Are you currently in the market to buy (or sell) a Daewoo Lanos in Ibadan? Vehiclus analyzed the used car market of all towns in Nigeria to determine a pricing profile of various Daewoo models depending on their age, technical condition, optical condition, and mileage. To maximize your profits when selling your Lanos (or to be sure to not overpay when purchasing a Daewoo Lanos) it is of value to know all price-determining variables.
Ibadan is a town with a current population of 3565108 inhabitants. Nevertheless, it is hard to find more than five Daewoo Lanos on the market there. Hence, the supply is little and the demand depends on a multitude of factors such as car model reputation, mileage, and reliability.
As illustrated in the figure below, cars of the car manufacturer Daewoo and specially of their model Lanos depreciate in a very predictable fashion. The average selling price of the Lanos will be lowered by up to 13% ($16,851) after only one year. After three years, the car usually is valued at 62% of its original selling price ($12,279) while it will only be valued at 28% of the original price after 7 years ($5,354). The Lanos's value after twelve years is only 13% of its initial price depending on its condition of course.
One more way to quantify car depreciation is to examine the loss of value vs kilometers driven. The Daewoo Lanos depreciation curve below illustrates this phenomenon for the city of Ibadan. The Lanos looses most of its resell price (~ 47%) within the first 30k km of its mileage. The average price for a Lanos at that usage level is approximately $10,786. After that the devaluation slows down: at 90,000km the Daewoo Lanos is valued for $6,409 in Ibadan and for $3,006 at 180,000km of mileage.
The last value that heavily influences the sell price of a second-hand car is the technical and optical condition of the vehicle. The table below shows the deflation of a Daewoo Lanos according to its year and its condition.
|Vehicle Year||Daewoo Lanos Condition|
|Daewoo Lanos variations:|
|LANOS 3P 1.5L SE/RECREO|
|LANOS 5P 1.6L SX BVA|
|LANOS 5P 1.4L S/SE|
|LANOS 3P 1.4L S/SE|
|LANOS 3P 1.6L SX|
|LANOS 5P 1.5L SE/RECREO|
|LANOS 3P 1.6L SX BVA|
|LANOS 5P 1.6L SX|