Are you currently in the market to buy (or sell) a Lexus LS in Ibadan? Vehiclus analyzed the used car market of all metropolitan areas in Nigeria to establish a pricing profile of various Lexus models depending on their age, technical condition, optical condition, and mileage. To maximize your profits when selling your LS (or to make sure to not be overcharged when purchasing a Lexus LS) it is a good idea to learn most price-determining variables.
Ibadan is a metropolitan area with a population of 3565108 people. However, there are usually not many Lexus LS available on the market. Hence, the supply is little and the demand depends on a multitude of factors such as maintenance costs, brand popularity, and reliability.
As described in the figure below, cars of the manufacturer Lexus and especially of the model LS depreciate in a very conventional manner. The average asking price of the LS will be decreased by 13% ($26,109) after just 1 year. After three years, the car typically goes for only 63% of its initial selling price ($18,912) while it will only be priced at 29% of the MSRP after 7 years ($7,963). The LS's value after twelve years is only 13% of its original price depending on its condition of course.
Another way to analyze car depreciation is to study the decrease of value vs miles driven. The Lexus LS depreciation curve below describes this phenomenon for Ibadan. The LS looses most of its value (ca 46%) within the first 30k km of its mileage. The average price for a LS at that mileage is approximately $16,875. After that the depreciation slows down: at 90k km the Lexus LS is valued for $9,977 in Ibadan and for $4,388 at 180k km of mileage.
The last parameter that heavily impacts the sell price of a used car is the technical and optical condition of the vehicle. The table below illustrates the devaluation of a Lexus LS according to its year and its condition.
|Vehicle Year||Lexus LS Condition|
|Lexus LS variations:|
|LS 460 V8 4.6L|
|LS 600h V8 5.0L hybride|