Mini 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 Mini cars has had a strong depreciation during the last 6 months we have studied. In October the average price per vehicle is ₦ 5,627,500. During November the price went trough a strong deflation till ₦ 4,037,297. The following two months the selling price went through a strong reduction of -50 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -81 % compared to the 4 previous average values going down from ₦ 3,627,148.5 to ₦ 681,607.
The average price for Mini has had a strong rise in recent years. Between "before 2000" and 2005, the average price is ₦ 402,166.66. There was a significant inflation of the average price in "before 2000" (₦ 412,500) moving up till (₦ 494,000)in 2005. During the next two years (2007, 2010) the price for the aforementioned model has gone up strongly a 292 %. During the last two years, the car industry has had a strong deflation in its selling prices of -30 % compared to the average values for the previous 4 years. This has been obtained from analysing the prices for the the preceding four years in a previous sample (₦ 1,213,750) and the the last two years (2011, 2013) with a price of ₦ 850,000.
The graph that displays the price for Mini 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 35 % more affordable than the average price (₦ 568,214). Next with a price of ₦ 473,684 and a mileage range of "less than 10,000" we would see the following vehicles. The mileage range for the most expensive cars is "more than 200,000". It is 430% more costly than the average market value followed by those vehicles with a mileage of "10,000 - 25,000" and a price of ₦ 1,733,333.