Are you currently in the market to buy (or sell) a Hyundai Sonata in Ibadan? Vehiclus studied the local used automotive market of all metropolitan areas in Nigeria to establish a pricing profile of various Hyundai models depending on their age, technical condition, optical condition, and mileage. To optimize your profits when selling your Sonata (or to be sure to not be ripped off when buying a Hyundai Sonata) it is useful to know most price-determining variables.
Ibadan is a town with currently 3565108 inhabitants. Nevertheless, it is hard to find more than five Hyundai Sonata on the market at the same time. That's why the supply is low and the demand depends on various of parameters e.g. brand reputation, fuel mileage, and reliability.
As pictured below, cars of the make Hyundai and specially of their model Sonata devaluate in a very customary way. The mean price of the Sonata will be lowered by up to 13% ($22,976) after only one year. After three years, the car typically goes for only 62% of its original asking price ($16,494) while it will only be valued at 29% of the original price after 7 years ($7,397). The Sonata's value after 12 years is only 10% of its first price depending on its condition of course.
Another way to analyze car depreciation is to study the loss of value vs miles driven. The Hyundai Sonata depreciation curve below describes this phenomenon for the city of Ibadan. The Sonata looses most of its value (ca 46%) within the first 30k kilometers driven. The mean price for a Sonata at that usage level is ca $14,747. After that the devaluation plateaus: at 90k km the Hyundai Sonata is priced for $8,530 in Ibadan and for $4,212 at 180,000km of mileage.
The last factor that significantly influences the selling price of a used car is the technical and optical condition of the vehicle. The table below shows the devaluation of a Hyundai Sonata according to its year and its condition.
|Vehicle Year||Hyundai Sonata Condition|
|Hyundai Sonata variations:|
|SONATA 2.0 PACK Luxe BVA|
|SONATA 2.0 CRDi (140ch) PACK Luxe BVA|
|SONATA 2.0 CRDi (140ch) PACK Confort / Luxe M|
|SONATA 2.0L GLS Confort BVA|