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A vehicle that has had one or more retail owners in the past is referred to as a used automobile, pre-owned car, or secondhand car.
Franchise and independent vehicle dealers, rental car agencies, buy here pay here dealerships, leasing offices, auctions, and private party sales are just a few of the places where used cars can be purchased.
Some auto dealers provide “no-haggle prices,” “certified” pre-owned vehicles, and extended service agreements or warranties. Due to disparities in economic levels, automobile depreciation rates vary greatly across exporting and importing nations.
In high-income countries as opposed to low-income countries, the cost of a vehicle depreciates more quickly. Thus, used car dealers in high-income nations can charge more for their used cars when selling them in low-income nations.
This is the motivation for exporting second hand cars.Japan, the EU, the USA, and Canada are the main exporters of cars (including new and secondhand cars).used automobiles sold in the EU are marketed in other EU nations.
The Caucasus, Central Asia, East Europe, and Africa are the main destinations for used car exports from the EU.Mexico, Nigeria, and Benin are the main destinations for used car exports from the US.
The NIgeria used car market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Used-car market in Nigeria. A nation’s automotive industry is crucial to achieving the desired economic development and growth. The development of Nigeria’s automobile sector is also important. One of the largest auto markets in Africa is this nation.
The expansion of numerous industries in the nation can be attributed to this. Dealers anticipate double-digit growth in vehicle sales over the previous year, as the nation’s vehicle sales are rising quickly.The nation’s vehicle industry is expanding quickly and has tremendous growth potential.
After South Africa, Algeria, Egypt, and Morocco, Nigeria was the continent’s fifth-largest market for automobiles. With one vehicle per every 12 residents, there is a high demand for automobiles in the nation. The Nigerian government spent a lot of money bringing in both new and used cars. For instance, Nigeria imports second hand cars from Asia, Canada, and Europe at a cost of about billions each year.
Good portion of imported autos are used ones. The country’s middle class population growth has fueled a boom in the automobile industry.
Betacar aspires to be the top used car sales website in Nigeria. The company, which is in its third year, has made a name for itself in the automotive technology sector and is coming off a successful year in which it achieved many key milestones and more than doubled its revenue.
Customers can access all stages of the car-buying process wherever they are because to Betacar’s scalable, data-driven technology. Since the company’s inception, the team has been helping consumers overcome the difficulty of vehicle reliability by providing a wide range of certified used automobiles, warranty, open pricing, aggressive financing, and delivery.
Up until recently, the used car market in Nigeria was a deplorable one, catering only to organised dealers who weren’t deemed financially stable enough to enter the new car market. But this is quickly changing as well-known auto retailers like Cosharis Motors and Elizade Nigeria Limited have invested significantly in the market for tokunbo automobiles, as used cars are commonly known.
The most recent participant is Kia Nigeria Limited, which just announced the beginning of the “greatest ever certified used car programme.” The used car programme would provide customers the opportunity to sell their used Kia cars or trade them in for new ones, according to Dana Motors, the Kia Motors agent in Nigeria.
“The programme allows you to sell your automobile or trade it in for a new one via outright purchase or financing,” it said. In order to provide you a very affordable EMI and payback term that best fits your budget, we are cooperating with one of the top banks.
It was rumoured that the huge amount of business in relation to the new vehicle market was what attracted new car dealers to the Tokunbo market.
To increase access to and affordability of car ownership in Nigeria and throughout Africa, CFAO Motors, the sole distributor of Suzuki vehicles in Nigeria, has partnered with Autochek, a provider of automotive technology.
With this agreement, interested Suzuki car buyers in Nigeria will have simple access to financing. Customers may walk into any CFAO Motors dealership location countrywide and receive immediate financing for any Suzuki vehicle of their choice, whether it be a new or used one.
