Ford 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 Ford cars has had a strong depreciation during the last 6 months we have studied. The average price in October was of ₦ 16,876,375. This price hardly went through any changes and remained at ₦ 16,120,750 during November. The following two months the selling price went through a strong reduction of -39 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -58 % compared to the 4 previous average values going down from ₦ 13,289,780 to ₦ 5,633,239.
The average price for Ford has had a strong rise in recent years. Between "before 2000" and 2016, the average price is ₦ 1,590,771.75. There was a significant inflation of the average price in "before 2000" (₦ 1,065,000) moving up till (₦ 3,510,000)in 2016. During the next two years (2017, 2018) the price for the aforementioned model has gone up strongly a 225 %. During the last two years, prices in the car industry have gone up 6 % compared to the average values for the previous 4 years. This conclusion was reached from studying the prices for the the preceding four years in previous sample (₦ 5,482,083) and the the last two years that were studied (2019, 2020) with a price of ₦ 5,791,666.5.
The graph that displays the price for Ford cars according to their mileage shows that those cars within a mileage range of "25,000 - 50,000" are the ones with the lowest price. They are 90 % more affordable than the average price (₦ 5,419,033). Next with a price of ₦ 665,217 and a mileage range of "10,000 - 25,000" we would see the following vehicles. The mileage range for the most affordable cars is "less than 10,000". It is 25% less expensive than the average market value followed by those cars with a mileage of "more than 200,000" priced at ₦ 3,437,176.
The graph showing the average price for the fuel type for Ford cars points out to "Petrol" as being the cheapest fuel type. It is 15 % less expensive than the average market price (₦ 5,419,033) followed by "Diesel" priced at ₦ 5,775,000. On average the most expensive type of fuel is "Diesel". It´s price is 7 % higher than the average market price followed by "Petrol" which costs ₦ 4,591,752.