Honda Accord 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 Honda Accord cars has had a strong depreciation during the last 6 months we have studied. The average price for October is ₦ 17,824,750. During November there was a slight reduction in the selling prices dropping till ₦ 16,927,500. The following two months the selling price went through a strong reduction of -39 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -65 % compared to the 4 previous average values going down from ₦ 13,960,300 to ₦ 4,896,516.
The average price for Honda Accord has had a strong rise in recent years. Between "before 2000" and 2014, the average price is ₦ 1,448,876.5. There was a significant inflation of the average price in "before 2000" (₦ 563,869) moving up till (₦ 4,966,176)in 2014. During the next two years (2015, 2016) the price for the aforementioned model has gone up strongly a 321 %. During the last two years, the car industry has had a strong deflation in its selling prices of -23 % 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 (₦ 4,976,250) and the the last two years (2017, 2018) with a price of ₦ 3,850,000.
The graph that displays the price for Honda Accord 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 79 % more affordable than the average price (₦ 4,890,419). Next with a price of ₦ 1,175,799 and a mileage range of "50,000 - 100,000" we would see the following vehicles. The mileage range for the most affordable cars is "less than 10,000". It is 21% less expensive than the average market value followed by those cars with a mileage of "more than 200,000" priced at ₦ 2,444,281.