Are you in the market to buy (or sell) a Mitsubishi Montero in Ibadan? Vehiclus surveyed the local used auto market of all towns in Nigeria to determine a pricing profile of various Mitsubishi models depending on their age, technical condition, optical condition, and mileage. If you want to optimize your profits when selling your Montero (or to be certain to not be ripped off when buying a Mitsubishi Montero) it is recommended to understand most value-determining factors.
Ibadan is a city with a current population of 3565108 people. Nevertheless, it is hard to find more than five Mitsubishi Montero on the local car market at the same time. Hence, the supply is low and the demand depends on a multitude of factors e.g. maintenance costs, brand popularity, and brand competetivness.
As shown below, cars of the manufacturer Mitsubishi and specially of their model Montero loose their value in a very average process. The mean price of the Montero will be decreased by up to 13% ($30,576) after only one year. After three years, the car typically goes for only 63% of its original asking price ($21,869) while it will only be priced at 28% of the MSRP after 7 years ($9,686). The Montero's value after twelve years is only 10% of its first price depending on its condition of course.
Another way to analyze vehicle depreciation is to look at the loss of value over miles driven. The Mitsubishi Montero depreciation curve below shows this phenomenon for the city of Ibadan. The Montero looses most of its value (~ 50%) within the first 30k kilometers driven. The average price for a Montero at that usage level is approximately $19,526. After that the depreciation slows down: at 90k km the Mitsubishi Montero is priced for $11,175 in Ibadan and for $5,409 at 180,000km of mileage.
The last factor that heavily effects the sell price of a second-hand car is the technical and optical condition of the vehicle. The table below shows the devaluation of a Mitsubishi Montero according to its year and its condition.
|Vehicle Year||Mitsubishi Montero Condition|
|Mitsubishi Montero variations:|
|MONTERO COURT 2.5TD|
|MONTERO LONG 2.5TD|