The average Nigerian now pays over 100 million naira for a brand-new car, up from 50 to 60 million naira a few years ago. The National Bureau of Statistics, NBS, Commodity Price Indices and Terms of Trade Data also reveal the drop in the importation of used cars, despite the suspension of a 25 per cent penalty on illegally imported vehicles by the Nigeria Customs Service in March 2024.
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The data showed that in Q2 2024, the value of imported vehicles stood at N138.62 billion, representing an 81.5 per cent decline on a year-on-year basis from N749.92 billion in Q2 2023.
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With competitors from China entering the Nigerian market with brand new even more affordable payment plans at a rapid rate, there is also a price war raging between new faces and established players, like the 2024 Toyota Land Cruiser and 2024 Lexus LX with buyers ultimately being the beneficiaries thereof.
There are more tokunbo, locally used cars in Nigeria today, either in the sedan or SUV, while the sedan is more popular as vehicle owners drop big SUVs for small cars over the effect of fuel subsidy removal by the Federal Government which has been taking a toll on Nigerian automobile owners lately. Well placed Nigerians are beginning to drop their big cars for smaller ones to reduce fuel consumption.
While hatchbacks still show face they are not as ubiquitous anymore as they once were, and sedans and MPVs are akin to hen’s teeth. Nigerians are seeking a vehicle with better off-road capabilities and more cargo room than hatchbacks and sedans whilst not sacrificing luxuries such as large touchscreens and heated seats.
Best Selling brand new cars in Nigeria
The 10 cars listed below are all available on the new-car market in Nigeria today for around 100 million naira.
2024 Lexus RX
The starting price of the 2024 Lexus RX is between $49,950 and $70,080. However, the vehicles are expected to sell in Nigeria starting at ₦147,000,000 to ₦250,000,000 due to the exchange rate and the customs duties on imported cars.
2024 Changan Uni-K
The 2024 Changan UNI-K, a Chinese SUV, has garnered a lot of praise for its distinct and striking design as well as its aggressive stance in Nigeria. The 2024 Changan UNI-T is now on sale in Nigeria through Carlots.ng, with prices starting at ₦99,000,000.
2024 Toyota LandCruiser Prado
A couple of weeks ago, Toyota by CFA launched the all-new Land Cruiser Prado in Nigeria. let’s unveil everything you need to know about this all-new ride. The limited edition is priced at 170 million naira while the adventure package is priced at 165 million naira. Remember, these prices can change at any time.
2024 Honda Accord
The 2024 Honda Accord is priced at approximately 72 million naira. This price reflects the Accord’s high-end features and its suitability for Nigerian roads, currently available for test drive and purchase at Honda Automobile Western Africa Ltd located at Jehovah Shamma House, 376 Ikorodu-Ososun Rd, Mende, Lagos.
2024 Range Rover Vogue
Over some decades now, the Range Rover has been the SUV of choice for celebrities and wealthy elites in Nigeria. However, even though it pampers its passengers like a luxury car, it still offers off-road capability. No matter which version of the 2024 Range Rover Vogue you choose, you’ll pay millions of naira, which means the Range Rover automatically costs more than entry-level versions of its competitors. But it’s exactly all of this obvious extravagance that attracts the Range Rover’s image-obsessed buyers. Since the arrival of the 2024 Range Rover Vogue in Nigeria, it has maintained its original price of 340 million naira for the P530 model.
2024 GAC GS8
The 2024 GAC GS8 is a Chinese 5-door, mid-size crossover, seven-seater SUV, the top in the Chinese company’s line-up GAC Motors. Currently in Nigeria, the 2024 GAC GS8 is the best-selling Chinese SUV.
The GS8’s price is determined by the version you choose and the features it contains. It is reasonably priced compared to other SUVs of its size, ranging from ₦90,000,000 to ₦110,000,000. However, the price may vary based on the purchase location and any available specials or discounts.
2024 Honda CRV
Honda CRV may be popular in Nigeria but it’s not among the top 5 best-selling SUVs in the country but ranks well among Honda’s best-selling SUVs. On the outside of the 2024 Honda CRV, you will notice 18in black wheels, a black grill and accents. On the inside, there is a 7-inch infotainment screen, a cloth interior and a sunroof. The 2024 Honda CR-V starts at N73 million in Nigeria, making the CRV one of the most affordable brand-new SUVs to purchase in Nigeria, competing with its direct competitor, the 2024 Toyota Rav4 with a starting price of 80 million naira.
2024 Toyota Hilux
The best-selling and most popular pickup in Nigeria is the Toyota Hilux, although the Toyota Hilux is regarded as an official pickup van used by top politicians as their protocol van. When it comes to brand-new cars, Nigeria is the top one in entire Africa.
The expected selling price of the 2024 Bulletproof Toyota Hilux is ₦235 million while the normal 2024 Toyota Hilux ranges from 90 million naira to 120 million. The price of the vehicle has been greatly impacted by the Naira devaluation, as well as the Nigerian Custom’s import duties on imported vehicles.
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