Lexus GX 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 GX cars has had a strong depreciation during the last 6 months we have studied. The average price in November was of ₦ 18,681,875. This price hardly went through any changes and remained at ₦ 18,082,500 during December. The following two months the selling price went through a strong reduction of -81 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -68 % compared to the 4 previous average values going down from ₦ 10,958,707 to ₦ 3,525,967.
The average price for Lexus GX has had a strong rise in recent years. During 2003 and 2003, the average price was ₦ 2,200,000. During this period, prices pretty much remained constant. During the next two years (2004, 2005) the price for the aforementioned model has gone up strongly a 35 %. During the last two years, prices in the car industry have experienced a depreciation of -13 % 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 (₦ 2,625,416.75) and the the last two years analyzed (2010, 2013) with a price of ₦ 2,287,500.