Are you looking to buy (or sell) a Renault ZOE in Ibadan? Vehiclus studied the local used car market of all metropolitan areas in Nigeria to determine a pricing profile of various Renault models depending on their age, technical condition, optical condition, and mileage. To optimize your earnings when selling your ZOE (or to make sure to not be ripped off when purchasing a Renault ZOE) it is of value to understand most price-determining variables.
Ibadan is a town with currently 3565108 inhabitants. However, it is hard to find more than three Renault ZOE on the market . Therefore, the supply is little and the demand depends on a multitude of factors e.g. maintenance costs, brand popularity, and brand competetivness.
As seen below, cars of the manufacturer Renault and specially of their model ZOE devaluate in a very customary fashion. The average value of the ZOE will be lowered by up to 14% ($12,769) after just one year. After three years, the car typically is sold for about 63% of its original asking price ($8,977) while it will only be priced at 31% of the original price after 7 years ($4,415). The ZOE's value after twelve years is only 10% of its initial price depending on its condition of course.
Another way to quantify vehicle depreciation is to look at the decrease of value vs miles driven. The Renault ZOE depreciation curve below illustrates this phenomenon for the city of Ibadan. The ZOE looses most of its resell price (~ 45%) within the first 20,000miles (30,000km) driven. The mean price for a ZOE at that mileage is ca $8,254. After that the devaluation plateaus: at 90k kilometers the Renault ZOE is priced for $4,607 in Ibadan and for $2,667 at 180,000km .
The last parameter that significantly impacts the selling price of a used car is the technical and optical condition of the vehicle. The table below illustrates the deflation of a Renault ZOE according to its year and its condition.
|Vehicle Year||Renault ZOE Condition|
|Renault ZOE variations:|