₦airaland Forum

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sacajawea:
Ok, but I'm talking of Official business with an international Company, how do I get Dollars at the official rate or at least something very Close to the Official rate, about hundreds of thousands is involved here. Someone said i should go to Bank, that they can and will give me

I think there are approved businesses that the government/banks gives dollars too for such transaction. I don't know what kind of business you're talking about though, so you may have to visit a bank to find out if your business could be funded with dollars at the official rate

sacajawea:
Ok, but the rate is not the official rate, right?
If say i want to import goods from a Company China, Dubai, US or Asia in Large Quantity and the Costs goes up to hundreds of thousands of dollars, what is the best way to go about this?
Getting the official rate (or something very very close is Crucial) is Crucial.

For cars, you'll have to get someone in the US to pay Dollars on your behalf for the purchase, then you'll pay into the Naira account of the person the unofficial rate of Naira equivalent currently N494/$ though I know it quite negotiable depending on your contact. And those guys abroad are mean with it. They are always current with the unofficial rate, and they'll tell you the current rate which is what they'll want you to pay. Of course could be painful, but we've got no choice. That's where we've found ourselves. Meanwhile if they have to send Dollars home through their account they'll pay them with the official rate of N380/$

Lucas4903:
Like I said bro. Dont go there at all. The dealers are business men and they should make good profit i am not against them. But this is what I have done time and time again. They are lies because u have believed what u want to believe. Ain't arguing jaree. Best of luck

Next time don't make unsubstantiated statement. Someone just gave you a poser to import 20 Units for him, now you're singing another song. Some people will see your statement and assume dealers are making unreasonable profit. Import 20 Units for someone now you don't change mouth

Lucas4903:
Dont even go there, I will land a 2003 Corolla at 1.4 sef....1.9 ko.....10milion ni. I am not an auto dealer but I have bought for friends from where I live. I no dey do deals ooo. But truth be told.

You can lie o. What's the point? Break your cost down and let's see.

Notatribalist:
FG slashes import duty on imported vehicles from 35% to 5%.
Why not talk about this?

Hmmmm. Not for luxury cars o. But for buses, tractors and vehicles used for public transportation. Government revenue is dwindling and trying to raise more led to increase in VAT. That policy isn't for luxury cars bro. Get that distinction right.

chronique:
Some of you just have a special way of saying stupid things confidently without even thinking if what you say is making sense or not. Exchange rate has made prices of toks go up and as such, a lot of people are looking into Nigerian used. What this means is 2 things. 1. The demand of Nigerian used goes higher which makes price go higher as the supply of the Nigerian used is not so much. 2. The people selling Nigerian used are selling to buy Toks of newer models. They obviously would try to squeeze out something reasonable from their used ones so the money they would add to it to get the Toks, won't be too much. Example : Mr A wants to sell a used 04 Camry for 800k to buy muscle for 2.1m. He finds out that muscle is now selling for 2.7m. He's forced to increase the price he wants to sell his Nigerian used due to the astronomical increase in the difference between what he budgeted for before. It's not his fault that the price of toks went up.

Or in this scenario, someone buys a car for N2.3m six months ago and wants to sell it to raise cash for a project or to upgrade and you expect him to sell at N1m all because a plate number is on it registered? Things don't work the way some people think my brother. Let's just keep coping with all of them with their little knowledge of how these things work

tonididdy:
Cars that are regarded as garbage is what my country dishes out millions to purchase.



Irony of a failed state

Any choice? That where we've found ourselves

Openbusiness:
https://www.nairaland.com/5763326/like-yourself-better-buy-car/1#96462349
Some months ago, when I was advising people who were interested to buy car to buy as quickly as possible, some people were insulting me. Una eyes don dey clear small small bah?

Yeah. I remember. $ was hovering at 400-420 then

The recent weeks has seen a drastic increase in the exchange rate of Naira to the Dollar which make business quite challenging.

This is moreso that prices of vehicles are determined by Dollar-Naira exchange rate. Within the month of November alone we have seen the Dollar going from N460-N487 as at today.

This is not likely to come down owing to the appraoching festivities in December. The last few months have also seen a maginal increase in the prices of both Tokunbo and Nigerian Used cars and customers no wan hear say price of cars increase, the insult no be here.

So how are you all coping and what strategies do we use to navigate this trying times?

900k?

asobo:
The girl rough die

You sample?

bendike:
.
Customs reduction to 5% is for passenger cars as well. Besides cars are usually cheaper Jan, Feb because of influx of abroad people during Chrismas and those that will need to sell their cars to return to their base.
There certainly will be a reasonable reduction in price of cars by January.

.
The bill also shows that the import duty of tractors and motor vehicles for the transportation of goods will be slashed from 35 percent to 10 percent while tax relief will be granted to companies that donated to the COVID-19 relief fund under the private sector-led Coalition against COVID-19 (CACOVID).[/color][color=#006600]

That policy is still a bill. Yet to be considered by the National Assembly, would need to be passed to the President for assent and all these will be done before year end? Muscle na tractor? Or na for transportation of goods?

Nazgul:
Customs duty has been reduced to 5% from 35%. I'll better wait till January 1st 2021 when it would be implemented. Hopefully this car if not sold would be less than 1.5m and I'll happily buy it.

Keep deceiving yourself. 1$=484 as at today and may get to N500 before Dec owing to increased demand during the festive season. Customs reductions is not for luxury cars but for cars used in Public transportation. Government that's looking for how to raise revenue to fund budget will reduce custom duty ba? You better buy now before prices go up. Have you forgotten the promise to reduce fuel pump price? What's happening today? Your guess is as good as mine

In another news, I wish to inform you that $1= N485 at at today. Thank you

Chimapeters:
Lexus ES 350 2010 full option for sale

Thumb start
Keyless entry
Reverse camera
Bluetooth connectivity
Full pan sunroof

Owner is traveling out.
Car in good condition no faults, pay and drive.
Price: 3.8m slightly negotiable
First owner... car is super clean and has only being used for 8 months

Location: Lagos

Call/WhatsApp: o7o334g177o

Please note that the (g) means 9

Bro your price isn't too bad. $ is N484 as at today. Don't allow people to coarse you into not getting value for your car. It's your property and you can decide what to do with it

Josiko:
It is costly bro, I have the new one of these cars @ 3.6 for basic not full option and 4m for full option, why sell a Nigeria used cars in such amount equivalent to new ones. Kindly advise the owner if you are close to him, meanwhile, if you are willing to sell at a lower amount than that kindly reach out to me 08183714439, I have some clients that needs the Nigeria used but not at toks price.

Hmmmm. 4m for full options? 2010 model? Haba. I wonder how some people talk just to make a point

Saao:
Hello Nairalander

I guess we are all aware that one of the key government policy in the automotive industry is tax reduction on used and new cars. According to the plan, the used car importation will be taxed 5% instead of the current 35%. New cars will be taxed 35% instead of the current 70%. So my question is that, Will the above reductions would likely reduce the cost of cars say from January and February?

Dollars as at today is N484/$. Even if there'll be decrease, it's majorly for public transportation vehicles

How about Politicians who steal Public Funds? Shouldn't they be killed? Foolish, Useless man. The monster you all are breeding is growing balls to attack you all one day.

Anytime you reason 1.3m, let me know

frontliner065:
Hi Everyone,


Do you indeed buying a vehicle?
Foreign-used or Nigerian used?

Don't be a Thomas. Ask questions to get earnest feedback & alternative recommendations from people whom drive your dream vehicle.

Auto Experts in the House would advice you too.

This will help you avoid costly (and preventable) mistakes.

Leggo...

Following

Sirwifi:
In my quest to get a corolla, a dealer who i know very well , offered a 2005 CE model which he told me recently arrived , he sent pictures of the car and promised it was top notch,i checked the Vin and it wasn't yet registered in Nigeria , i sent him 2.1m for the car because he made it seems urgent that another person wanted to pay for it , i trusted him ,then on a closer look when he sent another picture i noticed it the millage was 136,000 plus i raise alarm , he said its not notch , then when he brought the car i noticed the customs papers there i saw, the custom duty was paid in August 2018, i thought about many theories .. then i told him i cant take the car , advice me please ..remember I'm a novice in Auto matters.. He is asking for a meeting tomorrow to see how to settle this

There are cars that were imported since 2018 that are yet to be sold. So date of importation doesn't really matter. My only concern is the lie that it was just imported recently. What does he intent to achieved with that. Possibly to just encourage you to buy.
Now smell the interior of the car. Does it smell Toks or not. If it does, then just take the car. It's a good buy

Ok

Can someone interpret this law properly. Is it adequate enough to get discount for custom duty?

The engine is more like a dustbin than a car. Get a car wash bro