Honda City Vehicles have experienced a considerable decrease in their selling price recently. This model has gone through a strong reduction in its selling price.
The selling price for Honda City cars has had a strong depreciation during the last 6 months we have studied. In October the average price per vehicle is ₦ 1,160,625. During November the price went trough a strong deflation till ₦ 935,188. The following two months the selling price went through a strong reduction of -32 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -43 % compared to the 4 previous average values going down from ₦ 881,823.75 to ₦ 500,231.
The average price for Honda City has had a strong rise in recent years. Between 2003 and 2008, the average price is ₦ 567,976.19. There was a significant inflation of the average price in 2003 (₦ 340,000) moving up till (₦ 916,667)in 2008. During the next two years (2010, 2011), the average price went up 6 % moving from !PRECIO1! to ₦ 600,119, During the last two years, prices in the car industry have gone through a strong rise of 34 % compared to the average values for the previous 4 years. This was taken from studying the prices for the the preceding four years in previous sample (₦ 907,455.25) and the the last two years that have been analyzed (2012, 2013) with a price of ₦ 1,214,791.5.
The graph that displays the price for Honda City cars according to their mileage shows that those cars within a mileage range of "less than 10,000" are the ones with the lowest price. They are 4 % more affordable than the average price (₦ 460,813). Next with a price of ₦ 664,667 and a mileage range of "25,000 - 50,000" we would see the following vehicles. The mileage range for the most expensive cars is "100,000 - 200,000". It is 510% more costly than the average market value followed by those vehicles with a mileage of "50,000 - 100,000" and a price of ₦ 1,081,250.