Hummer 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 Hummer cars has had a strong depreciation during the last 6 months we have studied. The average price for October is ₦ 1,810,469. During November there was a slight reduction in the selling prices dropping till ₦ 1,690,851. The following two months the selling price went through a strong reduction of -40 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -55 % compared to the 4 previous average values going down from ₦ 1,403,479.75 to ₦ 637,541.
The average price for Hummer has gone down in recent years. During the first sample analyzed, going from 2004 to 2009, the average price was ₦ 773,166.62. Please take note of of the significant depreciation in the prices between 2004 (₦ 833,333) and 2009 (₦ 500,000). During the following two years, cars belonging to the brand aforementioned had a strong deflation in their selling price of -24 % compared to the previous period. During the last two years, prices in the car industry have gone through a strong rise of 16 % 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 (₦ 697,291.75) and the the last two years that have been analyzed (2013, 2014) with a price of ₦ 808,333.5.
The graph that displays the price for Hummer cars according to their mileage shows that those cars within a mileage range of "more than 200,000" are the ones with the lowest price. They are 8 % more affordable than the average price (₦ 631,471). Next with a price of ₦ 712,000 and a mileage range of "less than 10,000" we would see the following vehicles. The mileage range for the most expensive cars is "10,000 - 25,000". It is 102% more costly than the average market value followed by those vehicles with a mileage of "25,000 - 50,000" and a price of ₦ 787,500.