Toyota Corolla Now N8.5m as Used Car Prices Hit Nigerians Hard

A 2005 Toyota Corolla that sold for about N1.5 million three years ago now costs between N8 million and N8.5 million, according to car dealers. The jump has pushed older models, once seen as the affordable route to car ownership, out of reach for many households.

What dealers are quoting

A locally used 2005 Toyota Corolla has moved from N750,000 to N850,000 to between N4.3 million and N4.5 million. A Nigerian-used version that once sold for less than N1 million now requires at least N4.3 million.

The pressure is not limited to Corolla. A 2010 Toyota Camry that previously sold for between N2.2 million and N3 million now costs between N9 million and N10 million, depending on the vehicle’s condition.

Clearance costs add pressure

Car dealers link the increase to high exchange rates, import duties and rising vehicle clearance costs. Paul Uche, a car dealer and importer, said clearing a Toyota Corolla previously cost between N200,000 and N350,000. It now requires between N2.5 million and N3.5 million.

Uche said sales had dropped considerably this year. Some traders have gone three to four months without selling a vehicle. He urged the government to review the situation, warning that expensive vehicle imports and reduced consumer purchasing power were hurting the automobile business.

Buyers squeezed

Rising food prices, rent and other basic expenses have cut what many Nigerians can spend on major items. Uche said the cost of buying a car now competes with rent, food and transportation for workers and families.

He said: “You wouldn’t expect somebody who is struggling to survive to look at buying a car.”

The figures show how exchange rate pressure and import costs are feeding into asset prices, even for old vehicles. For consumers, car ownership has become a substantially more expensive goal, even for those willing to settle for older, locally used models. For dealers, fewer buyers mean slower sales and a tougher business environment.