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Nairaland Forum / Nairaland / General / Autos / Toyota Camry To Cost N20 Million In 2014 (36441 Views)
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Re: Toyota Camry To Cost N20 Million In 2014 by Caseless: 5:42pm On Nov 21, 2013 |
sopoundz: employmentthe ratio of those that wl b employed to those that will be affected negatively by this development is high. if 5 pple are employed, 40 people wil be suffering from it. many people are going to be be on foot. 1 Like |
Re: Toyota Camry To Cost N20 Million In 2014 by thegoodone: 5:45pm On Nov 21, 2013 |
caseless: and even if they come here to build d cars, how many people can afford a brand new car? Or ar u talking about d employment it wl generate? both the employment and the price of new will drop. |
Re: Toyota Camry To Cost N20 Million In 2014 by penzino(m): 5:56pm On Nov 21, 2013 |
caseless: Fresh air!Indeed |
Re: Toyota Camry To Cost N20 Million In 2014 by mckorode(m): 6:00pm On Nov 21, 2013 |
Tying to take steps that India took without putting the right things in place. The transport system in the country is poor and it very inconvenient. That is why cars are a necessity. You will establish factories for who to work in? With lack of skilled labor, Even new cars from industrial countries like japan have issues...you now expect Nigerians to use their money to buy made in Nigeria so that chassis go leave engine for highway abi!!! The factories will be full of expats and will be running on generator abii... The advisers to the govt are not very smart individuals though. 3 Likes |
Re: Toyota Camry To Cost N20 Million In 2014 by obua: 6:01pm On Nov 21, 2013 |
The info is not correct. Camry does not cost N9m today. Also the duty is to be increased by 40% and not the whole price. Secondly, Toyota is already planning to assemble some models locally, so there is no need to panic |
Re: Toyota Camry To Cost N20 Million In 2014 by Nobody: 6:01pm On Nov 21, 2013 |
Wow! Time to start investing on automobiles instead of landed properties. Inspired, send 20 units of Toyota camry '99 model to my compound, come collect ur money. #20,000,000 I guess right ***if I sale each for #10million in 2014, that's #200million. Wow!!! Nigerian government thanks for this opportunity! |
Re: Toyota Camry To Cost N20 Million In 2014 by obua: 6:03pm On Nov 21, 2013 |
Hiace is already costing N6m AMADU77: |
Re: Toyota Camry To Cost N20 Million In 2014 by Caseless: 6:06pm On Nov 21, 2013 |
thegoodone:if u think the price of new one will drop, then read the article again and u'd see where the seller of that camry which 'sells' now for 9million was saying the price will sky-rocket to 20 million in 2014. |
Re: Toyota Camry To Cost N20 Million In 2014 by Fhemmmy: 6:06pm On Nov 21, 2013 |
I am sure the govt knows better and it is all a game . . . They will make everyone make noise and talk about it, and come next year, it will be cancelled and people will sing the name of Jonathan and his leaders as " Leader that listen to the people" 4 Likes |
Re: Toyota Camry To Cost N20 Million In 2014 by Caseless: 6:09pm On Nov 21, 2013 |
obua: The info is not correct.hmmm...story! Peugeot the assemble some of their cars here in Nigeria, how has that helped in reducing the price? pple still go to cotonou to buy tokunbo Peugeot. |
Re: Toyota Camry To Cost N20 Million In 2014 by amakenny: 6:15pm On Nov 21, 2013 |
BizBooks: I’m not making this up. This happens to be the informed opinion of a ToyotaWalk, cycle, motorcycle, then car - that was how ownership of cars in countries where owning a car or more by an individual evolved. Let Nigerian govts develop rail transport, stop importation of built up vehicles, with time Nigerians shall be constrained to manufacture bicycle, followed by motorcycle, then cars, etc. |
Re: Toyota Camry To Cost N20 Million In 2014 by Exponental(m): 6:25pm On Nov 21, 2013 |
It's so pathetic dat our president is a one-way thinker. Why does he have to make decisions only to favor his political benefactors. Ban shld come in wen d competition is ripe. I dont even know of d innoson cars. He shld av dominated d govt sectors with them n let d users preach d gospel rather than imposing bans. Well, constitutionally, bans are reversible shaa! |
Re: Toyota Camry To Cost N20 Million In 2014 by amakenny: 6:28pm On Nov 21, 2013 |
caseless: hmmm...story! Peugeot the assemble some of their cars here in Nigeria, how has that helped in reducing the price? pple still go to cotonou to buy tokunbo Peugeot.If Nigeria, followed by other developing countries completely ban importation of used vehicles, rich nations that manufacture vehicles shall feel the adverse impact badly. And before long, Nigeria may be producing its own fully built vehicles. But if the trend whereby Oyibo shiits and pipis in his car, dumps it and we buy it and bring it to Nigeria, Nigeria can hardly ever produce a fully made in Nigeria vehicle that is commercially viable. India not long ago built a $2k worth car. Most commercially viable until.... |
Re: Toyota Camry To Cost N20 Million In 2014 by theoctopus: 6:31pm On Nov 21, 2013 |
I have been reading this thread from page one. You cant help but laugh at the gross ignorance on display. Is thia how an average Nigerian thinks? wow! 1. Fisr, the op is an ignoranmus who posted trash and I dont know who will move this kind of trash to the front page. 2. All those who actually believed the op's trash are a disgrace. It is too childish 3. There i no way a policy like this will be a bad thing for any country. This is basic economics of demand and supply. We are having heavy capital flight in Nigeria. You cannot turn the country around without reducing the capital flight and encouraging local production 4. Those that insult the FG everyday and call for change are also those that oppose policies that are supposed to bring that change. Maybe they think the change will come by a magic wand 5. Some say the policy favour the rich, not the masses. Haba! Does the masses buy cars, whether new or tokunbo? Anyone who can afford a car of 500k and above is not among the poor masses. I thought they say we have 100 million destitutes in Nigeria. So why are we complaining? Do the destitutes also own cars? I know Nigerian destitutes are executive destitutes who drink like 5 bottles of beer daily in joints around the country. 6. On a serious note, people should learn to ask questions instead of just spilling ignorance on public forums. 1 Like |
Re: Toyota Camry To Cost N20 Million In 2014 by ba7man(m): 6:34pm On Nov 21, 2013 |
SeaGold: Wow! Time to start investing on automobiles instead of landed properties.You'll wait till 2022 before you'll clear out your stock of 20 Hiace buses. How many people could afford the brand new cars in the first place?? |
Re: Toyota Camry To Cost N20 Million In 2014 by Caseless: 6:35pm On Nov 21, 2013 |
amakenny: If Nigeria, followed by other developing countries completely ban importation of used vehicles, rich nations that manufacture vehicles shall feel the adverse impact badly. And before long, Nigeria may be producing its own fully built vehicles. But if the trend whereby Oyibo shiits and pipis in his car, dumps it and we buy it and bring it to Nigeria, Nigeria can hardly ever produce a fully made in Nigeria vehicle that is commercially viable. India not long ago built a $2k worth car. Most commercially viable until....spot-on! but do u think we're ready for such policy considering our situation where most people are poor? |
Re: Toyota Camry To Cost N20 Million In 2014 by Nobody: 6:35pm On Nov 21, 2013 |
Ignorantia facit non excusat....i admire some of you here.....you see what our policy makers do not see....gullible minds....@op go make your findings and your sins will be forgiven...... |
Re: Toyota Camry To Cost N20 Million In 2014 by Caseless: 6:36pm On Nov 21, 2013 |
penzino: Indeedu nor de feel am? |
Re: Toyota Camry To Cost N20 Million In 2014 by stagger: 6:37pm On Nov 21, 2013 |
theoctopus: I have been reading this thread from page one. You cant help but laugh at the gross ignorance on display. Is thia how an average Nigerian thinks? wow! A recent report stated that the trade balance in Nigeria shows that the import to export ratio stood at 92% to 8%. This shows how much our taste for foreign goods has warped our economy. So while you are correct, it must be stated that if a country has so many people living below the poverty line and not making much effort in addressing this, then there is a disconnect. Furthermore, a good policy can be implemented at the wrong time. Presently, Innoson's cars are not less expensive than the average imported car and the reason is not far-fetched. Car assembly and manufacturing are heavily dependent on power. You cannot expect cars made or assembled in Nigeria to be cheaper because our cost of production and business environment is extremely unfavourable to businesses. So, good policy, wrong timing is my verdict. 2 Likes |
Re: Toyota Camry To Cost N20 Million In 2014 by BizBooks(m): 6:46pm On Nov 21, 2013 |
Some people are accusing me of being an alarmist for quoting the 20 Million Naira figure. Well that figure did not come from me. As I stated, it is a direct quote from a Lagos-based Toyota Salesman. You can read the whole story which includes the 20 Million Naira figure at the link below: http://sunnewsonline.com/new/national/car-prices-rise-250/ Also a few others are disputing the figure based on their own calculation. One poster in particular only used the 70% duty in his calculation. He forgot that it is 70% duty plus other levies. You have to remember that the plan is to make the price of imported cars practically un-affordable. If the duty and levy is not high enough, people will still buy tokunbo cars and that will defeat the whole purpose of this policy. |
Re: Toyota Camry To Cost N20 Million In 2014 by amakenny: 6:48pm On Nov 21, 2013 |
Exponental: It's so pathetic dat our president is a one-way thinker. Why does he have to make decisions only to favor his political benefactors. Ban shld come in wen d competition is ripe. I dont even know of d innoson cars. He shld av dominated d govt sectors with them n let d users preach d gospel rather than imposing bans. Well, constitutionally, bans are reversible shaa!There are Innosons buses on the roads, but can't see too many of their cars. Is the company in position to fill the void to be created by restriction on Tokumbo? If not, development of intercity rail lines is what govt must do now to phase out degrading importation of cars used and shitted and pipid on by Oyibo and his children. Even Oyibo hardly travels 20km with car these days because of high cost of fuel. To travel long distance, Oyibo packs car in train station and hops onto the next train to travel even a distance of 10km. Stop importation of Tokunbo cars now. Dealers can easily change to other similar businesses. |
Re: Toyota Camry To Cost N20 Million In 2014 by lastpage: 7:00pm On Nov 21, 2013 |
waterhouse071: Then lets start producing cars locally instead of taking loans to buy junks. with GOD all things are possible. Yea, thats what the "Pimping Pastors" preach to you .... ....But 53 years after "independence", Gawd has not "found it fit" to come and build ELECTRICITY Generating Plants for Nigeria! ![]() Or do you think Car Plants are driven on "2hrs of electricity TODAY, NONE for the next THREE DAYS"? ![]() ![]() ![]() ![]() Okay, l forgot, it was God who built the Power Plants in U.K, America,, Sweden, France and all other countries where Cars are manufactured! ![]() ![]() ![]() Let me tell you the TRUTH: NO ONE can MOCK GOD! By leaving what you are "supposed, endowed and empowered to do (by God), ... and shouting "With God all things are possible or expecting God to still come and do the same thing for you, you are "attempting to mock God"! Even the so-called "children of God" had to use their "brains and muscle" to ensure that they achieve that which God has given them (never mind they are the worst criminals on earth ![]() Nigerians are very very smart ...... in a NEGATIVE SORT of manner! ![]() The current set of Nigerian leaders are exactly the types, if not even worse, that Christ flogged out of the Church and referred to as A BROOD OF VIPERS! Keep QUIET and keep offering them one silly excuse after another (on why they must make your life more miserable), the day is very very near when you wont even have anywhere in the world to run to, not even Ghana or Cotonou next door! A word is enough for the wise, ("Abo'oro la'nso fo'moluwaabi, t'oba denu'e a'dodindi" ![]() ![]() ![]() Lastpage! BTW: I feel no pity for this current generation (16yrs - 45yrs age bracket) because it seems they are just too selfish and greedy to know/do what they know is the "right thing" but would rather wait for an opportunity to "steal crumbs" from their own inheritance, stolen by the same people who throw crumbs at them! 5 Likes |
Re: Toyota Camry To Cost N20 Million In 2014 by adepojuot: 7:00pm On Nov 21, 2013 |
Cotonou thingz!!! |
Re: Toyota Camry To Cost N20 Million In 2014 by gidigbi(m): 7:15pm On Nov 21, 2013 |
stagger: All people need to do is to buy cars abroad and ship them down here, pay the new customs duty and their cars are through. I do not think that a new Camry will now cost N20m. The present duty is 20%. The increase is by about 50%, which means that if you pay N300,000 duty on a 2002 or 2003 model car, you end up paying 300,000 X 3.5 = N1.05m on duty. So assuming you bought a car for N1.2million equivalent, the cost of your car stays the same but your duty has increased by about N700,000. So a car that will cost N1.5m with the old duty will now cost N2.2m. With due respect sir, I believe your calculation is not correct. The present duty of 20% if increased by 50% (20+50/100*20) will give us 30% total. Thus, using your analogy if one paid 300,000 duty (which represents 20% purchase value ) on a car of 2002/03 model, then the new tariff will be 300,000+50/100*300,000 = 450,000. Taking your second assumption into cognizance, if a car is purchased for N1,200,000, agreed the cost remains unchanged however, if the new duty is applied (30%) then the amount to be paid as duty will be 30/100*1,200,000 = 360,000 and this will bring total cost (purchase added to duty paid) to 1,200,000+360,000 = 1,560,000. Folks in the forum can please go throug my calculation and point out if there's any missing link ![]() |
Re: Toyota Camry To Cost N20 Million In 2014 by femmy2010(m): 7:26pm On Nov 21, 2013 |
adepojuot: Cotonou thingz!!!Customs Impound things |
Re: Toyota Camry To Cost N20 Million In 2014 by kingschild123(m): 7:30pm On Nov 21, 2013 |
Quite pricey for a vehicle |
Re: Toyota Camry To Cost N20 Million In 2014 by stagger: 7:34pm On Nov 21, 2013 |
gidigbi: The duty is to be raised to 35% and another 35% added for levies, making a total of 70%. So when I said a further 50% is to be added, I meant 50% extra duty added to the existing 20%, not 50% of 20%. The proposed increase is to raise duty payable on an imported vehicle from 20% to 70%. Me sef do Maths for school o! Hope we are clear on this now. |
Re: Toyota Camry To Cost N20 Million In 2014 by fuqua: 7:49pm On Nov 21, 2013 |
Re: Toyota Camry To Cost N20 Million In 2014 by BizBooks(m): 7:58pm On Nov 21, 2013 |
@Stagger & gidigbi, There is no point arguing about how to calculate the new 70% tariff. The purpose is clear and that is to make tokunbo cars un-affordable. The Federal Government made this very clear right from the start. |
Re: Toyota Camry To Cost N20 Million In 2014 by BUCCINIK: 8:09pm On Nov 21, 2013 |
Abeg o dis will seriously increase car theft in dis country oh.....(shouting). Well dat will b enough money for lawyers in court. Nonsense policies without regard to d consequencies. God help us Nigeria. 1 Like |
Re: Toyota Camry To Cost N20 Million In 2014 by Eyop: 8:29pm On Nov 21, 2013 |
No matter how much the Customs duty will be,i will not buy a made in Nigeria vehicle atleast for now that there's no standard in this country. If the SON cannot handle minor cases at the port then is it car manufacturing or assembling in Nigeria that they will handle? Even advanced countries still have a challenge when manufacturing these vehicles with issues of recalls but they still find a way of resolving that one way or the other because they have a standard. In Nigeria what will be the solution to issues of such if it arises,allowing people to go and die like chicken? I will gladly buy a 2010 Honda Accord pre-ordered from the United States even with an additional customs duty levy of #500,000 than to buy a made in or assembled car in Nigeria even some of Chinese(Joylong,jinbei,ssang yong etc) and Korean brand(Kia,hyundai,daewoo) inclusive. In conclusion God will provide to meet up all these challenges we face by our brainless leaders. |
Re: Toyota Camry To Cost N20 Million In 2014 by Dee60: 9:08pm On Nov 21, 2013 |
Them buy two cars for 225million naira government money. Now they want to ensure that only the super rich own cars in Nigeria. Oro ti pesi je! Clueless has grown now to clueless raised to power 1000! 3 Likes |
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