Lexus ES 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 Lexus ES cars has had a strong depreciation during the last 6 months we have studied. The average price in October was of ₦ 15,040,625. This price hardly went through any changes and remained at ₦ 14,570,375 during November. The following two months the selling price went through a strong reduction of -40 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -71 % compared to the 4 previous average values going down from ₦ 11,821,122 to ₦ 3,471,243.
The average price for Lexus ES has had a strong rise in recent years. During the first sample analyzed, going from 2001 to 2011, the average price was ₦ 2,457,558.75. Please take note of of the significant depreciation in the prices between 2001 (₦ 1,001,250) and 2011 (₦ 430,000). During the next two years (2012, 2013) the price for the aforementioned model has gone up strongly a 47 %. During the last two years, prices in the car industry have experienced a depreciation of -5 % compared to the average prices for the previous 4 years. This has been obtained from prices from the the previous four years in a previous sample (₦ 3,429,665.25) and the the last two years analyzed (2014, 2015) with a price of ₦ 3,257,143.
The graph that displays the price for Lexus ES 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 63 % more affordable than the average price (₦ 3,454,751). Next with a price of ₦ 1,777,457 and a mileage range of "less than 10,000" we would see the following vehicles. The mileage range for the most expensive cars is "100,000 - 200,000". It is 59% more costly than the average market value followed by those vehicles with a mileage of "more than 200,000" and a price of ₦ 4,477,939.