Smart Vehicles have gone through a slight rise in their retail price recently. The prices for this particular model have risen.
The retail prices for Smart cars have increased during the last 6 months. In October the price for a car is ₦ 367,742 increasing till ₦ 399,167 in November. During the following two months (December, January) the average selling price rose somewhat going from ₦ 383,454.5 to ₦ 416,087. During the last couple of months, the average price has hardly changed, remaining the same going from ₦ 399,770.75 to ₦ 399,166.5 during February and March.
The average price for Smart has gone through a significant depreciation in recent years. During the first sample analyzed, going from 2005 to 2007, the average price was ₦ 434,722. Please take note of of the significant depreciation in the prices between 2005 (₦ 583,333) and 2007 (₦ 337,500). During the following two years, cars belonging to the brand aforementioned had a strong deflation in their selling price of -26 % compared to the previous period. During the last two years, prices in the car industry have gone up 7 % 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 (₦ 342,708.25) and the the last two years that were studied (2011, 2013) with a price of ₦ 365,000.
The graph that displays the price for Smart 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 6 % more affordable than the average price (₦ 378,333). Next with a price of ₦ 359,412 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 29% more costly than the average market value followed by those vehicles with a mileage of "less than 10,000" and a price of ₦ 359,412.