₦airaland Forum

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.

Reducing the tariff is a terrible mistake as it would make the Naira fall in value in the near future.

A tariff doesn't deter imports enough, so the government should place a yearly tax on all imported cars and give manufacturers like Innoson and PAN, a tax credit.
Nigerians are too many to rely on imported goods that can be assembled within the country.

In fact, Nigerians who buy made / assembled in Nigeria goods, should be given tax credits. The focus must shift from simply living a good life to living a PRODUCTIVE good life.

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.

These your scammers you call leaders only cut duities of cars below 200cc, so it's not applicable to all cars if u think car prices will automatically drop.

aaaaabbbbbccccc:
and put another one there and continue to chase till old age. Average Nigerians are not wise

So we should support what ain't good 🤷🏿.
What's the present cost of the Lexus you asked on your profile

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

Even the 2010 CX9 is not up to that

baba even Peugeot 206 na 5/6M oooo

grandstar:
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.

So we should be listening to what someone somewhere that may probably be comprised or in line to gain something and ignore what is practically visible for all to see?

APC supporters and defenders should come and answer this question

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

Even the 2010 CX9 is not up to that

Find out how much a 2005 Corolla sell for presently before humping to 2010 Cx-9

fitinwell:
Don't let this Government fool you again!

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

and if it does

Those that are buying it ₦6.5M now might not be able to afford it at ₦1.7M in 2002. This is to tell you that despite all odds, some are still progressing...

grandstar:
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.

they were given a three months grace. But next year will be the measure

I

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 .....

What was the score card of the packaged fraud call obi when he ruled Anambra for 8 years...someone that doesn't have the capacity to defend fuel subsidy removal during campaign

And it still keeps rising. It's a shame we have fallen so far.

Mirasteel:
6.8 million for that damaged car? not in this lifetime.

It sounds ridiculous,but it's the reality in Nigeria of today.
No doubt about it.

This thing wey the engine no strong.

These are the questions we should be asking ourselves as citizens if we are interested in the way we are governed.

It is not about political parties and candidates, contesting and winning elections. But the every day effects of our decisions pertaining to what we are doing to ourselves and what we are failing to do to/for others.

Some on this forum will laugh about a complaint about the cost of a twenty plus year old car while others do not even know where the next meal will come. All are feeling the effects of a badly run down economy experiencing hyperinflation over an extended period of time, 3 years and counting.

Let us talk more about these issues, citizen to citizen to find and fashion our own ways out and leave politics and politicians in the dustbin for once.

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

Even the 2010 CX9 is not up to that

Lol, I dey laugh you here🤣🤣🤣
How much is the small Volkswagen golf, direct Belgium now ?

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

Don't worry, BAT, my boy has reduced duty on the importation of cars. Soon it will go back to the old price you used to know.

But buy before 2027 bc delay can be dangerous, we dont know how this election is treking

grandstar:
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.

^^^
The going rate for economists is two for ten kobo. Probably less.

Sixty plus years after independence - and as a collective they have zero influence...compared to finance industry professionals.

If Nigerian economists were any good they should have led a campaign (decades ago) that LG chairmen, governors and presidents must have at least a bachelors in economics - or the equivalent...followed by some real world training. But they haven't.

Nobody should be surprised we are where we are today. And 'economists' are a big part of the reason why.

..

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 not gone. The country has simply faced reality.

The price you saw in 2022 was not the true cost of that car. It only appears as the true cost to you. Nigeria govt was subsiding every dollar then. Ordinarily that car should be outside your reach in 2022 but thanks to subsidies.

Nigerians have been appearing rich for many years , meanwhile they were not rich.

What you see now is the true worth of the car. Go for the car you can truly afford. That era of profligacy is gone.

grandstar:
...

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

...

Election is coming, don't be fooled. Immediately after election, piaam price will enter airplane.

Vote wisely in the next election

Omo even if this car na 2k I no buy

Omowale2023:
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.

Guy stop to Dey lie now,how pencil go be 9.8m?fear God now

it will never be well with apc.

Dollar is stable at 1380

Today its 1355
Not 1600 though

Dennisochampa:
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??

Omowale2023:
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.

Guy stop to Dey mule now,how pencil go be 9.8m?Small small lamba lord

2020 I bought Toyota collora atis and golf 3 at 1.3m and 500k respectively. Now the cars are now 8m and 3m respectively

Dennisochampa:
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??

With your free basic opera nairaland, you are typing rubbish. You need help.

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

Na so you chase Jonathan, what did you get?
Na so you chase Buhari, what did you get?

Worse.

What make you think you won't get worse than Tinubu?

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 very change you'll voted for, enjoy it.

Next year many of you will still do the same mistake by voting the same APC that brought all.of these suffering unto you all.

Stop complaining
Get your voters cards and vote them.out!
Simple!

I know seun and his crew will.ban and bring this post down, that's what this government has turned the country into

96ACE:
Good analysis but as far as the horrible people of the nation are concerned, you are day dreaming. Even if the import duty becomes zero prices will never come down. The government is not the major problem but the greed of the average Nigerian.

The price will definitely come down due to competition.