Are you currently in the market to buy (or sell) a Skoda Citigo in Ibadan? Vehiclus surveyed the used automotive market of all towns in Nigeria to establish a pricing profile of various Skoda models depending on their age, technical condition, optical condition, and mileage. In order to maximize your earnings when selling your Citigo (or to be certain to not be ripped off when purchasing a Skoda Citigo) it is useful to understand all value-determining factors.
Ibadan is a metropolitan area with a current population of 3565108 people. Nevertheless, it is hard to find more than a dozen Skoda Citigo on the used car market . Therefore, the supply is small and the demand depends on various of parameters such as brand reputation, mileage, and brand competetivness.
As described in the figure below, cars of the make Skoda and especially of their model Citigo depreciate in a very standard fashion. The mean price of the Citigo will be lowered by up to 14% ($16,343) after just 1 year. After 3 years, the car typically is valued at 62% of its original asking price ($11,698) while it will only be valued at 31% of the MSRP after 7 years ($5,303). The Citigo's value after twelve years is only 10% of its initial price depending on its condition of course.
One more way to quantify vehicle depreciation is to look at the decrease of value over mileage. The Skoda Citigo depreciation curve below describes this phenomenon for Ibadan. The Citigo looses most of its value (ca 45%) within the first 30,000km driven. The average price for a Citigo at that usage level is $10,588. After that the devaluation plateaus: at 90,000km the Skoda Citigo is valued for $6,128 in Ibadan and for $3,075 at 180k km .
The last value that heavily effects the selling price of a second-hand car is the technical and optical condition of the vehicle. The table below lists the devaluation of a Skoda Citigo according to its year and its condition.
|Vehicle Year||Skoda Citigo Condition|
|Skoda Citigo variations:|