Land Rover 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 Land Rover cars has had a strong depreciation during the last 6 months we have studied. The average price for October is ₦ 16,553,750. During November there was a slight reduction in the selling prices dropping till ₦ 15,500,625. The following two months the selling price went through a strong reduction of -41 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -79 % compared to the 4 previous average values going down from ₦ 12,775,582 to ₦ 2,720,107.5.
The average price for Land Rover has had a strong rise in recent years. Between 2002 and 2012, the average price is ₦ 1,100,539.5. There was a significant inflation of the average price in 2002 (₦ 275,000) moving up till (₦ 974,000)in 2012. During the following two years, cars belonging to the brand aforementioned had a strong deflation in their selling price of -45 % compared to the previous period. During the last two years, prices in the car industry have gone through a strong rise of 80 % 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 (₦ 3,102,900.5) and the the last two years that have been analyzed (2019, 2020) with a price of ₦ 5,600,000.
The graph that displays the price for Land Rover 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 73 % more affordable than the average price (₦ 2,173,164). Next with a price of ₦ 789,000 and a mileage range of "10,000 - 25,000" we would see the following vehicles. The mileage range for the most expensive cars is "100,000 - 200,000". It is 97% more costly than the average market value followed by those vehicles with a mileage of "more than 200,000" and a price of ₦ 2,819,667.