Lexus GX 470 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 Lexus GX 470 cars have gone through a strong rise during the last 6 months. During the first month analyzed in July the average price was ₦ 1,195,045. August went through a strong inflation with a rise in the price till ₦ 1,420,720. During the following two months (September, October) the average selling price experienced a noticeable rise, going up 184 % from ₦ 1,307,882.5 to ₦ 3,708,807. The average price has had spectacular rise of 127 % with an average price of ₦ 2,508,344.75 during the previous 4 months and ₦ 5,686,176.5 during the most recent months in November and December.
The average price for Lexus GX 470 has had a strong rise in recent years. During 2004 and 2004, the average price was ₦ 3,772,632. During this period, prices pretty much remained constant. During the next two years (2005, 2006) the price for the aforementioned model has gone up strongly a 15 %. 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 (₦ 5,103,576.5) and the the last two years that were studied (2007, 2008) with a price of ₦ 5,850,208.5.
The graph that displays the price for Lexus GX 470 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 8 % more affordable than the average price (₦ 5,422,353). Next with a price of ₦ 5,356,250 and a mileage range of "50,000 - 100,000" we would see the following vehicles. The mileage range for the most expensive cars is "25,000 - 50,000". It is 5% more costly than the average market value followed by those vehicles with a mileage of "less than 10,000" and a price of ₦ 5,541,667.