Toyota HiAce 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 HiAce cars has had a strong depreciation during the last 6 months we have studied. The average price in March was of ₦ 10,775,929. This price hardly went through any changes and remained at ₦ 10,513,286 during April. The average selling price has remained fairly constant during the following two months, going from ₦ 10,644,608 to ₦ 10,420,450. In the last two months, the price has gone through a strong devaluation of -55 % compared to the 4 previous average values going down from ₦ 10,532,529 to ₦ 4,688,697.5.
The average price for Toyota HiAce has had a strong rise in recent years. Between "before 2000" and 2014, the average price is ₦ 1,173,986. There was a significant inflation of the average price in "before 2000" (₦ 1,397,143) moving up till (₦ 5,788,068)in 2014. During the next two years (2015, 2018) the price for the aforementioned model has gone up strongly a 731 %. During the last two years, the car industry has had a strong deflation in its selling prices of -22 % 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 (₦ 7,999,669) and the the last two years (2019, 2020) with a price of ₦ 6,240,793.5.
The graph that displays the price for Toyota HiAce 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 88 % more affordable than the average price (₦ 4,606,371). Next with a price of ₦ 542,000 and a mileage range of "25,000 - 50,000" we would see the following vehicles. The mileage range for the most affordable cars is "less than 10,000". It is 29% less expensive than the average market value followed by those cars with a mileage of "100,000 - 200,000" priced at ₦ 2,772,727.
The graph showing the average price for the fuel type for Toyota HiAce cars points out to "Diesel" as being the cheapest fuel type. It is 72 % less expensive than the average market price (₦ 4,606,371) followed by "Petrol" priced at ₦ 3,820,792. On average the cheapest type of fuel is "Petrol". It´s price is 17 % more affordable than the average market value followed by "Diesel" with a price of ₦ 1,275,000.