Kia 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 Kia cars has had a strong depreciation during the last 6 months we have studied. The average price in September was of ₦ 11,753,625. This price hardly went through any changes and remained at ₦ 11,836,750 during October. The following two months the selling price went through a strong reduction of -18 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -74 % compared to the 4 previous average values going down from ₦ 10,739,844 to ₦ 2,837,475.
The average price for Kia has had a strong rise in recent years. Between 2000 and 2016, the average price is ₦ 1,287,222.12. There was a significant inflation of the average price in 2000 (₦ 494,118) moving up till (₦ 5,100,000)in 2016. During the next two years (2018, 2019) the price for the aforementioned model has gone up strongly a 209 %. During the last two years, prices in the car industry have gone through a strong rise of 19 % 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 (₦ 4,904,167) and the the last two years that have been analyzed (2020, 2021) with a price of ₦ 5,833,333.5.
The graph that displays the price for Kia 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 83 % more affordable than the average price (₦ 3,135,219). Next with a price of ₦ 548,158 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 30% less expensive than the average market value followed by those cars with a mileage of "more than 200,000" priced at ₦ 1,307,571.