BMW 7 Series 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 BMW 7 Series cars has had a strong depreciation during the last 6 months we have studied. The average price for October is ₦ 3,255,588. During November there was a slight reduction in the selling prices dropping till ₦ 2,951,000. The following two months the selling price went through a strong reduction of -32 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -77 % compared to the 4 previous average values going down from ₦ 2,599,019.25 to ₦ 586,753.5.
The average price for BMW 7 Series has gone through a significant depreciation in recent years. During the first sample analyzed, going from 2002 to 2008, the average price was ₦ 622,466.62. Please take note of of the significant depreciation in the prices between 2002 (₦ 750,000) and 2008 (₦ 383,333). During the next two years (2009, 2010) the price for the aforementioned model has gone up strongly a 39 %. During the last two years, the car industry has had a strong deflation in its selling prices of -32 % 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 (₦ 653,611) and the the last two years (2011, 2012) with a price of ₦ 443,055.5.
The graph that displays the price for BMW 7 Series 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 20 % more affordable than the average price (₦ 477,143). Next with a price of ₦ 450,000 and a mileage range of "10,000 - 25,000" we would see the following vehicles. The mileage range for the most expensive cars is "100,000 - 200,000". It is 68% more costly than the average market value followed by those vehicles with a mileage of "less than 10,000" and a price of ₦ 564,167.