Toyota 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 Toyota cars has had a strong depreciation during the last 6 months we have studied. In July the average price per vehicle is ₦ 10,066,313. During August the price went trough a strong deflation till ₦ 6,423,698. The following two months (September, October) the selling price went through a devaluation of -14 percent in the average selling price compared to the previous two months analyzed. In the last two months, the price has gone through a strong devaluation of -51 % compared to the 4 previous average values going down from ₦ 7,650,718.5 to ₦ 3,734,349.5.
The average price for Toyota has had a strong rise in recent years. Between "before 2000" and 2019, the average price is ₦ 2,552,928.25. There was a significant inflation of the average price in "before 2000" (₦ 816,213) moving up till (₦ 1,751,250)in 2019. During the next two years (2020, 2021) the price for the aforementioned model has gone up strongly a 44 %. During the last two years, prices in the car industry have gone through a strong rise of 20 % compared to the average values for the previous 4 years. This was taken from studying the prices for the the preceding four years in previous sample (₦ 4,613,547) and the the last two years that have been analyzed (2022, 2023) with a price of ₦ 5,544,333.5.
The graph that displays the price for Toyota 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 91 % more affordable than the average price (₦ 7,468,699). Next with a price of ₦ 891,111 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 1% less expensive than the average market value followed by those cars with a mileage of "100,000 - 200,000" priced at ₦ 4,691,644.
The graph showing the average price for the fuel type for Toyota cars points out to "Diesel" as being the cheapest fuel type. It is 68 % less expensive than the average market price (₦ 7,468,699) followed by "Gas" priced at ₦ 5,363,060. On average the cheapest type of fuel is "Petrol". It´s price is 5 % more affordable than the average market value followed by "Gas" with a price of ₦ 5,363,060.