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Nairaland Forum / Nairaland / General / Autos / Regrets For Auto Dealers As Dollar Crashes (3071 Views)
Nairaland Auto Dealers(brokers) Stop Posting Vin To Third Party / Nairaland Auto-dealers Task-force Team Are The Real Deal For Us / The Price Of Cars Is Abt To Crash As Dollar Is Crashing (2) (3) (4)
Regrets For Auto Dealers As Dollar Crashes by Nobody: 1:46pm On Feb 27, 2017 |
I went around 2 weeks ago trying to get a Nigeria used car. Note, I said a Nigeria used car I drove there with my current car, a 2000 Camry. I told them i want to sell mine. They were offering N400,000. So I called off the deal and decided to buy the Nigeria used 2004 Camry they had in their stand without selling mine. They said it is N1.3m. I checked the photocopy of the car document and saw that it was bought in 2011 by the owner. Their excuse is this "don't I now the cost of dollars for tokunbo now?" They said tokunbo is N2m. I checked again the time the tokunbo car they were selling arrived Nigeria and was cleared: November 2015. How much was USD in November 2015? He wants to sell it for N2m at present exchange rate. Today I went to the same car stand with a friend. I went in my friend's car. The dealer did not recognize me. The first price he mentioned for this same tokunbo camry was N1.650m. Where did N350K go to? We asked for the Nigerian used car. It was sold for N950k last week friday. At the car stand, we could see regret all over the dealers faces. One brought in 2007 RX350 to sell an set the price at N5.5m. Now his bubble has bursted. He won't even get a buyer to pay N4.5m for it. The truth is these dealers are not sad because they are going to make losses. They are sad that they cannot make over N1m profit on the sale of one car. My personal note to all greedy car dealers on Nairaland: Your regrets would get bigger. You have not seen anything yet 28 Likes 1 Share |
Re: Regrets For Auto Dealers As Dollar Crashes by Ahmed0336(m): 2:02pm On Feb 27, 2017 |
Thank God for fall in dollar. 2 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by oscillation55(m): 2:13pm On Feb 27, 2017 |
As in eeeh! Ahmed0336: |
Re: Regrets For Auto Dealers As Dollar Crashes by Airborne02(m): 2:53pm On Feb 27, 2017 |
Ahmed0336:Ameeen.. imagine someone posted honda baby boy oo 2000 model for 1.150million .. cus na toks.. God go surely scatter dem crumble dere greedy market 8 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by searchng4love: 3:00pm On Feb 27, 2017 |
I tell yer, for me na cover I cover ma mutor till the dollar fall.... I am happy now because I can now call a reasonable price for my cars.. ehis889: |
Re: Regrets For Auto Dealers As Dollar Crashes by zinaunreal(m): 3:06pm On Feb 27, 2017 |
OP has said it all |
Re: Regrets For Auto Dealers As Dollar Crashes by Jkvivi2020: 3:30pm On Feb 27, 2017 |
good.greedy dealers no more rip off.I will wait again till two weeks time before I buy my Lexus jeep.pipi zoom zoom a.c tight. 2 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by amuokuko: 3:37pm On Feb 27, 2017 |
The dollar should keep falling probably to #300, so that some car dealers go chop their car.. 9 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by Nobody: 4:10pm On Feb 27, 2017 |
amuokuko:LOOOOL 4 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by kayjasper(f): 4:23pm On Feb 27, 2017 |
@ehis889 This Op is ignorant ![]() In your post, you said in a space of two weeks the price went down from 2m to 1.650m Isn't that an indication that prices that were high was truly as a result of the cost of dollar and naira variations? When u said a dealer was sad because he won't be able to sell a car with profit of 1million naira I just laughed at your ignorance. The fact he bought the car at the dollar rate in 2015, doesn't mean he should sell at the same old dollar rate now. Nobody in his right sense will do that except he is willing to fold up his business. If am selling at 350 to a dollar because that's the rate when I purchased it, how will I replace the car back when dollars went up to 450? That's the economic ignorance you are displaying here. If am purchasing at $3000, at 350 to a dollar, when I need to replace my stock will I be buying with same amount when the value has jumped up to 450 naira to a dollar? My $3000 as at last year isn't the same naira value this year. Simple logic means I have to sell at the current rate to the dollar if I am to restock and keep my business running. It's not affecting cars only, go to the Cellphone stores too, they change their own prices every morning to reflect the current value of the price they bought it. So what's all this noise you are making? And for the records.. No dealer, I repeat no dealer can make 1 million Naira on a car sales except maybe he is giving it out on higher purchase or it was a bulk sales to big firms or he government. So f you did a little of economics in your secondary school you should be able to realise the high cost was a direct result of the landing cost and the desire to stay afloat in business Too many things I would have said to you but obviously you wouldn't even understand. Stop believing it is dealers that jacked up car price, it's just the reality of the forex situation in the county. 14 Likes 2 Shares |
Re: Regrets For Auto Dealers As Dollar Crashes by Nobody: 4:45pm On Feb 27, 2017 |
kayjasper: This man that does not know his gender. Using (F) female to try attract customers. He is an ugly dealer in Ibadan. If you love to save your time and money, avoid this guy like a plague 11 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by Nobody: 4:52pm On Feb 27, 2017 |
kayjasper: You see your stu'pity. You are trying hard to justify your greed. If you buy at N350 to a dollar and your total cost is N1.5m you can sell at N1.7m and make profit. We use Naira in Nigeria. Your profit is N200k. If you go back to buy and it cost you a total N2.2m at N450, then you sell for N2.5m. You make N300k. But in your greed, you want to sell for N2.5m to make a profit of N1m on a car that cost you N1.5m. Do not try to justify your greed. Assuming you made this post in to me in person, face to face, I assure you, by now you would have lost 1 tooth. 18 Likes 4 Shares |
Re: Regrets For Auto Dealers As Dollar Crashes by emmaak2(m): 6:29pm On Feb 27, 2017 |
ehis889: oga u d mind dis greedy nigerians using every single oppurtunity to scam nlgerians 5 Likes 1 Share |
Re: Regrets For Auto Dealers As Dollar Crashes by Coolcash1: 7:35pm On Feb 27, 2017 |
[s] kayjasper:[/s] Rubbish....Absolute gibberish 7 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by kayjasper(f): 8:55pm On Feb 27, 2017 |
ehis889: Eeya... Didn't know I was speaking to a kid. Wouldn't have wasted my time. So u believe am "an ugly guy in Ibadan using a female pix to attract buyers"... See how foolish you are? Am sure you were the fool that called my boss midnight demanding to speak to me directly. How silly some men can be. I have stated many times categorically, I am not an auto dealer, I am just a certified and reputable online marketer. Managing sales for many companies and franchise. Maybe u were disappointed when u couldn't get me when u called.. Pele.. Go and find your level somewhere else. Your rant already gave you away. Small Boy!!!! 5 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by Nobody: 10:19pm On Feb 27, 2017 |
kayjasper: So ur boss gives u to customers at midnight as incentive to patronize him? Thanks for sharing 9 Likes 2 Shares |
Re: Regrets For Auto Dealers As Dollar Crashes by Kaymaxine(m): 11:03pm On Feb 27, 2017 |
ehis889: |
Re: Regrets For Auto Dealers As Dollar Crashes by tripoli007(m): 11:05pm On Feb 27, 2017 |
Just the same way someone is trying to sell a Camry muscle 2010 sport for 4.8million saw the ad on here and just laughed away greed everywhere ,them never see anything ,dollar is going to $150-200 soon 1 Like |
Re: Regrets For Auto Dealers As Dollar Crashes by zinaunreal(m): 12:03am On Feb 28, 2017 |
Lawd please let naira rise. No let dollar rise. No no np let it all rise. Wont it be beter for one to drop. Lawd im confused. What are this people saying? ![]() ![]() ![]() |
Re: Regrets For Auto Dealers As Dollar Crashes by searchng4love: 3:16am On Feb 28, 2017 |
tripoli007:Great... At least I can sell and replace my cars |
Re: Regrets For Auto Dealers As Dollar Crashes by nextprince: 5:53am On Feb 28, 2017 |
ehis889: I quite agree with you. Some of them are scammers using lady pics as dp to attract randy guys. @ the topic, u are very correct. I have a camry 05 (big 4 nothing) which I wanted to exchange for a tokubo rav4 08, u know what I mean. While my car was pegged at N700k, the rav4 was at 3.8m because dollar was high. Meanwhile, this rav4 was cleared sometimes in the last quarter of 2015, Which means it had been purchased months b4 the clearing date. An 03 model of my car (used also) at the same stand was being advertised for sale at 1.25m, still because of dollars. Considering what that scammer was saying, shouldn't the price of my own car reflect the current dollar rate to ease the effort in changing it as well since it is all about staying in business? If u must take advantage of the prevailing economic situation to make quick cash, which is not a bad idea in any business, at least it should be done with moderation. Nawao! They refused to sell at moderate profits, now let me see how they will make that armed robber profit. O God, let the Naira continue gaining more and more strength. 4 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by ogtavia(m): 6:58am On Feb 28, 2017 |
kayjasper:Good morning Madam....stop acting like this isn't Nigeria or the economics you were taught in school is different from people's own...yeah,its true dollars was scarce leading to high exchange rate...most dealers are opportunists,i don't know if you are one of them...you said,if a dealer buys a car at 350 to a dollar, how will he replace the car when dollar goes up to 450...Madam, that situation you just mentioned is a profit loss situation,if truly you understood economics and the dynamics of profit and loss,you would know that,your customers isnt the one to bear the cost of your loss,that is one thing every Nigerian is doing and it's irritating,why,no serious price control agency or machinery....even those who had no reason to jerk up prices jerked up theirs to take advantage of the current situation....you see,many countries might have gone through recession but you didn't hear of it,why,it wasn't essentially dollar induced....i hope at the end of the day when the dollar stabilizes at a more reasonable amount, we will all understand that in business,when the terms change,your customers are the ones you should protect....you people should stop thinking like the Nigerian government that puts everything on its citizens.. 5 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by VeeBabs(m): 9:16am On Feb 28, 2017 |
ogtavia: WRONG @the sentence in bold. Very WRONG. Market forces are unforgiving, my friend. No dealer or businessman, for that matter, will absorb any kobo of extra cost of doing business. Every price increase, for whatever economic reason, is always passed on to the end consumer. Period. Repeat: Always passed on to the end consumer. That's Capitalism for you. The problem with us in Nigeria is that we are always happy to jack up prices in line with economic dictates, but we do the best we can to gang up against a price drop, even when the same economy dictates it. Take the price of fuel, for instance. Crude oil prices dropped, they refused to lower pump price to reflect the cheaper rates they were importing the products. But when oil prices were very high, marketers pressured government every day for higher and higher subsidy payments. Even this latest drop in the price of dollars, reports reaching me have it that BDCs are already ganging up to slow down the appreciation of the naira. Many BDCs bought dollars at N500, but are now being forced to sell at N450. So, they are currently trying to form a united effort to stop this latest strengthening of the naira. They were happy when prices were rising, they made money; but now that prices are dropping, they are upset. But who wouldn't be? They're in business to make money, not lose money. And that's where government regulation comes in. Mind you, I meant regulation, NOT PRICE CONTROL. Price control is a taboo in a Capitalist system. Price is an exclusive product of the battle between demand and supply. However, Nigeria actually practices a Mixed Market economy (as per the Constitution), not a pure Capitalist one. But government regulation can take the form of policing the various industries to prevent cartels from attempting to fix prices by themselves, against the dictates of demand/supply. How much effort is the government doing in this regard? The reason the dollar rate started dropping recently is because the government (CBN) intervened to thwart the speculative strangehold of the BDCs on the dollar rate. By flooding the market with dollars, BDCs became less capable of controlling dollar supply and fix high exchange rates. If the CBN continues with this intervention (they've promised to inject $21 million every week henceforth), the dollar rate will surely come down to a much lower level. Finally, this is only happening for two main reasons: - Crude oil prices are rising strongly. - Niger Delta militants have stopped blowing up pipelines and oil facilities. The consequence of these two things is that Nigeria now produces a lot more crude oil that we did in 2016. Now, add to this the high price of the crude oil. The result: DOLLARS ARE FLOODING NIGERIA'S TREASURY. The foreign reserves have risen sharply. If you want to see the dollar rate go down and stay down, just make these two things your prayer points every morning: - Oh Lord, do not let militants return to the creeks in the Niger Delta. - Oh Lord, do not let oil prices to fall below $50 per barrel. ADURA!!!!!! 8 Likes |
Re: Regrets For Auto Dealers As Dollar Crashes by Malcolmx12: 9:59am On Feb 28, 2017 |
nextprince:abeg I wun buy ur camry , serious buyer. or if u have someone selling naija used |
Re: Regrets For Auto Dealers As Dollar Crashes by Nobody: 10:10am On Feb 28, 2017 |
VeeBabs: Very intelligent comment. I REALLY pray Nigeria's economy improves, but i have told my folks to be cautiously optimistic. Let us all pray for a SUSTAINED decrease, and gradually things would return to normalcy. The car dealers angry with these developments who come here to fight the gloating comments are those who for e.g bought a car for #1 million, normally got to sell for a 200k profit at #1.2 million, but with the same old stock started selling for 2.4 million, pocketing crazy profits from OLD STOCK. Anyone can deny the scenario i painted but it's the plain and obvious truth. I would never wish ill for anyone, i pray the big car dealers who ACTUALLY IMPORTED at crazy prices don't lose when dollar rate comes down. I have zero pity for those that benefited from old stock, they are the most bitter ones here. For the optimists, the potential decrease in car prices would be very gradual and not steep. Even if it does, it's likely to be around #300. if anything would happen to car prices, it is likely to be in May / June if this decrease is sustained. AND, please note, car prices would be cheaper than in the crazy 2016...but not as cheap as in 2015 when it was still 200# to 1$. The car dealers complaining about this positive development are not long-sighted. Would you rather make your regular 10-20 car sales weekly with a reasonable profit margin than the super-high profit on 1 car you sell in a week? Ask Cotonou dealers, they are suffering from the fact that Nigerian traffic there has drastically reduced. Most of those unhappy with this are not car dealers anyway, but the greedy middlemen who profited when cars were being sold at ridiculous prices. 1 Like 1 Share |
Re: Regrets For Auto Dealers As Dollar Crashes by ogtavia(m): 10:25am On Feb 28, 2017 |
VeeBabs:thank you for the extensive tutorial however I still stand by what I said....if dealers are fair enough,they would still make profits not excess profits though.....with regards to regulation not price control I agree,i got it wrong there....well...if you had said dealers won't absorb the effects of price increase to avoid losses because they are at the bottom level of the production chain, I would understand easily....no one is in business to acrue losses true but not necessarily at the sole expense of your customer.... |
Re: Regrets For Auto Dealers As Dollar Crashes by nextprince: 10:30am On Feb 28, 2017 |
Malcolmx12: Actually, I want to exchange it for a rav4, I believe I Will get a better deal that way and it will be easier for me that way. |
Re: Regrets For Auto Dealers As Dollar Crashes by Nobody: 10:32am On Feb 28, 2017 |
nextprince: If you have pics, you can upload it here on this thread. |
Re: Regrets For Auto Dealers As Dollar Crashes by nextprince: 10:35am On Feb 28, 2017 |
ehis889: Okay, will do dat asap. |
Re: Regrets For Auto Dealers As Dollar Crashes by Malcolmx12: 11:00am On Feb 28, 2017 |
nextprince:OK no p 1 Like |
Re: Regrets For Auto Dealers As Dollar Crashes by nextprince: 11:07am On Feb 28, 2017 |
ehis889: U know what? Quote me on any old thread, drop ur contact for me there, when I copy it, u can modify. Actually I'm not in naija right now, but the guy who I parked the car with is somehow having issues with sending the pics to me right now. What I will do is that after we talk, I will link u and him for any other thing like inspection etc. The car is in Lagos. U will know where I'm calling from when I call. |
Re: Regrets For Auto Dealers As Dollar Crashes by Nobody: 12:08pm On Feb 28, 2017 |
nextprince: If you don't mind, i will really appreciate if the pics are posted here. When I see the pics and I'm cool with it, we can deal today. Thanks for your cooperation |
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