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. During the first month analyzed in January the average price was ₦ 797,429. February went through a strong inflation with a rise in the price till ₦ 1,072,721. During the following two months (March, April) the average selling price experienced a noticeable rise, going up 35 % from ₦ 935,075 to ₦ 1,266,952.5. The average price has had spectacular rise of 16 % with an average price of ₦ 1,101,013.75 during the previous 4 months and ₦ 1,274,867.5 during the most recent months in May and June.
The average price for Honda City has had a strong rise in recent years. Between 2003 and 2010, the average price is ₦ 1,106,516.25. There was a significant inflation of the average price in 2003 (₦ 475,000) moving up till (₦ 2,080,000)in 2010. During the next two years (2011, 2012) the price for the aforementioned model has gone up strongly a 91 %. During the last two years, prices in the car industry have gone up 13 % 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 (₦ 2,414,136.75) and the the last two years that were studied (2013, 2014) with a price of ₦ 2,716,666.5.
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 22 % more affordable than the average price (₦ 1,300,568). Next with a price of ₦ 1,331,957 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 23% more costly than the average market value followed by those vehicles with a mileage of "25,000 - 50,000" and a price of ₦ 1,550,000.