Regardless of the Federal Government imposition of high tariff on imported vehicles, auto dealers said it has not affected the prices of their stocks. Checks by ENCOMIUM Weekly across Lagos metropolis from leading auto dealers revealed that there has not been any increase in the prices of automobiles.
The new auto policy requires vehicle importers to pay 70 percent duty on imported cars, a development which is attracting public outcry. Minister of Industry, Trade and Investment, Olusegun Aganga disclosed, “The policy is necessary to check the activities of importers putting strain on Nigeria’s foreign reserves”.
The minister stated further that Nigerians spend about $3.4 billion (N544 billion) on importation of used cars and spare parts. He maintained the new regime would only apply to those who import used vehicles into the country while those who manufacture locally would enjoy the old tariff of 35 percent.
At Elizade Motors which specializes in the distribution of Toyota cars, the prices are still within the range of N2.5 million and N12.5 million. The auto company owned by Chief Michael Ade Ojo still imports their vehicles because their auto plant is still not yet completed.
A brand new Toyota 4Runner is sold for between N5 million and N6 million depending on the model. A new Toyota Corolla 2010 model has a price tag of N2.5 million while other models go lesser than that. A new Toyota Camry is for sale at N3.2 million or N4.5 million depending on the model, the cost of a new Toyota Land Cruiser/ Prado jeep is N12.5 million, a new Toyota Rav4 is N8 million while a Toyota Yaris goes for between N2.2 million and N2.7 million. Used Toyota cars in different models sells for between N900,000 and N1.2 million.
A brand new Mercedes Benz C Class is valued at N5.7 million; the latest model is N10 million. A new Mercedes Benz CL Class is N18 million and N34 million for the latest model. Mercedes Benz G Class has a price tag of N18 million and N21 million for new model. Mercedes Benz E Class is paraded for sale at N8 million while the latest model goes for N15 million. A used Mercedes Benz C Class is available for sale at the range of N1.1 million and N2.1 million.
The prices of Honda cars are still the same when we checked. A brand new Honda Accord is N3.8 million and N5.2 million. Honda Civic is on sale for between N3 million and N3.8 million. A new Honda CRV is between N3.6 million and N4.7 million, while the used ones go for between the range of N1.1 million and N2 million.
Mr. Kayode the marketing director of Dana Motors, the company that sells KIA brand of cars told ENCOMIUM Weekly that the prices of cars at Dana still remain what it used to be the previous month, “We still maintain our prices”.
However, a new KIA Picanto is valued at N1.6 million, there is another model that sells for N1.8 million. A new KIA Cerato is N3.1 million, while a new KIA Sorento is N6.2 million.
At Coscharis Motors that recently got the franchise to sell Rolls Royce cars in Nigeria, a new Rolls Royce Phantom 2006 model still goes for N50 million, while a new Rolls Royce Ghost can be purchased for an amount that is close to N32 million.