You always wanted to buy a car, the money is available but you keep procrastinating, you keep wasting time and delaying, looking for a seller that is in financial crisis, so you can buy at ridiculously low prices, or looking for impossible awoof deals that might be from stolen cars or scammers, or just delaying thinking that prices will go down with time, well this info is for you

Starting from Tuesday, when the Buhari lockdown is activated in Lagos and Abuja, only a matter of time and it will spread to more states, then prices of everything will escalate, especially cars because the auto market in Nigeria is controlled by the prevailing dollar exchange rate, because 95% of cars sold here were imported from abroad. Dollar has already risen, very soon in a matter of days, the effects will show up in all sectors, massive inflation is coming. So you see that 18m naira car you want to buy but have been doing shakara, the price will soon shoot up to 22m and you see that 1.2m Toyota you feel is overpriced, it will soon become 2m and that range rover evoque that you have been praying the seller will dance to your tune and sell 7m, you will dance to the reggae when the price becomes 10m. Remember when Buhari came to power and dollar crashed to nearly N500 per $, those who bought cars just before the inflation occurred were super lucky and blessed, well for some, but for others that had foresight, it was a calculated move. I know several people that bought Nigerian used camry Muscle for 1.2m, then used it for 2 years and later sold it for 1.7m. Just imagine their gain. One thing is that once the inflation hits, it won't go away immediately, the effects might last 3 - 4 years. Look at how long it took before dollar stabilized to 365 after rising to around 450. Now history is about to repeat itself and car dealers and importers will hit the gold mine again. If you have plans of buying a car, you better call your mechanic and arrange for inspection tomorrow, if it's good, buy it immediately. Because in a few days time, I kid you not, that car of tokunbo 2m will soon become 3.5m, that Nigerian used car of 750k will soon become 1.3m. The choice is yours. If you snooze, you loose. Good luck!

Openbusiness:
You always wanted to buy a car, the money is available but you keep procrastinating, you keep wasting time and delaying, looking for a seller that is in financial crisis, so you can buy at ridiculously low prices, or looking for impossible awoof deals that might be from stolen cars or scammers, or just delaying thinking that prices will go down with time, well this info is for you

Starting from Tuesday, when the Buhari lockdown is activated in Lagos and Abuja, only a matter of time and it will spread to more states, then prices of everything will escalate, especially cars because the auto market in Nigeria is controlled by the prevailing dollar exchange rate, because 95% of cars sold here were imported from abroad. Dollar has already risen, very soon in a matter of days, the effects will show up in all sectors, massive inflation is coming. So you see that 18m naira car you want to buy but have been doing shakara, the price will soon shoot up to 22m and you see that 1.2m Toyota you feel is overpriced, it will soon become 2m and that range rover evoque that you have been praying the seller will dance to your tune and sell 7m, you will dance to the reggae when the price becomes 10m. Remember when Buhari came to power and dollar crashed to nearly N500 per $, those who bought cars just before the inflation occurred were super lucky and blessed, well for some, but for others that had foresight, it was a calculated move. I know several people that bought Nigerian used camry Muscle for 1.2m, then used it for 2 years and later sold it for 1.7m. Just imagine their gain. One thing is that once the inflation hits, it won't go away immediately, the effects might last 3 - 4 years. Look at how long it took before dollar stabilized to 365 after rising to around 450. Now history is about to repeat itself and car dealers and importers will hit the gold mine again. If you have plans of buying a car, you better call your mechanic and arrange for inspection tomorrow, if it's good, buy it immediately. Because in a few days time, I kid you not, that car of tokunbo 2m will soon become 3.5m, that Nigerian used car of 750k will soon become 1.3m. The choice is yours. If you snooze, you loose. Good luck!

Pls don't educate them ....they will learn the hard way

You are right though

Dollars is hovering between 400-420 currently. Car dealers will soon cash out big time. E be like say another awoof time don land for dealers

Trustme2:
Dollars is hovering between 400-420 currently. Car dealers will soon cash out big time. E be like say another awoof time don land for dealers

I saw it coming

greggng:


I saw it coming

The cars wey dey my hand now na to dey look am dey wait. Won't be in a hurry to sell at all

lol....Ur economics teacher deserves to be flogged in the village square.
Who buys a car when they are not sure where their next meal will come from?
What you wrote up there is laughable.
People will rather sell their cars at giveaway prices to afford other basic needs.
Where are you driving the car when all roads will be blocked
It's all about demand and supply.

Trustme2:
Dollars is hovering between 400-420 currently. Car dealers will soon cash out big time. E be like say another awoof time don land for dealers

And the thing is the current dollar to naira rate is just a mere natural adjustment to current global oil price crash. The government has not even devalued yet. They were hoping they can cushion the effect till the price rises again, thinking the crisis will last for a very short time. But as it is, the coronavirus is not only affecting foreign economies alone, but it is about to destroy the Nigerian economy too. The effect on the coronavirus on the economies of USA, Asia and Europe affected the Naira INDIRECTLY, pushing the exchange rate to over N400. Now imagine what the effect will be like domestically, because the coronavirus is here now and it will affect our economy DIRECTLY. The government in a matter of weeks, 2 months maximum will soon be FORCED to devalue to raise more naira to spend domestically. The government is already confused on how to fund the 2020 budget, and the coronavirus has scattered the equation finally. Massive inflation is coming. By the time the government devalues, one dollar might reach N700 or more, especially if global oil prices remain at current level of around less than $30pb, and the coronavirus cure is not found. Car prices will double very very soon.

shortgun:
[s]lol....Ur economics teacher deserves to be flogged in the village square.
Who buys a car when they are not sure where there next meal will come from?
What you wrote up is laughable.
People will rather sell their cars at giveaway prices to afford other basic needs.
Where are you driving the car when all roads will be blocked ;DYIt's all about demand and supply.[/s]

Lol, na you suppose ask your economics teacher for refund. A car in a time of a pandemic like this is not a luxury but a necessity. And no matter how hard the lockdown gets, people will gradually need to cover more distances to get basic needs like food, drinks and medicines. Because in a short while, all your local shops, retailers, restaurants, markets will run out of stock and you will need to go longer distances to get food and supplies. Do you know you have a greater chance getting the virus taking a public bus or taxi, than when you're driving your own car? And your reasoning is very dull to think people will sell their cars off at a critical time like this. What a joke. People are hoarding food, face masks, sanitizers, PPE's and then you miraculously think it is cars that will be sold off like pure water? So you think in the midst of this pandemic doctors and nurses will prefer to be going around their duty in public transport? Or people will love to queue to take BRT buses, when one infected asymptomatic person is all it takes to infect everyone else. No matter the restriction, people must still move around for supplies. If i'm driving and police stops me and i tell them i'm driving to the market to buy food, or going to the next location to get medical supplies, they will let me go, because i have the right to access food and medicine. A car is one of the most valuable asset during this period.

Openbusiness:

Lol, na you suppose ask your economics teacher for refund. A car in a time of a pandemic like this is not a luxury but a necessity. And no matter how hard the lockdown gets, people will gradually need to cover more distances to get basic needs like food, drinks and medicines. Because in a short while, all your local shops, retailers, restaurants, markets will run out of stock and you will need to go longer distances to get food and supplies. Do you know you have a greater chance getting the virus taking a public bus or taxi, than when you're driving your own car? And your reasoning is very dull to think people will sell their cars off at a critical time like this. What a joke. People are hoarding food, face masks, sanitizers, PPE's and then you miraculously think it is cars that will be sold off like pure water? So you think in the midst of this pandemic doctors and nurses will prefer to be going around their duty in public transport? Or people will love to queue to take BRT buses, when one infected asymptomatic person is all it takes to infect everyone else. No matter the restriction, people must still move around for supplies. If i'm driving and police stops me and i tell them i'm driving to the market to buy food, or going to the next location to get medical supplies, they will let me go, because i have the right to access food and medicine. A car is one of the most valuable asset during this period.

You are a smart person most people are very naive and cannot expand their analytical mind set

Openbusiness:

Lol, na you suppose ask your economics teacher for refund. A car in a time of a pandemic like this is not a luxury but a necessity. And no matter how hard the lockdown gets, people will gradually need to cover more distances to get basic needs like food, drinks and medicines. Because in a short while, all your local shops, retailers, restaurants, markets will run out of stock and you will need to go longer distances to get food and supplies. Do you know you have a greater chance getting the virus taking a public bus or taxi, than when you're driving your own car? And your reasoning is very dull to think people will sell their cars off at a critical time like this. What a joke. People are hoarding food, face masks, sanitizers, PPE's and then you miraculously think it is cars that will be sold off like pure water? So you think in the midst of this pandemic doctors and nurses will prefer to be going around their duty in public transport? Or people will love to queue to take BRT buses, when one infected asymptomatic person is all it takes to infect everyone else. No matter the restriction, people must still move around for supplies. If i'm driving and police stops me and i tell them i'm driving to the market to buy food, or going to the next location to get medical supplies, they will let me go, because i have the right to access food and medicine. A car is one of the most valuable asset during this period.

Do you even know the meaning of a lockdown? Or movement restrictions?

Openbusiness:
You always wanted to buy a car, the money is available but you keep procrastinating, you keep wasting time and delaying, looking for a seller that is in financial crisis, so you can buy at ridiculously low prices, or looking for impossible awoof deals that might be from stolen cars or scammers, or just delaying thinking that prices will go down with time, well this info is for you

Starting from Tuesday, when the Buhari lockdown is activated in Lagos and Abuja, only a matter of time and it will spread to more states, then prices of everything will escalate, especially cars because the auto market in Nigeria is controlled by the prevailing dollar exchange rate, because 95% of cars sold here were imported from abroad. Dollar has already risen, very soon in a matter of days, the effects will show up in all sectors, massive inflation is coming. So you see that 18m naira car you want to buy but have been doing shakara, the price will soon shoot up to 22m and you see that 1.2m Toyota you feel is overpriced, it will soon become 2m and that range rover evoque that you have been praying the seller will dance to your tune and sell 7m, you will dance to the reggae when the price becomes 10m. Remember when Buhari came to power and dollar crashed to nearly N500 per $, those who bought cars just before the inflation occurred were super lucky and blessed, well for some, but for others that had foresight, it was a calculated move. I know several people that bought Nigerian used camry Muscle for 1.2m, then used it for 2 years and later sold it for 1.7m. Just imagine their gain. One thing is that once the inflation hits, it won't go away immediately, the effects might last 3 - 4 years. Look at how long it took before dollar stabilized to 365 after rising to around 450. Now history is about to repeat itself and car dealers and importers will hit the gold mine again. If you have plans of buying a car, you better call your mechanic and arrange for inspection tomorrow, if it's good, buy it immediately. Because in a few days time, I kid you not, that car of tokunbo 2m will soon become 3.5m, that Nigerian used car of 750k will soon become 1.3m. The choice is yours. If you snooze, you loose. Good luck!

I don't have to read the nonsense you put up here, there's no sense it. You will soon turn your cars to rentals, keep masturbating

Openbusiness:
You always wanted to buy a car, the money is available but you keep procrastinating, you keep wasting time and delaying, looking for a seller that is in financial crisis, so you can buy at ridiculously low prices, or looking for impossible awoof deals that might be from stolen cars or scammers, or just delaying thinking that prices will go down with time, well this info is for you

Starting from Tuesday, when the Buhari lockdown is activated in Lagos and Abuja, only a matter of time and it will spread to more states, then prices of everything will escalate, especially cars because the auto market in Nigeria is controlled by the prevailing dollar exchange rate, because 95% of cars sold here were imported from abroad. Dollar has already risen, very soon in a matter of days, the effects will show up in all sectors, massive inflation is coming. So you see that 18m naira car you want to buy but have been doing shakara, the price will soon shoot up to 22m and you see that 1.2m Toyota you feel is overpriced, it will soon become 2m and that range rover evoque that you have been praying the seller will dance to your tune and sell 7m, you will dance to the reggae when the price becomes 10m. Remember when Buhari came to power and dollar crashed to nearly N500 per $, those who bought cars just before the inflation occurred were super lucky and blessed, well for some, but for others that had foresight, it was a calculated move. I know several people that bought Nigerian used camry Muscle for 1.2m, then used it for 2 years and later sold it for 1.7m. Just imagine their gain. One thing is that once the inflation hits, it won't go away immediately, the effects might last 3 - 4 years. Look at how long it took before dollar stabilized to 365 after rising to around 450. Now history is about to repeat itself and car dealers and importers will hit the gold mine again. If you have plans of buying a car, you better call your mechanic and arrange for inspection tomorrow, if it's good, buy it immediately. Because in a few days time, I kid you not, that car of tokunbo 2m will soon become 3.5m, that Nigerian used car of 750k will soon become 1.3m. The choice is yours. If you snooze, you loose. Good luck!

Price of cars will rise but demand won't as people will worry more about survival than luxury.
Infact, inflation due to recession/depression will force those who have extra cars to sell off (and many auto dealers will like to offload theirs no matter the cost to reinvest elsewhere) thereby flooding the auto market which in turn will affect price (Same applies to other commodities).
Economics is not straightforward as you made it to look like but I get your gist.
Remember that tangible assets like real estate and so forth will crash. So as price rises on one side, it is affected on the other side.

Having a car is very important o. It's during this period I have seen the importance of one but honestly don't blame Nigerians. People too poor for this side. A medical doctor would have to save their salary for at least a year to be able to buy a manageable car. It's that bad. Some of this cars of above 20 million I sometimes wonder how the people who drive them get the money to buy them.

very soon money will be useless...Food the only important thing..Where u want drive the car go?

In as much I didn't want to comment, but decided to change my mind.

Op, demand will always meet supply in any economy, raise the price of your car, and see if people will buy.

You will be forced to sell at affordable rate at the end, especially in a market of many suppliers.

Is the dollar movement upward a new thing, was dollar not below at #200 once, so this won't make a difference in the long run.

So stop this your analysis, it's not tenable in the long run

ruggedtimi:
very soon money will be useless...Food the only important thing..Where u want drive the car go?

you people are living in dream land? Do you know how many people still need to visit hospitals? A relative of a friend of mine just delivered their baby last night. Is it BRT bus they will enter when going back home with their baby or is it Uber that has carried plenty UK returnees from the airport they should go an enter with their newborn? Don't worry, in the coming weeks, when the lockdown gets to crazy levels, you will know the importance of having a car, and you will know that there are places to drive to. By the time the lockdown starts biting hard on the poor, just expect to see more armed robberies in your neighborhoods, and guess what, the police that were already understaffed and underprepared will be busy worried about saving themselves and their families too, let's see whether you will be trekking when you have an emergency.

Queenext:
In as much I didn't want to comment, but decided to change my mind.

Op, demand will always meet supply in any economy, raise the price of your car, and see if people will buy.

You will be forced to sell at affordable rate at the end, especially in a market of many suppliers.

Is the dollar movement upward a new thing, was dollar not below at #200 once, so this won't make a difference in the long run.

So stop this your analysis, it's not tenable in the long run

No need to argue, come back in one month's time and let's see which theory became practical reality

No be lie o

Dollar rise or not, chill with your money don’t buy yet watch your neighbor go into misery in search of quick cash to cushion the effect of the recession due to the Corona virus then that’s where you strike by offering to buy his neat muscle which he got as tokunbo for 2.2m not quite long ago now at the price of 1.5m cause he/she is desperate for cash!

Think about it, who needs cars to move about when there are lots of lockdown and restriction After the lockdown is lifted then and only then will pple rush to sell off and make quick cash and that’s where I come in lol.

I’m bookmarking this thread to come back and smile when my prophecy starts playing out.

Odeh. U dull
Just wait.like will go back to normal
Fool

Dont be fooled. They were purchased from copart at won bic of 2800$. 90% of nigerians drive copart accidented title cars. Reach our celebs,politicians,gov,etc.
Respect who drives direct brand new from factory. Not tokunbo 1st grade accidented cars.
AY won a copart bid and ran to announce to the world on gram that he got it for 58k dollars
Indeed

tensazangetsu20:
Having a car is very important o. It's during this period I have seen the importance of one but honestly don't blame Nigerians. People too poor for this side. A medical doctor would have to save their salary for at least a year to be able to buy a manageable car. It's that bad. Some of this cars of above 20 million I sometimes wonder how the people who drive them get the money to buy them.

Openbusiness:
You always wanted to buy a car, the money is available but you keep procrastinating, you keep wasting time and delaying, looking for a seller that is in financial crisis, so you can buy at ridiculously low prices, or looking for impossible awoof deals that might be from stolen cars or scammers, or just delaying thinking that prices will go down with time, well this info is for you

Starting from Tuesday, when the Buhari lockdown is activated in Lagos and Abuja, only a matter of time and it will spread to more states, then prices of everything will escalate, especially cars because the auto market in Nigeria is controlled by the prevailing dollar exchange rate, because 95% of cars sold here were imported from abroad. Dollar has already risen, very soon in a matter of days, the effects will show up in all sectors, massive inflation is coming. So you see that 18m naira car you want to buy but have been doing shakara, the price will soon shoot up to 22m and you see that 1.2m Toyota you feel is overpriced, it will soon become 2m and that range rover evoque that you have been praying the seller will dance to your tune and sell 7m, you will dance to the reggae when the price becomes 10m. Remember when Buhari came to power and dollar crashed to nearly N500 per $, those who bought cars just before the inflation occurred were super lucky and blessed, well for some, but for others that had foresight, it was a calculated move. I know several people that bought Nigerian used camry Muscle for 1.2m, then used it for 2 years and later sold it for 1.7m. Just imagine their gain. One thing is that once the inflation hits, it won't go away immediately, the effects might last 3 - 4 years. Look at how long it took before dollar stabilized to 365 after rising to around 450. Now history is about to repeat itself and car dealers and importers will hit the gold mine again. If you have plans of buying a car, you better call your mechanic and arrange for inspection tomorrow, if it's good, buy it immediately. Because in a few days time, I kid you not, that car of tokunbo 2m will soon become 3.5m, that Nigerian used car of 750k will soon become 1.3m. The choice is yours. If you snooze, you loose. Good luck!

by the time this situation peaks or is over, the buying power of most people will have reduced, people would have lost their jobs and some would have seen their savings and business capital drastically depleted due to weeks of the lockdown.. by then buying a car will be too luxurious to consider, people will think of just feeding to survive or reviving their buisiness back to life. it is that time you may see the market even flooded with used cars as people will try to sell to fund themselves. so get your economics right. this isn't like the last recession period where buisinesses were still running at least. here we are talking of a total lockdown. millions and billions would have been lost this period.

henrixx:
by the time this situation peaks or is over, the buying power of most people will have reduced, people would have lost their jobs and some would have seen their savings and business capital drastically depleted due to weeks of the lockdown.. by then buying a car will be too luxurious to consider, people will think of just feeding to survive or reviving their buisiness black to life. it is that time you may see the market even flooded by used cars as people will try to sell to fund themselves. so get your economics right. this isn't like the last recession period where buisinesses were still running at least. here we are talking of a lockdown. millions and billions would have been lost this period

Was it not during this lockdown and quarantine that your senators just took a batch of 400 units 2020 Camry? Do you know another batch is coming ? Don't worry, time will tell whether demand for cars will go up or not.

Openbusiness:

Was it not during this lockdown and quarantine that your senators just took a batch of 400 units 2020 Camry? Do you know another batch is coming ? Don't worry, time will tell whether demand for cars will go up or not.

are you comparing a politician to a common man in Nigeria? smh.

hope you know the money is not from their pockets?
hope you know that even if theres a lockdown next 6 months, these guys will still be paid.

also before I forget. theres likely going to be a global recession, IMF has signalled it's close. so the dollar rate wouldn't even be bad as expected

and lastly there will likely be an inflation in the USA, They are currently planning to pump trillions of dollars as a relief package. coupled with their recent impromptu spending on medicals which has been their highest in history.

with all these I'm sorry. the dollar rate may not be as bad if at all it will

Openbusiness:

No need to argue, come back in one month's time and let's see which theory became practical reality

come with a superior argument.

As if dollar just increased. Cars fall under certain commodity in economics that no matter the movement of inflation,their prices are hardly affected.

Don't base your assumption on theory, because it hardly works. Human behavior are practically accepted

Was it not during this lockdown and quarantine that your senators just took a batch of 400 units 2020 Camry? Do you know another batch is coming ? Don't worry, time will tell whether demand for cars will go up or not.

Cars they paid for from their pocket ABI ??

How many cars have the OP sold since the lockdown? Ask him. Before, you used to sell 5 cars to make 3M, now you would sell 13 cars to make that same 3M. Food and medical supplies are essentials now, not cars.

Dollar is now 460. Today, CBN has put 100M on the economy. Those who followed the advice of people like the OP and rushed to buy dollars would get burnt.

Las las, you would still go back to your village and be planting cassava and cocoa for export.

frowland:

Price of cars will rise but demand won't as people will worry more about survival than luxury.
Infact, inflation due to recession/depression will force those who have extra cars to sell off (and many auto dealers will like to offload theirs no matter the cost to reinvest elsewhere) thereby flooding the auto market which in turn will affect price (Same applies to other commodities).
Economics is not straightforward as you made it to look like but I get your gist.
Remember that tangible assets like real estate and so forth will crash. So as price rises on one side, it is affected on the other side.

lol I tire for the baba oo... stock market Dey crash , real estate Dey crash, crude oil Dey crash , assets are losing value , baba say na car wey be liability go sky rocket ...Kai

Openbusiness:

Lol, na you suppose ask your economics teacher for refund. A car in a time of a pandemic like this is not a luxury but a necessity. And no matter how hard the lockdown gets, people will gradually need to cover more distances to get basic needs like food, drinks and medicines. Because in a short while, all your local shops, retailers, restaurants, markets will run out of stock and you will need to go longer distances to get food and supplies. Do you know you have a greater chance getting the virus taking a public bus or taxi, than when you're driving your own car? And your reasoning is very dull to think people will sell their cars off at a critical time like this. What a joke. People are hoarding food, face masks, sanitizers, PPE's and then you miraculously think it is cars that will be sold off like pure water? So you think in the midst of this pandemic doctors and nurses will prefer to be going around their duty in public transport? Or people will love to queue to take BRT buses, when one infected asymptomatic person is all it takes to infect everyone else. No matter the restriction, people must still move around for supplies. If i'm driving and police stops me and i tell them i'm driving to the market to buy food, or going to the next location to get medical supplies, they will let me go, because i have the right to access food and medicine[b]. A car is one of the most valuable asset during this period.[/b]

A car is one of the most valuable asset in a time of recession and pandemic ?? wonderful !

shortgun:
lol....Ur economics teacher deserves to be flogged in the village square.
Who buys a car when they are not sure where their next meal will come from?
What you wrote up there is laughable.
People will rather sell their cars at giveaway prices to afford other basic needs.
Where are you driving the car when all roads will be blocked
It's all about demand and supply.

WTF! You think everyone is poor as pvssy?!
I ain't selling my car anytime soon.
A colleague is buying a Camry May 30th.
Pple are building houses buying iPhones .and sorts and youre talking as if the country is in war.
All the roads are not blocked!!
You must be a flati.