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 May was of ₦ 8,480,377. This price hardly went through any changes and remained at ₦ 8,314,281 during June. The following two months the selling price went through a strong reduction of -27 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -34 % compared to the 4 previous average values going down from ₦ 7,271,796 to ₦ 4,775,275.
The average price for Mercedes Benz has had a strong rise in recent years. Between "before 2000" and 2016, the average price is ₦ 1,698,428.38. There was a significant inflation of the average price in "before 2000" (₦ 679,221) moving up till (₦ 4,450,000)in 2016. During the next two years (2017, 2018) the price for the aforementioned model has gone up strongly a 107 %. 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 (₦ 3,256,250) and the the last two years analyzed (2020, 2021) with a price of ₦ 3,000,000.
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 88 % more affordable than the average price (₦ 4,669,206). Next with a price of ₦ 870,875 and a mileage range of "50,000 - 100,000" we would see the following vehicles. The mileage range for the most affordable cars is "less than 10,000". It is 42% less expensive than the average market value followed by those cars with a mileage of "10,000 - 25,000" priced at ₦ 2,288,333.