Cost of used Cars in Nigeria: A Price Guide for Popular Models

Purchasing a used (Tokunbo) car in Nigeria is a common choice for many, offering a balance between affordability and functionality. However, the prices of these vehicles can vary significantly based on factors such as make, model, year, condition, and mileage. This comprehensive guide aims to provide insights into the costs associated with popular used car models in Nigeria, helping you make informed decisions.

Factors Influencing Used Car Prices in Nigeria

Before looking into specific models and their price ranges, it’s essential to understand the key factors that influence used car prices in Nigeria:

1. Make and Model: Brands like Toyota and Honda often have higher resale values due to their reliability and availability of spare parts.
2. Year of Manufacture: Newer models typically command higher prices.
3. Condition: Well-maintained vehicles with minimal wear and tear are priced higher.
4. Mileage: Cars with lower mileage are generally more expensive, indicating less wear.
5. Import Status: Locally used cars (referred to as “Nigerian used”) are often cheaper than foreign used cars (known as “Tokunbo”), which are imported and perceived to be in better condition.
6. Demand and Supply: Popular models may have higher prices due to increased demand.

Price Guide for Popular Used Car Models

Here’s a detailed look at some popular used car models in Nigeria and their approximate price ranges:

Toyota Camry

The Toyota Camry is renowned for its durability and fuel efficiency, making it a favorite among Nigerian drivers.

2008 Model: Prices range from ₦8,300,000 to ₦10,450,000, depending on condition and mileage.

2010 Model: Expect to pay between ₦8,950,250 and ₦11,650,000.

2013 Model: Prices can go up to ₦11,650,000 for well-maintained units.

Toyota Corolla

The Corolla is celebrated for its fuel efficiency and low maintenance costs.

2008 Model: Approximately ₦9,350,000.

2010 Model: Ranges from ₦8,785,000 to ₦10,950,000.

2012 Model: Around ₦9,987,500.

Honda Accord

Known as the “End of Discussion” in Nigeria, the Honda Accord combines style with performance.

2010 Model: Prices range from ₦10,588,500 to ₦11,485,000.

2013 Model: Expect prices around ₦10,983,000.

2014 Model: Approximately ₦11,485,000.

Toyota RAV4

This compact SUV is appreciated for its versatility and reliability.

2008 Model: Prices range from ₦10,950,000 to ₦11,350,000.

2010 Model: Approximately ₦6,500,000 for models in good condition.

Lexus RX 350

A luxury SUV that offers comfort and performance.

2008 Model: Prices around ₦10,750,000.

2017 Model: Prices can be as high as ₦43,000,000, depending on condition and mileage.

Toyota Sienna

Popular among families for its spacious interior.

2008 Model: Prices range from ₦8,751,500 to ₦11,327,500.

2010 Model: Approximately ₦11,550,000.

Hyundai Sonata

A mid-size sedan known for its sleek design and comfort.

2011 Model: Prices around ₦11,650,000.

Mercedes-Benz ML 350

A luxury SUV that combines elegance with performance.

2015 Model: Prices approximately ₦23,015,000.

BMW 528i

A luxury sedan offering a blend of performance and comfort.

2011 Model: Prices around ₦11,015,000.

Toyota Highlander

A mid-size SUV favored for its reliability and spaciousness.

2015 Model: Prices can be as high as ₦37,015,000.

Additional Costs to Consider

When budgeting for a used car, it’s important to account for the additional expenses beyond the purchase price. These costs can significantly impact your overall budget:

1. Vehicle Registration

Once you purchase a car, you’ll need to register it with the appropriate authorities. This involves obtaining a vehicle registration number, which costs between ₦20,000 and ₦50,000, depending on the state and type of vehicle.

2. Insurance

Car insurance is mandatory in Nigeria, and it protects you against potential financial losses from accidents or theft. The cost of insurance depends on the type (third-party or comprehensive) and the vehicle’s value.

Third-party insurance: Between ₦5,000 and ₦15,000 annually.

Comprehensive insurance: Can range from ₦50,000 to ₦500,000 or more per year.

3. Inspection and Repairs

Before finalizing a used car purchase, it’s wise to have it inspected by a trusted mechanic. Inspection costs range between ₦5,000 and ₦15,000. Additionally, budget for immediate repairs or replacements, such as tires, brakes, or batteries, which can cost anywhere from ₦20,000 to ₦200,000, depending on the car’s condition.

4. Custom Duties (for Tokunbo Cars)

If you’re buying a foreign-used car, customs duties will be part of the cost. These can range from ₦300,000 to ₦2,000,000, depending on the car’s make, model, and year.

5. Fuel Costs

Fueling your car is an ongoing expense, especially with the fluctuating petrol and diesel prices in Nigeria. For instance:

Petrol currently costs around ₦620–₦680 per litre.

Diesel may cost between ₦850–₦900 per litre. Ensure the car you choose matches your fuel budget. Fuel-efficient models like the Toyota Corolla and Honda Civic are excellent options.

6. Annual Maintenance

Maintenance involves periodic servicing, which can cost ₦30,000 to ₦150,000 annually, depending on the car and the extent of service required. Premium brands like Mercedes-Benz or BMW typically have higher maintenance costs.

7. Roadworthiness Test

You’ll need a roadworthiness certificate to drive legally in Nigeria. Testing costs vary by state but usually range between ₦5,000 and ₦15,000.

Tips for Buying a Used Car in Nigeria

To ensure you get value for your money, consider these tips:

1. Set a Budget: Determine your maximum budget, including additional costs like registration, insurance, and repairs.
2. Do Your Research: Compare prices online on platforms like Jiji.ng, Betacar.ng, or Autochek Africa to get a sense of market rates.
3. Inspect the Car: Always inspect the car in person and take it for a test drive. Check for issues like engine noise, alignment problems, and visible damage.
4. Verify Documents: Ensure the car’s documents, including the proof of ownership, customs papers, and insurance, are in order.
5. Negotiate: Don’t be afraid to haggle. Sellers often leave room for negotiation.
6. Buy from Reputable Sellers: Prefer dealerships or verified sellers on trusted platforms over random listings.

FAQ: Everything You Need to Know About Buying a Used Car in Nigeria

1. What are the most popular used car brands in Nigeria?

Toyota, Honda, and Lexus are among the most popular used car brands in Nigeria due to their reliability, fuel efficiency, and the availability of spare parts. Other popular brands include Nissan, Mercedes-Benz, Kia, and Hyundai.

2. What is the difference between Tokunbo and locally used cars?

Tokunbo cars: These are foreign-used cars imported from countries like the U.S. or Europe. They are often in better condition but cost more due to import duties and shipping fees.

Locally used cars: These are vehicles that have been previously owned and driven within Nigeria. They are cheaper but may have endured poor maintenance due to the challenging driving conditions in Nigeria.

3. What documents should I check before buying a used car?

Ensure the following documents are valid and up to date:

Vehicle registration papers.

Roadworthiness certificate.

Proof of ownership.

Customs clearance (for Tokunbo cars).

Service and maintenance history (if available).

4. How much does it cost to buy a used car in Nigeria?

Prices vary depending on the car’s brand, model, year, and condition. On average:

Small cars like Toyota Yaris or Honda Fit: ₦2 million–₦4 million.

Sedans like Toyota Camry or Honda Accord: ₦3 million–₦6 million.

SUVs like Lexus RX 350 or Toyota Highlander: ₦7 million–₦15 million.

5. Are financing options available for used cars in Nigeria?

Yes, you can purchase used cars on credit through:

Bank loans with interest rates ranging from 15% to 30%.

Dealership financing plans from platforms like Autochek or Betacar.

Personal loans from cooperative societies or microfinance banks.

6. Where can I buy a reliable used car in Nigeria?

You can purchase reliable used cars from:

Online platforms like Jiji.ng, Cars45, and Autochek.

Car dealerships in major cities like Lagos, Abuja, and Port Harcourt.

Physical car markets such as Berger Auto Market (Lagos) or Kaduna Car Market.

7. How do I verify the condition of a used car?

Conduct a physical inspection for signs of wear and tear.

Hire a trusted mechanic to evaluate the engine, suspension, and transmission.

Use vehicle diagnostic tools for more detailed assessments.

Take the car for a test drive to check its performance.

8. How much does car registration cost in Nigeria?

Car registration fees vary by state and vehicle type. On average, it costs ₦20,000–₦50,000 for private vehicles. Additional costs may apply for license plates and roadworthiness certificates.

9. What are the hidden costs of owning a used car in Nigeria?

Hidden costs may include:

Regular maintenance (₦10,000–₦50,000 per service).

Fuel costs (₦300–₦700 per liter, depending on fuel type).

Vehicle insurance (₦20,000–₦100,000 annually for third-party insurance).

Parking fees and tollgate charges.

10. What are the common scams to watch out for when buying a used car?

Odometer fraud: Sellers tampering with mileage to make the car seem less used.

Fake documents: Ensure all ownership and customs documents are genuine.

Accident history cover-ups: Some sellers may not disclose past accidents. Get a mechanic to inspect the car thoroughly.

11. Should I buy a fuel-efficient car or a hybrid?

Fuel-efficient cars are ideal for Nigerian roads due to their lower fuel consumption. Hybrid cars, while more eco-friendly, may face challenges with spare parts and specialized maintenance services in some regions.

12. Is it better to buy from a private seller or a dealership?

Private sellers often offer lower prices but provide little to no warranty.

Dealerships offer slightly higher prices but may include warranties, flexible payment plans, and a better assurance of quality.

13. How often should I service a used car?

It’s recommended to service your car every 5,000–10,000 km, depending on the car model and the manufacturer’s guidelines. Regular maintenance ensures optimal performance and prevents costly repairs.

14. Can I negotiate the price of a used car in Nigeria?

Yes, negotiating is common. Sellers, especially private individuals, are often willing to lower the price slightly. Research the market value of the car to strengthen your bargaining position.

15. Are insurance costs higher for used cars?

Not necessarily. Insurance premiums are influenced by factors like the car’s value, model, and intended usage. Third-party insurance is usually cheaper for older cars compared to comprehensive insurance.

16. What are the best fuel-efficient used cars in Nigeria?

Some of the most fuel-efficient models available include:

Toyota Corolla.

Honda Civic.

Hyundai Elantra.

Kia Rio.

17. What should I do immediately after buying a used car?

Register the car in your name to avoid legal issues.

Purchase or update the insurance.

Conduct a full service, including oil change and brake checks.

Install a vehicle tracking system for security.

18. What is the lifespan of a used car in Nigeria?

The lifespan depends on the car’s brand, model, and maintenance. A well-maintained vehicle can last 10–15 years or more. Regular servicing and prompt repairs extend its durability.

19. Is buying a used car better than buying a new one?

Used cars are cheaper upfront and often come with lower depreciation costs. However, they may require more maintenance than new cars. If you’re on a budget, a well-maintained used car is a great option.

20. Can I import a Tokunbo car myself?

Yes, but it involves significant paperwork, logistics, and customs duties. Many buyers prefer to work with car importers who handle these processes for a fee.

Conclusion

Owning a car in Nigeria is a significant investment, and buying a used car can help you save money. With prices ranging from as low as ₦1,000,000 for older models to over ₦40,000,000 for luxury options, there’s something for every budget. However, understanding the additional costs, such as registration, insurance, and maintenance, is crucial to avoid surprises.

Take your time to research, inspect, and negotiate. Whether you’re looking for a reliable Toyota Corolla, a family-friendly Sienna, or a luxury Lexus RX 350, this guide equips you with the knowledge to make an informed decision. Remember, the goal is not just to buy a car but to buy one that serves your needs without breaking the bank.