chukel:
I believe u r a kid of 19 years. Won't trade words with u. Continue roaming about in ignorance.

Even a 19 years old, understand the market better.

jpworld:


That you ended up giving stupid analysis is not insult.

and how about u sound very stupi.d.

chukel:
that person selling probably wants to sell and buy another car. If he sells at the price u want, how do u expect him to make up the difference and buy tokunbo when that one is almost out of reach too. All I'm saying is the we should be considerate and not one sided in reasoning. The only example I will castigate is someone who bought a highlander for 2m, used for 3yrs, wants to sell because he is travelling out not because he wants to replace the car and pegs the price above 2m. That guy is wicked.

Been following your comments on this thread and I quite understand and agree with your analyses but this one doesn't just appeal to me.

A friend wanted to change his car (Toyota Corrola, 05), well maintained. He took it to the dealers. While the dealers where emphasising on the high forex on one hand for the new car he wanted to buy, same dealers were pricing his Corrola Sport for N800k on the account that he had bought it for about N1.5m and used same for about 3 yrs, on the other hand.

Actually, having used a car for that long, its value is expected to depreciate but in the wake of high exchange which is reflected on car prices, why shouldn't consideration be given to same prevailing exchange rate while pricing the registered car?

Meanwhile, a graded tokunbo of same brand hovered around N2.5m.

Nusaf:


Been following your comments on this thread and I quite understand and agree with your analyses but this one doesn't just appeal to me.

A friend wanted to change his car (Toyota Corrola, 05), well maintained. He took it to the dealers. While the dealers where emphasising on the high forex on one hand for the new car he wanted to buy, same dealers were pricing his Corrola Sport for N800k on the account that he had bought it for about N1.5m and used same for about 3 yrs, on the other hand.

Actually, having used a car for that long, its value is expected to depreciate but in the wake of high exchange which is reflected on car prices, why shouldn't consideration be given to same prevailing exchange rate while pricing the registered car?

Meanwhile, a graded tokunbo of same brand hovered around N2.5m.

my brother, if u really understood me, u will discover we are saying the same thing. I was responding to someone's post and justifying why naija used cars were also expensive. The dealers were not sincere and out to cheat u guys.

Fantastic2m:
Winter is coming for them..

are cars cheap during winter? Or was ur statement figurative?

Nusaf:


Been following your comments on this thread and I quite understand and agree with your analyses but this one doesn't just appeal to me.

A friend wanted to change his car (Toyota Corrola, 05), well maintained. He took it to the dealers. While the dealers where emphasising on the high forex on one hand for the new car he wanted to buy, same dealers were pricing his Corrola Sport for N800k on the account that he had bought it for about N1.5m and used same for about 3 yrs, on the other hand.

Actually, having used a car for that long, its value is expected to depreciate but in the wake of high exchange which is reflected on car prices, why shouldn't consideration be given to same prevailing exchange rate while pricing the registered car?

Meanwhile, a graded tokunbo of same brand hovered around N2.5m.

Not totally saying there are no greedy dealers but, in this scenario, what you described as "well maintained" 90% of the times turns out to have issue that will require hundreds of thousands to fix before resales, and you can imagine if he didn't buy it for the 800k, where will the profit come from.

Almost all naija car users /sellers lie to dealers about issues on their cars, all will claim is sound and perfect, sadly, no matter how good you are at checking for faults, some faults will only manifest after a long drive and by then you've already bought, I'm speaking from experience, so I always assume and prepare for the worst when buying these cars from users, so I'll definitely not be buying at a high price, so Ill be abLe to fix whatever issue comes up and still be able to sell at a profit

stagger:


How long does it take to wire money to a car dealer in the US? (3-5 days, weekends not included)
How long does it take to transport a car from dealership to the port (4 - 7 days)
How long to finish customs processes at the US port and load onto a RORO vessel? (New Jersey, Georgia, Florida, etc)? (5- 10 days minimum)
Shipping from US port to Lagos: 14 days minimum
Clearing from customs in Nigeria: another 7 - 14 days.
Driving of car from Lagos to point of sale: 2 days

This is a total of 42 days minimum.

So the guy who said it will take at least 2 months for car prices to benefit from a SUSTAINED crash of the USD, is more at home with the situation and understands the facts better than you, a typical Nigerian who does not take time to process information before using it to make a rational statement.

I won't even give u the dignity of an answer.

chukel:
I believe u r a kid of 19 years. Won't trade words with u. Continue roaming about in ignorance.

I will not dignify ur one sided analysis with an answer. No need. U obviously are pained that things Wana get beta.

nuelyoyo:
are cars cheap during winter? Or was ur statement figurative?

lolololol

I believe it was figurative my brother

Im realy hoping most of you here will try and import and sell cars then you will know that its such a silly market, you only get mega buck if you are dubious.
Can you all invest N1M for 5 months and earn just N50k?, if you cant then welcome to the world of the honest car importer.

chukel:
sometimes u just need to reason before you type. I agree Nigerians hate themselves. But reason this. Mr. A bought a car and shipped at $5000 last month when dollar was 520. The car is for sell now and u expect him to sell at the rate of 380?. Dollar is now 380, Mr. B buys same car at $5000 today in US at the rate of 380. It will take approximately 2months for that car to arrive. When it does, he will sell as he bought.
Scenario number 2
Mr. A buys a car is selling a car at 380k in Nigeria which today is $1000. Then naira depreciates to 520. If he still sells at 380k, he wouldn't have enough capital to go back to market to buy another car at the prevailing rate of 520 to a dollar. If u have never done any trade, just shut up and listen.

This guy actually hit the nail on the head but there's an issue I think should be brought to the fore too and it's the issue of insurance.
If the car dealers and even most businesses were insured, the insurance company would be the one to take care of any loss they incur.

I won to sell my car for 8m pls buy am before dollar com fall berekete for market oooo

greedy dealers every were. someone offer me a 2003 Toyota corolla for 2.4millon naira. a car that was sold 1.3 to 1.4millon before. they wan make too much gain.awoof dey run belle ooo.they will soon start crying greedy dealers

saintjoel:


Hmm, I will say that the dealers have no blame in this issue. When you consider the reality that most of them have to source for dollars from the black market at exorbitant rates and you also have to consider shipping charges,that alone rose to N650,000 (1,500$) alone when dollar was N450 - 1$. There's also custom duty and port charge like demmurage too to consider, clearing a car manufactured in 1999 may cost almost N450,000 to clear.

Now add N650,000 + N450,000 to the original cost of the vehicle in dollars, you'll see why dealers try to sell at those rates to meet up, who wants his/her business to collapse just because clients want cheap cars but government policies aren't making it possible.


I agree that it's not good when you buy at a lower rate and you sell at higher rates but my question is this, will banks give special considerations to you when next you want to buy dollars just because you sold your cars at a lower rate. I'm not holding brief for any Car Dealer but common sense dictates that you use any means to protect what brings food to your table.




Also take into consideration that many of the cars advertised in websites are advertised by second or third level dealers, many of them aren't firsthand owners, most of the car lots you see around have different people investing into it,they're the originals owners and importers while others are just marketers, so a profit margin has to be added. Thats how car dealerships operate throughout the world.

. My brother d bigest thumb up for you, if any body thinks that business is just the way they assumed it be, please give it a try.

chukel:
my brother, if u really understood me, u will discover we are saying the same thing. I was responding to someone's post and justifying why naija used cars were also expensive. The dealers were not sincere and out to cheat u guys.

. Guy am sorry to say this, you've not come to real the understanding of what business is all about,u must have heard about stocks

valarinz:


Not totally saying there are no greedy dealers but, in this scenario, what you described as "well maintained" 90% of the times turns out to have issue that will require hundreds of thousands to fix before resales, and you can imagine if he didn't buy it for the 800k, where will the profit come from.

Almost all naija car users /sellers lie to dealers about issues on their cars, all will claim is sound and perfect, sadly, no matter how good you are at checking for faults, some faults will only manifest after a long drive and by then you've already bought, I'm speaking from experience, so I always assume and prepare for the worst when buying these cars from users, so I'll definitely not be buying at a high price, so Ill be abLe to fix whatever issue comes up and still be able to sell at a profit

He sold the car (not to a dealer) about three weeks ago at N1.07m.

Nusaf:


He sold the car (not to a dealer) about three weeks ago at N1.07m.

And your point is?

If he knew he could sell it himself, why go to the dealer in the first place, so you expected the dealer to buy for 1.07m and what will he do with the car afterwards? Eat it? Won't he want to sell it again for some PROFIT? Or maybe, after buying 1.07m from your friend he puts it up for sale for 1.2m and you guys will come here shouting "greedy dealer, greedy dealer"

Do you think dealers are in biz for charity? Are you this charitable in your own line of biz or are you being hypocritic cos it's car dealers involved now??

valarinz:


And your point is?

If he knew he could sell it himself, why go to the dealer in the first place, so you expected the dealer to buy for 1.07m and what will he do with the car afterwards? Eat it? Won't he want to sell it again for some PROFIT? Or maybe, after buying 1.07m from your friend he puts it up for sale for 1.2m and you guys will come here shouting "greedy dealer, greedy dealer"

Do you think dealers are in biz for charity? Are you this charitable in your own line of biz or are you being hypocritic cos it's car dealers involved now??

And the dealer must make a profit of N270k on a registered car within that price range, right?

Guy, we are talking of a car between 1m & 1.5m, not cars of10m and above where he can even make 500k. Just express the intended profit as a percentage of the cost,
33.75%, that is if he sell at N1.07m, haba.

Dude, you should have allowed the person I had quoted to continue cos your submissions are contrary to the msg he was trying to pass.

If a dealer must make a profit of N270k on a Nigerian used car (he) bought at N800k, what are we still saying?

Besides, dealers won't even sell that car @ that price cos the car itself is rarely used as the owner is always on assignment outside the state/country sometimes 6 months at a stretch. I mean the only difference between the car and a graded tokunbo is "registeration"

Meanwhile, he went to the dealer expecting a better deal since he was to buy from same dealer. That is what took him to the dealer.

Nusaf:


And the dealer must make a profit of N270k on a registered car within that price range, right?

Guy, we are talking of a car between 1m & 1.5m, not cars of10m and above where he can even make 500k. Just express the intended profit as a percentage of the cost,
33.75%, that is if he sell at N1.07m, haba.

Dude, you should have allowed the person I had quoted to continue cos your submissions are contrary to the msg he was trying to pass.

If a dealer must make a profit of N270k on a Nigerian used car (he) bought at N800k, what are we still saying?

Besides, dealers won't even sell that car @ that price cos the car itself is rarely used as the owner is always on assignment outside the state/country sometimes 6 months at a stretch. I mean the only difference between the car and a graded tokunbo is "registeration"

Meanwhile, he went to the dealer expecting a better deal since he was to buy from same dealer. That is what took him to the dealer.

So, you're saying dealers are forbidden to make profit of 270k on cars below 1.5m? So it's for you to fix acceptable profit margin for someone else's biz abi

If you think dealers are so greedy and you will gladly take 50k profit on cars below 1.5m, stop complaining, enter the biz and push all those greedy dealers out of biz, Nigerians sef wahala too much, always calculating profit for others

You're not to blame, I used to reason this way till I became part of the industry, all people see is the gain, no one see the loss, it's ok for dealers for buy certain naija used cars and end up with a huge loss margin, but it's forbidden for them to make good profit on any other one

greedy dealers.someone offer me 2.4 million for a 2003 corolla. a car that was sold for 1.3 to 1.4millon. they want to much gain.awoof they run belle ooo.you are not suppose to rip off customers any how because of greed.

Jkvivi2020:
greedy dealers.someone offer me 2.4 million for a 2003 corolla. a car that was sold for 1.3 to 1.4millon. they want to much gain.awoof they run belle ooo.you are not suppose to rip off customers any how because of greed.

If he dont sell it to you at that rate how does he return to the market to buy a next o ne to sell?
This is a classic example of whom has no Certificate or WAEC accusing a medical doctor and an Engineer of taking thier JOBS.(S Africa)

valarinz:


So, you're saying dealers are forbidden to make profit of 270k on cars below 1.5m? So it's for you to fix acceptable profit margin for someone else's biz abi

If you think dealers are so greedy and you will gladly take 50k profit on cars below 1.5m, stop complaining, enter the biz and push all those greedy dealers out of biz, Nigerians sef wahala too much, always calculating profit for others

You're not to blame, I used to reason this way till I became part of the industry, all people see is the gain, no one see the loss, it's ok for dealers for buy certain naija used cars and end up with a huge loss margin, but it's forbidden for them to make good profit on any other one

Bro its imperative to note here, most of our guys on here are either kids who still live with thier parents or Adults who are just starting thier lives or Adults who have never indulge in any sort of trade or deliberately dumb people I swear.I find it extremely strange why anyone in thier right minds will find making a profit of N270k on a N1m investment which can take up to 13 months to achieve.This beats me.

erico2k2:

Bro its imperative to note here, most of our guys on here are either kids who still live with thier parents or Adults who are just starting thier lives or Adults who have never indulge in any sort of trade or deliberately dumb people I swear.I find it extremely strange why anyone in thier right minds will find making a profit of N270k on a N1m investment which can take up to 13 months to achieve.This beats me.

Been reading the comments and its super crazy bro, i believe nairaland now has an average age of users as 17yrs old, cos most comments coming from supposed adults is just outright embarassing. Car dealers aint supposed to make profit cos its car biz, but in whatever other line of biz, its ok to make profit, smh

A car dealer makes an investment worth millions with all the associated risk involved plus time wasted, and he's not supposed to make 100k profit so he won't be termed "greedy". But if a market woman who sells garri increases the price of her wares triple fold, she's not greedy, instead its buhari's fault.

valarinz:


Been reading the comments and its super crazy bro, i believe nairaland now has an average age of users as 17yrs old, cos most comments coming from supposed adults is just outright embarassing. Car dealers aint supposed to make profit cos its car biz, but in whatever other line of biz, its ok to make profit, smh

A car dealer makes an investment worth millions with all the associated risk involved plus time wasted, and he's not supposed to make 100k profit so he won't be termed "greedy". But if a market woman who sells garri increases the price of her wares triple fold, she's not greedy, instead its buhari's fault.

Bro tbh I dont even know how importers of cars make money,I pulled out of that Biz8 years ago and never looked back, I sold my last car N1m a 2001 toyota camry,I only made N50K after 7 months can You imagine cos landing cost was N950K

oruma19:
it is either u just like to comment or u don't know what u r talking about. People had plenty of stock before dollar became scarce and they picked their prices based on the "so-called" hike. my friend u just displayed ur ignorance as to the way the Nigerian system works. Demand and supply theory doesn't hold sway in Nigeria. Nigerians that are into business respond to mkt forces by "hearsays" forget this nonsense u r talking about. It's for an ideal society "ceteris paribus". Naija system is not an ideal system and until we engage in proper introspective revolution we shall continue to wander in this wilderness of retrogression.

You sound very naive, from your post I can tell you have no practical business experience... If you do then whatever business it is has nothing to do with trading. My sincere and humble advice to you is to go to whatever market you have around you and ask a trader(educated or not) to explain TRADING to you.
Have a great day.

marelmedia:


You sound very naive, from your post I can tell you have no practical business experience... If you do then whatever business it is has nothing to do with trading. My sincere and humble advice to you is to go to whatever market you have around you and ask a trader(educated or not) to explain TRADING to you.
Have a great day.

I am not surprised at ur comment, u obviously do not understand my stance and feel to proud to ask for explanation. I pity Nigeria with people like u and dis kind of mentality. May God save naija from the Hawks like you who only want to understand what they want to and refuse to face reality. Selfishness and greed have degenerated into Wickedness in many of u. It's a pity.

nuelyoyo:
are cars cheap during winter? Or was ur statement figurative?

Figurative Obviously..

oruma19:
it is either u just like to comment or u don't know what u r talking about. People had plenty of stock before dollar became scarce and they picked their prices based on the "so-called" hike. my friend u just displayed ur ignorance as to the way the Nigerian system works. Demand and supply theory doesn't hold sway in Nigeria. Nigerians that are into business respond to mkt forces by "hearsays" forget this nonsense u r talking about. It's for an ideal society "ceteris paribus". Naija system is not an ideal system and until we engage in proper introspective revolution we shall continue to wander in this wilderness of retrogression.

you are the one obviously talking nonsense cos even if I have enough stock before d dollar hike..if I sell at the former rate how do I restock or buy those goods again now that the prices are high?? You don't know anything about economy..you are plain ignorant and its obvious u know nothing about business..u are probably a salary earner and knows nothing about how a business works..market forces and govt policies will always affect prices weather positive or negative..so blame d govt not the importer who s mere adjusting his prices so as to remain in business

@erico 2k2 everybody are entitled to their opinion.it is not about insult.i will not insult u.i wil pretend as if i did not see.I reapeat most dealers are greedy.they don't want to be told d truth.we are not saying a dealers should not get profit but so many of them over do it an take advantage of customers.a corolla was offer to me for 2.4millon by a greedy dealer d same 2003 corolla very clean no single dent I got for 1.9millon by a honest dealer.d two dealers bought at d same dollar rate because I ask a lot of question before I buy my cars.are u now saying d second dealer did not make profit.NO he still make sweet profit.he told me point blank that most dealers are so much greedy that is why most of them sell one car in a week.that is d real truth take it or u leave it.is a simple thing that was my experience with a greedy dealer.

Jkvivi2020:
@erico 2k2 everybody are entitled to their opinion.it is not about insult.i will not insult u.i wil pretend as if i did not see.I reapeat most dealers are greedy.they don't want to be told d truth.we are not saying a dealers should not get profit but so many of them over do it an take advantage of customers.a corolla was offer to me for 2.4millon by a greedy dealer d same 2003 corolla very clean no single dent I got for 1.9millon by a honest dealer.d two dealers bought at d same dollar rate because I ask a lot of question before I buy my cars.are u now saying d second dealer did not make profit.NO he still make sweet profit.he told me point blank that most dealers are so much greedy that is why most of them sell one car in a week.that is d real truth take it or u leave it.is a simple thing that was my experience with a greedy dealer.

For your mind, you bought the same corolla, clean and no dents abi, continue

I still don't see why the crying of wolf up and down, if you price a ware and feel the price is way high, swerve to the next buyer who's selling cheap, believe me, that other dealer must have sold his own for that same 2.4m by now, that's the biz

I don't see the point of everyone creating threads to cry about dealers being greedy, this creates unnecessary stereotyping, or perhaps that's what everyone is trying to achieve, what's the need for that? Don't you get some boutiques selling a pair of jeans for 3k and others sell same Jean for 15k, if you feel the 15k is too expensive, don't u simply walk in to the stores of those selling for 3k, buy your Jean and move on?

What if I tell you that someone else somewhere might be selling that same corolla you bought for 1.9m for 1.6m, what does that make your saint dealer? Another greedy dealer abi

Cars have different reasons why they may cost differently, that car you think is clean, you don't know how much work has gone into it to get it to that state, some cars might have more than one salesman attached to it, this is the same as in other sectors, be it real estate, hospitality and so on.

How many threads do we get people opening to complain about exorbitant room rates hotel owners charge for eg? It's not by force to drive a car that's beyond your means, if you can't afford a car then lower your taste and buy what's in your class, hating the dealer for selling at the rate he's selling won't help u or affect him in anyway, tnx