As the prices of brand new cars continue to surge in Nigeria, many families and corporate organizations have turned to purchasing imported used vehicles, commonly known as Tokunbo, and locally-used cars to meet their transportation needs.
Visits to car showrooms across the country reveal that many of them are nearly empty, a stark contrast to the past when franchise holders displayed a variety of new models. Now, even the few showrooms still in operation have only a handful of brand-new vehicles on display.
The steep rise in vehicle prices has made it nearly impossible to stock showrooms as before. For instance, the amount used to purchase 20 cars a decade ago can barely buy two brand-new vehicles today.
The cheapest new car currently available costs over N25 million, mostly from Chinese brands. With this high cost, most buyers now prefer imported used cars, which are more affordable given the current economic challenges.
As a result, only the wealthiest Nigerians can afford the luxury of brand-new vehicles. Many reputable companies, seeking durability, functionality, and ease of maintenance, also now opt for Tokunbo cars to keep their businesses running efficiently while making prudent financial decisions.