Mercedes Benz GL Class 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 Mercedes Benz GL Class cars has had a strong depreciation during the last 6 months we have studied. The average price for October is ₦ 16,626,250. During November there was a slight reduction in the selling prices dropping till ₦ 15,435,375. The following two months the selling price went through a strong reduction of -49 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -77 % compared to the 4 previous average values going down from ₦ 12,088,009 to ₦ 2,728,258.5.
The average price for Mercedes Benz GL Class has had a strong rise in recent years. Between 2006 and 2008, the average price is ₦ 3,012,600. There was a significant inflation of the average price in 2006 (₦ 860,000) moving up till (₦ 3,874,375)in 2008. During the following two years, cars belonging to the brand aforementioned had a strong deflation in their selling price of -15 % compared to the previous period. During the last two years, the car industry has had a strong deflation in its selling prices of -20 % compared to the average values for the previous 4 years. This has been obtained from analysing the prices for the the preceding four years in a previous sample (₦ 2,139,010.5) and the the last two years (2012, 2013) with a price of ₦ 1,720,833.5.
The graph that displays the price for Mercedes Benz GL Class 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 72 % more affordable than the average price (₦ 2,910,574). Next with a price of ₦ 2,458,750 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 99% more costly than the average market value followed by those vehicles with a mileage of "more than 200,000" and a price of ₦ 4,087,500.