A survey conducted by Nigeria’s online vehicle marketplace, Carmudi.com has shown that Nigeria is the most expensive country to buy a car when compared to its neighbouring West African countries.
The study which focused on the used car model manufactured between 2008 and 2013 provided insights into the price difference across some of the surveyed countries in West Africa.
According to the study, Nigeria with an average price of $19,547 dollars which is about N3.9 million while that of Senegal and Ghana are about $18,923 and $17,654 respectively. From the studies, Nigeria, Senegal and Ghana rank the top three in most expensive countries to buy a car.
The study however revealed that despite being the most expensive country to buy a used car in West Africa, Nigeria still has a high demand for cars. It noted that even though the middle class has grown three times larger in the last decade and a half, very few brand new cars have been purchased.
Carmudi pointed out that one of the difficulties Nigerians experience in the purchase of brand new cars is the lack of vehicle financing options as finance institutions give car loans with very high interest rates.