Ford Explorer 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 Ford Explorer cars has had a strong depreciation during the last 6 months we have studied. The average price for November is ₦ 12,791,125. During December there was a slight reduction in the selling prices dropping till ₦ 11,587,875. The following two months the selling price went through a strong reduction of -90 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -86 % compared to the 4 previous average values going down from ₦ 6,722,461 to ₦ 929,470.5.
The average price for Ford Explorer has remained constant in recent years. During the first sample analyzed, going from 2005 to 2008, the average price was ₦ 1,081,875. Please take note of of the significant depreciation in the prices between 2005 (₦ 865,000) and 2008 (₦ 275,000). During the following two years, cars belonging to the brand aforementioned had a strong deflation in their selling price of -61 % compared to the previous period. During the last two years, prices in the car industry have gone through a strong rise of 35 % 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 (₦ 637,733.5) and the the last two years that have been analyzed (2012, 2013) with a price of ₦ 858,181.5.
The graph that displays the price for Ford Explorer cars according to their mileage shows that those cars within a mileage range of "10,000 - 25,000" are the ones with the lowest price. They are 63 % more affordable than the average price (₦ 863,878). Next with a price of ₦ 383,333 and a mileage range of "100,000 - 200,000" we would see the following vehicles. The mileage range for the most expensive cars is "less than 10,000". It is 41% more costly than the average market value followed by those vehicles with a mileage of "25,000 - 50,000" and a price of ₦ 540,000.