It was gathered that while prices of brand new vehicles have increased by 70 per cent, those of fairly used ones upped by 35 per cent.
Toyota Corolla (2.09) is now sold at N10m jumping from N6.5m and 7.5m, a Prado Jeep which used to be N14m and N13m is now priced at over 20million, a survey by Daily Trust indicates.
A motor dealer, Paddy Chukwuka, who spoke on the development, said motor companies increased prices about four times in two months.
Also speaking, a vehicle importer/dealer, Femi Olawale, said most fairly used vehicles increased because of the increment in the cost of clearing and duty, saying, “Exchange rate for valuation is now N280 from N197”.
Managing Director of Toyota (Nigeria) Limited, Mr. Kunle Ade-Ojo, has attributed increase in vehicle prices to foreign exchange fluctuations.
Ade-ojo, who addressed dealers of the company at a Customer Engagement Forum held at his head office, said: “I know some companies have declared losses this year because of foreign exchange. Toyota (Nigeria) Limited is not spared from what is happening.”
He however said the company had developed a robust risk management system to continue to serve its customers and dealers and remain relevant in the market amidst the current economic turmoil.
The MD said the company has been able to cover any exposure arising from this economic recession, stating that it is not affecting it as it tries as much as possible to serve the customers better as far as pricing is concerned. He expressed optimism that the market would stabilize very soon.
