Mercedes Benz 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 Mercedes Benz cars has had a strong depreciation during the last 6 months we have studied. The average price in October was of ₦ 19,567,500. This price hardly went through any changes and remained at ₦ 19,445,000 during November. The following two months the selling price went through a strong reduction of -17 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -53 % compared to the 4 previous average values going down from ₦ 17,830,440 to ₦ 8,405,392.
The average price for Mercedes Benz has had a strong rise in recent years. Between "before 2000" and 2016, the average price is ₦ 2,049,101.75. There was a significant inflation of the average price in "before 2000" (₦ 595,000) moving up till (₦ 8,872,222)in 2016. During the next two years (2017, 2018) the price for the aforementioned model has gone up strongly a 50 %. During the last two years, prices in the car industry have experienced a depreciation of -8 % compared to the average prices for the previous 4 years. This has been obtained from prices from the the previous four years in a previous sample (₦ 2,853,125) and the the last two years analyzed (2021, 2022) with a price of ₦ 2,625,000.
The graph that displays the price for Mercedes Benz 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 91 % more affordable than the average price (₦ 6,844,953). Next with a price of ₦ 855,835 and a mileage range of "10,000 - 25,000" we would see the following vehicles. The mileage range for the most affordable cars is "less than 10,000". It is 11% less expensive than the average market value followed by those cars with a mileage of "100,000 - 200,000" priced at ₦ 3,447,585.
The graph showing the average price for the fuel type for Mercedes Benz cars points out to "Diesel" as being the cheapest fuel type. It is 10 % less expensive than the average market price (₦ 6,844,953) followed by "Petrol" priced at ₦ 6,519,030. On average the cheapest type of fuel is "Petrol". It´s price is 5 % more affordable than the average market value followed by "Diesel" with a price of ₦ 6,187,500.