like am

He's right that cars have gone up by 4X in the past 4 years, but this is definitely not a good example.

And to some foolish people,Tinubu is working.

This is how many generations become poor for siding evil administration.

Must you buy cars?

Can't we all trek as we are "Hitting the ground running"?

Besides, we need to burn the calories and carbohydrates we get from the excess RICE we consume.

Toyota Camry toks was 1.2m in 2020
go price ordinary Nigerian use wey dem don use super glue , glue the life now