Are you currently in the market to buy (or sell) a Chevrolet Corvette in Ibadan? Vehiclus studied the used car market of all cities in Nigeria to determine a pricing profile of various Chevrolet models depending on their age, technical condition, optical condition, and mileage. In order to optimize your earnings when selling your Corvette (or to make sure to not be overcharged when buying a Chevrolet Corvette) it is useful to know all value-determining variables.
Ibadan is a metropolitan area with 3565108 inhabitants. Nevertheless, there are usually not many Chevrolet Corvette on the market. Therefore, the supply is low and the demand depends on a multitude of factors for example season, brand popularity, and brand competetivness.
As seen below, cars of the manufacturer Chevrolet and especially of the model Corvette devaluate in a very average manner. The average asking price of the Corvette will be lowered by 14% ($40,177) after just one year. After 3 years, the car usually costs only 61% of its original asking price ($28,554) while it will only be worth 32% of the MSRP after 7 years ($13,121). The Corvette's value after 12 years is only 11% of its initial price depending on its condition of course.
Another way to describe vehicle depreciation is to examine the loss of value vs mileage. The Chevrolet Corvette depreciation curve below illustrates this phenomenon for Ibadan. The Corvette looses most of its resell price (approximately 47%) within the first 30k km driven. The mean price for a Corvette at that usage level is ca $26,027. After that the devaluation slows down: at 90k km the Chevrolet Corvette is priced for $14,860 in Ibadan and for $7,643 at 180k kilometers .
The last factor that significantly influences the price of a used car is the technical and optical condition of the vehicle. The table below lists the devaluation of a Chevrolet Corvette according to its year and its condition.
|Vehicle Year||Chevrolet Corvette Condition|
|Chevrolet Corvette variations:|
|CORVETTE CABRIOLET V8 5.7L BVA|
|CORVETTE V8 5.7L BVA|
|CORVETTE COUPE C6 V8 6.0L|
|CORVETTE COUPE C6 V8 6.0L BVA 6|
|CORVETTE CABRIOLET V8 5.7L|
|CORVETTE CABRIO C6 V8 6.0L|
|CORVETTE COUPE C6 V8 7.0L|
|CORVETTE CABRIO C6 V8 6.0L BVA 6|
|CORVETTE V8 5.7L|
|CORVETTE COUPE C6 V8 6.0L BVA|