Are you currently in the market to buy (or sell) a BMW M5 in Ibadan? Vehiclus studied the local used auto market of all metropolitan areas in Nigeria to determine a pricing profile of various BMW models depending on their age, technical condition, optical condition, and mileage. To maximize your profits when selling your M5 (or to make sure to not overpay when buying a BMW M5) it is of value to understand all price-establishing variables.
Ibadan is a town with 3565108 inhabitants. However, it is hard to find more than a dozen BMW M5 on the market . That's why the supply is little and the demand depends on a multitude of factors for example car model reputation, mileage, and used car pricing.
As shown below, cars of the manufacturer BMW and specially of their model M5 devaluate in a very average process. The mean value of the M5 will be decreased by up to 14% ($67,907) after just 1 year. After three years, the car usually costs only 61% of its original asking price ($49,238) while it will only be valued at 31% of the MSRP after 7 years ($21,619). The M5's value after 12 years is only 10% of its initial price depending on its condition of course.
One more way to quantify vehicle depreciation is to study the decrease of value over kilometers driven. The BMW M5 depreciation curve below illustrates this phenomenon for Ibadan. The M5 looses most of its value (~ 46%) within the first 30k km driven. The average price for a M5 at that mileage is ca $44,177. After that the depreciation slows down: at 90,000km the BMW M5 is sold for $26,273 in Ibadan and for $12,433 at 180,000km of mileage.
The last parameter that significantly impacts the sell price of a second-hand car is the technical and optical condition of the vehicle. The table below shows the devaluation of a BMW M5 according to its year and its condition.
|Vehicle Year||BMW M5 Condition|
|BMW M5 variations:|