Are you currently in the market to buy (or sell) a Hyundai IX20 in Ibadan? Vehiclus analyzed the local used auto market of all metropolitan areas in Nigeria to determine a pricing profile of various Hyundai models depending on their age, technical condition, optical condition, and mileage. In order to optimize your earnings when selling your IX20 (or to be certain to not overpay when buying a Hyundai IX20) it is of value to know all price-determining factors.
Ibadan is a town with currently 3565108 inhabitants. However, it is hard to find more than three Hyundai IX20 on the market . Hence, the supply is not high and the demand depends on a multitude of parameters for example season, fuel mileage, and brand competetivness.
As shown below, cars of the make Hyundai and especially of the model IX20 loose their value in a very usual process. The mean value of the IX20 will be decreased by up to 14% ($13,034) after only 1 year. After 3 years, the car typically is valued at 63% of its original asking price ($9,435) while it will only be priced at 32% of the original price after 7 years ($3,869). The IX20's value after 12 years is only 12% of its first price depending on its condition of course.
One more way to analyze car depreciation is to examine the loss of value vs kilometers driven. The Hyundai IX20 depreciation curve below illustrates this phenomenon for the city of Ibadan. The IX20 looses most of its value (~ 47%) within the first 30k km driven. The mean price for a IX20 at that usage level is approximately $8,491. After that the depreciation plateaus: at 90k kilometers the Hyundai IX20 is priced for $5,039 in Ibadan and for $2,110 at 180,000km driven.
The last parameter that significantly influences the price of a second-hand car is the technical and optical condition of the vehicle. The table below illustrates the devaluation of a Hyundai IX20 according to its year and its condition.
|Vehicle Year||Hyundai IX20 Condition|
|Hyundai IX20 variations:|