Honda 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 cars has had a strong depreciation during the last 6 months we have studied. The average price in October was of ₦ 18,234,125. This price hardly went through any changes and remained at ₦ 17,611,000 during November. The following two months the selling price went through a strong reduction of -35 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -59 % compared to the 4 previous average values going down from ₦ 14,754,362 to ₦ 6,054,747.
The average price for Honda has had a strong rise in recent years. Between "before 2000" and 2015, the average price is ₦ 1,573,071.75. There was a significant inflation of the average price in "before 2000" (₦ 572,122) moving up till (₦ 5,716,667)in 2015. During the next two years (2016, 2017) the price for the aforementioned model has gone up strongly a 274 %. During the last two years, the car industry has had a strong deflation in its selling prices of -34 % compared to the average values for the previous 4 years. This has been obtained from analysing the prices for the the preceding four years in a previous sample (₦ 4,386,528) and the the last two years (2018, 2022) with a price of ₦ 2,887,500.
The graph that displays the price for Honda cars according to their mileage shows that those cars within a mileage range of "10,000 - 25,000" are the ones with the lowest price. They are 88 % more affordable than the average price (₦ 5,914,638). Next with a price of ₦ 906,000 and a mileage range of "25,000 - 50,000" we would see the following vehicles. The mileage range for the most affordable cars is "less than 10,000". It is 19% less expensive than the average market value followed by those cars with a mileage of "more than 200,000" priced at ₦ 2,926,807.
The graph showing the average price for the fuel type for Honda cars points out to "Hybrid" as being the cheapest fuel type. It is 64 % less expensive than the average market price (₦ 5,914,638) followed by "Petrol" priced at ₦ 5,556,181. On average the cheapest type of fuel is "Petrol". It´s price is 6 % more affordable than the average market value followed by "Hybrid" with a price of ₦ 2,158,000.