Are you looking to buy (or sell) a Skoda Rapid in Ibadan? Vehiclus analyzed the used car 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 Rapid (or to make sure to not be ripped off when purchasing a Skoda Rapid) it is useful to know all price-establishing variables.
Ibadan is a metropolitan area with a population of 3565108 inhabitants. However, it is hard to find more than five Skoda Rapid on the car market there. Therefore, the supply is small and the demand depends on various of parameters e.g. brand reputation, brand popularity, and used car pricing.
As illustrated in the figure below, cars of the manufacturer Skoda and specially of the model Rapid loose their value in a very conventional way. The mean price of the Rapid will be decreased by up to 13% ($28,351) after only one year. After three years, the car usually costs only 61% of its original selling price ($20,522) while it will only be valued at 32% of the original price after 7 years ($8,764). The Rapid's value after 12 years is only 13% of its first price depending on its condition of course.
One more way to quantify vehicle depreciation is to look at the decrease of value vs miles driven. The Skoda Rapid depreciation curve below describes this phenomenon for Ibadan. The Rapid looses most of its resell price (~ 50%) within the first 30,000km of its mileage. The mean price for a Rapid at that mileage is $18,231. After that the depreciation plateaus: at 90,000km the Skoda Rapid is sold for $10,728 in Ibadan and for $4,847 at 180,000km of mileage.
The last factor that significantly determines the sell price of a second-hand car is the technical and optical condition of the vehicle. The table below describes the devaluation of a Skoda Rapid according to its year and its condition.
|Vehicle Year||Skoda Rapid Condition|
|Skoda Rapid variations:|