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. In July the average price per vehicle is ₦ 1,903,933. During August the price went trough a strong deflation till ₦ 713,625. The following two months the selling price went through a strong reduction of -31 % compared to the previous two months studied. The average price has had spectacular rise of 28 % with an average price of ₦ 1,103,108.25 during the previous 4 months and ₦ 1,409,469.5 during the most recent months in November and December.
The average price for Land Rover has had a strong rise in recent years. Between 2003 and 2014, the average price is ₦ 3,159,524. There was a significant inflation of the average price in 2003 (₦ 1,466,667) moving up till (₦ 2,362,500)in 2014. During the following two years, cars belonging to the brand aforementioned had a strong deflation in their selling price of -18 % compared to the previous period. During the last two years, prices in the car industry have gone up 14 % compared to the average values for the previous 4 years. This conclusion was reached from studying the prices for the the preceding four years in previous sample (₦ 3,028,125) and the the last two years that were studied (2018, 2019) with a price of ₦ 3,462,500.
The graph that displays the price for Land Rover cars according to their mileage shows that those cars within a mileage range of "50,000 - 100,000" are the ones with the lowest price. They are 11 % more affordable than the average price (₦ 2,818,939). Next with a price of ₦ 2,865,385 and a mileage range of "less than 10,000" we would see the following vehicles. The mileage range for the most expensive cars is "less than 10,000". It is 2% more costly than the average market value followed by those vehicles with a mileage of "50,000 - 100,000" and a price of ₦ 2,508,333.