Honda City Vehicles have gone through a strong increase in their selling price recently. There has been a considerable inflation in the selling prices for this model.
The retail prices for Honda City cars have gone through a strong rise during the last 6 months. In November the price for a car is ₦ 696,706 increasing till ₦ 735,938 in December. During the following two months (January, February) the average selling price experienced a noticeable rise, going up 31 % from ₦ 716,322 to ₦ 935,075. The average price has had spectacular rise of 53 % with an average price of ₦ 825,698.5 during the previous 4 months and ₦ 1,266,952.5 during the most recent months in March and April.
The average price for Honda City has had a strong rise in recent years. Between 2005 and 2006, the average price is ₦ 974,900. There was a significant inflation of the average price in 2005 (₦ 800,000) moving up till (₦ 1,149,800)in 2006. During the next two years (2007, 2008) the price for the aforementioned model has gone up strongly a 24 %. During the last two years, prices in the car industry have gone up 15 % 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 (₦ 1,416,666.5) and the the last two years that were studied (2009, 2011) with a price of ₦ 1,622,500.
The graph that displays the price for Honda City cars according to their mileage shows that those cars within a mileage range of "100,000 - 200,000" are the ones with the lowest price. They are 32 % more affordable than the average price (₦ 1,391,683). Next with a price of ₦ 1,438,758 and a mileage range of "less than 10,000" we would see the following vehicles. The mileage range for the most expensive cars is "50,000 - 100,000". It is 16% more costly than the average market value followed by those vehicles with a mileage of "less than 10,000" and a price of ₦ 1,438,758.