Are you currently looking to buy (or sell) a Kia Picanto in Ibadan? Vehiclus studied the used automotive market of all metropolitan areas in Nigeria to establish a pricing profile of various Kia models depending on their age, technical condition, optical condition, and mileage. If you want to maximize your earnings when selling your Picanto (or to make sure to not overpay when purchasing a Kia Picanto) it is very recommended to know all price-determining variables.
Ibadan is a metropolitan area with currently 3565108 inhabitants. However, it is hard to find more than three Kia Picanto on the used car market at the same time. That's why the supply is low and the demand depends on a multitude of factors such as brand reputation, fuel mileage, and reliability.
As shown below, cars of the make Kia and specially of the model Picanto loose their value in a very predictable fashion. The mean asking price of the Picanto will be lowered by 14% ($10,972) after just 1 year. After three years, the car usually is valued at 60% of its initial selling price ($7,918) while it will only be worth 29% of the MSRP after 7 years ($3,555). The Picanto's value after twelve years is only 10% of its initial price depending on its condition of course.
One more way to describe vehicle depreciation is to study the decrease of value vs miles driven. The Kia Picanto depreciation curve below illustrates this phenomenon for Ibadan. The Picanto looses most of its value (approximately 50%) within the first 30,000km driven. The typical price for a Picanto at that mileage is ca $7,077. After that the devaluation plateaus: at 90k km the Kia Picanto is priced for $4,149 in Ibadan and for $2,047 at 180,000km of mileage.
The last value that significantly influences the sell price of a used car is the technical and optical condition of the vehicle. The table below describes the devaluation of a Kia Picanto according to its year and its condition.
|Vehicle Year||Kia Picanto Condition|
|Kia Picanto variations:|
|PICANTO 1.1 CRDi|
|PICANTO 1.0 BVA|
|PICANTO 1.0L ESSENCE|