Hyundai 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 Hyundai cars has had a strong depreciation during the last 6 months we have studied. The average price for October is ₦ 15,546,375. During November there was a slight reduction in the selling prices dropping till ₦ 14,766,625. The following two months the selling price went through a strong reduction of -37 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -62 % compared to the 4 previous average values going down from ₦ 12,363,326 to ₦ 4,639,443.5.
The average price for Hyundai has had a strong rise in recent years. Between 2001 and 2017, the average price is ₦ 1,466,871.75. There was a significant inflation of the average price in 2001 (₦ 1,316,667) moving up till (₦ 2,566,333)in 2017. During the next two years (2018, 2020) the price for the aforementioned model has gone up strongly a 156 %. During the last two years the price has remained constant with regard to the previous 4 years, going from an average price of ₦ 3,691,666.75 in 2021 and ₦ 3,633,333.5 during 2023.
The graph that displays the price for Hyundai 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 89 % more affordable than the average price (₦ 4,279,384). Next with a price of ₦ 945,000 and a mileage range of "50,000 - 100,000" we would see the following vehicles. The mileage range for the most affordable cars is "100,000 - 200,000". It is 37% less expensive than the average market value followed by those cars with a mileage of "less than 10,000" priced at ₦ 2,679,844.