Kia Sorento 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 Kia Sorento cars has had a strong depreciation during the last 6 months we have studied. In October the average price per vehicle is ₦ 4,300,750. During November the price went trough a strong deflation till ₦ 3,021,625. The following two months the selling price went through a strong reduction of -54 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -50 % compared to the 4 previous average values going down from ₦ 2,670,263.25 to ₦ 1,336,485.
The average price for Kia Sorento has had a strong rise in recent years. Between 2003 and 2010, the average price is ₦ 1,252,847.12. There was a significant inflation of the average price in 2003 (₦ 750,000) moving up till (₦ 1,350,000)in 2010. During the next two years (2011, 2012) the price for the aforementioned model has gone up strongly a 38 %. During the last two years, prices in the car industry have gone through a strong rise of 24 % 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 (₦ 2,274,166.75) and the the last two years that have been analyzed (2013, 2015) with a price of ₦ 2,820,833.5.
The graph that displays the price for Kia Sorento 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 (₦ 1,358,750). Next with a price of ₦ 570,000 and a mileage range of "50,000 - 100,000" we would see the following vehicles. The mileage range for the most expensive cars is "more than 200,000". It is 79% more costly than the average market value followed by those vehicles with a mileage of "100,000 - 200,000" and a price of ₦ 2,409,375.