Are you currently looking to buy (or sell) a Honda Insight in Ibadan? Vehiclus surveyed the used car market of all cities in Nigeria to determine a pricing profile of various Honda models depending on their age, technical condition, optical condition, and mileage. In order to maximize your profits when selling your Insight (or to be sure to not be ripped off when purchasing a Honda Insight) it is a good idea to know all price-establishing factors.
Ibadan is a metropolitan area with a population of 3565108 people. However, it is hard to find more than a dozen Honda Insight on the used car market there. That's why the supply is small and the demand depends on a multitude of parameters such as season, fuel mileage, and brand competetivness.
As pictured below, cars of the car manufacturer Honda and specially of their model Insight loose their value in a very normal process. The mean value of the Insight will be decreased by 14% ($18,834) after only one year. After 3 years, the car usually is valued at 63% of its original asking price ($13,514) while it will only be worth 28% of the original price after 7 years ($6,110). The Insight's value after 12 years is only 10% of its initial price depending on its condition of course.
One more way to quantify car depreciation is to examine the loss of value over kilometers driven. The Honda Insight depreciation curve below describes this phenomenon for the city of Ibadan. The Insight looses most of its value (ca 50%) within the first 30k km driven. The mean price for a Insight at that usage level is approximately $12,149. After that the depreciation plateaus: at 90k kilometers the Honda Insight is valued for $7,044 in Ibadan and for $3,523 at 180,000km .
The last value 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 deflation of a Honda Insight according to its year and its condition.
|Vehicle Year||Honda Insight Condition|
|Honda Insight variations:|
|INSIGHT 1.3 i-VTEC Executive|
|INSIGHT 1.3 i-VTEC Elegance|