Toyota Corolla 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 Toyota Corolla cars has had a strong depreciation during the last 6 months we have studied. The average price for October is ₦ 17,893,000. During November there was a slight reduction in the selling prices dropping till ₦ 16,606,875. The following two months the selling price went through a strong reduction of -39 % compared to the previous two months studied. In the last two months, the price has gone through a strong devaluation of -62 % compared to the 4 previous average values going down from ₦ 13,899,786 to ₦ 5,324,413.5.
The average price for Toyota Corolla has had a strong rise in recent years. Between "before 2000" and 2015, the average price is ₦ 1,442,913.88. There was a significant inflation of the average price in "before 2000" (₦ 452,750) moving up till (₦ 3,511,111)in 2015. During the next two years (2016, 2018) the price for the aforementioned model has gone up strongly a 163 %. During the last two years, prices in the car industry have gone through a strong rise of 47 % 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 (₦ 7,143,542) and the the last two years that have been analyzed (2020, 2023) with a price of ₦ 10,493,750.
The graph that displays the price for Toyota Corolla cars according to their mileage shows that those cars within a mileage range of "25,000 - 50,000" are the ones with the lowest price. They are 83 % more affordable than the average price (₦ 5,579,620). Next with a price of ₦ 996,395 and a mileage range of "10,000 - 25,000" we would see the following vehicles. The mileage range for the most affordable cars is "less than 10,000". It is 35% less expensive than the average market value followed by those cars with a mileage of "more than 200,000" priced at ₦ 3,553,098.
The graph showing the average price for the fuel type for Toyota Corolla cars points out to "Diesel" as being the cheapest fuel type. It is 86 % less expensive than the average market price (₦ 5,579,620) followed by "Petrol" priced at ₦ 5,446,523. On average the cheapest type of fuel is "Petrol". It´s price is 2 % more affordable than the average market value followed by "Diesel" with a price of ₦ 775,000.