Car lot
(Image source: www.vozafric.com)
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A survey conducted
by Nigeria’s online vehicle marketplace, Carmudi.com has shown that Nigeria is
the most expensive country to buy a car when compared to its neighbouring West
African countries. The
study which focused on the used car model manufactured between 2008 and 2013
provided insights into the price difference across some of the surveyed
countries in West Africa.
According
to the study, Nigeria is the most expensive country to buy a car in Western
Africa, with an average price of US$19,547 dollars which is about ₦3.9
million while that of Senegal and Ghana are about US$18,923 and US$17,654
respectively. From the studies, Nigeria, Senegal and Ghana rank the top three
in most expensive countries to buy a car.
The
study noted that in 2013, Nigeria imported more than 500, 000 unit of cars, 75
per cent of which were used cars. Although the number of used cars imported in
2014 and 2015 reduced, Nigerians surveyed in the study agreed it was because of
the increase in custom tariff rather than availability of locally manufactured
cars.
Vanguard report continues:
The
study however revealed that despite being the most expensive country to buy a
used car in West Africa, Nigeria still has a high demand for cars. It noted
that even though the middle class has grown three times larger in the last
decade and a half, very few brand new cars have been purchased.
Carmudi
pointed out that one of the difficulties Nigerians experience in the purchase
of brand new cars is the lack of vehicle financing options as finance institutions
give car loans with very high interest rates.
Speaking
on the findings, Managing Director of Carmudi Nigeria, Amy Muoneke called for
affordable loan options to aid people who wish to own locally manufactured
cars.
She said: “Aside from car
pricing, the actual car purchasing experience can also be improved by new car
browsing and sales platforms. Websites and mobile apps like Carmudi enable
buyers to access a wider range of vehicles available in their home country and
make educated choices on their purchases. With such presence we see not only
more activity throughout Africa, but also buyers being able to look for the
best deal and easily compare prices.”
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