Hyundai Sonata 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 Hyundai Sonata cars has had a strong depreciation during the last 6 months we have studied. The average price for October is ₦ 10,924,750. During November there was a slight reduction in the selling prices dropping till ₦ 10,110,000. The following two months the selling price went through a strong reduction of -44 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -79 % compared to the 4 previous average values going down from ₦ 8,186,286 to ₦ 1,743,928.5.
The average price for Hyundai Sonata has had a strong rise in recent years. Between 2004 and 2013, the average price is ₦ 1,358,680.38. There was a significant inflation of the average price in 2004 (₦ 766,667) moving up till (₦ 2,488,462)in 2013. During the next two years (2014, 2015) the price for the aforementioned model has gone up strongly a 213 %. During the last two years, prices in the car industry have gone up 7 % 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 (₦ 4,558,625) and the the last two years that were studied (2016, 2017) with a price of ₦ 4,862,250.
The graph that displays the price for Hyundai Sonata cars according to their mileage shows that those cars within a mileage range of "25,000 - 50,000" are the ones with the lowest price. They are 76 % more affordable than the average price (₦ 1,634,541). Next with a price of ₦ 410,000 and a mileage range of "10,000 - 25,000" we would see the following vehicles. The mileage range for the most expensive cars is "more than 200,000". It is 121% more costly than the average market value followed by those vehicles with a mileage of "100,000 - 200,000" and a price of ₦ 3,200,111.