₦airaland Forum

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

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.

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

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 .....

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

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.

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 .....

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

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

Gbadugbakun:
Oga let them reduce it first. This yeye government have been planning to do a lot of things since they came on board in 2023. They've not done any. So allow the import duty reduction to be fully implemented before you continue

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

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

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.

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

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