Nigeria's demand for secondhand automobiles is rising in the face of rising inflation and a shrinking GDP

According to a recent analysis, the Nigerian used car market is expected to grow further as consumers choose more cost-effective mobility options in the face of rapidly rising new car prices. The surge in demand for used cars in Nigeria is a result of some customers being discouraged from buying brand-new vehicles due to the increase in new vehicle pricing.As of July 2023, the devaluation of the naira and the increase in currency rates for clearing imports caused new automobile prices to skyrocket, according to a recent market research by Modor intelligence. This devaluation had an approximate 15% influence on new car pricing.Since then, consumers have shifted their preference towards availing imported used cars, especially "Tokunbos," which are popular for their affordability and reliability. Additionally, the emergence of online auto platforms has made it easier for consumers to access vehicle information, compare prices, and make informed decisions when purchasing a used car.