It's always a bliss to easily sell off our present car(s) to get more funds for a new one or for other purposes. However, some cars are easy to resell at a good value because the majority of used car buyers in Nigeria want them while others never get valued well by buyers.
What are these cars with bad resale values in Nigeria? Buckle up to discover them!
10 cars with the worst resale values in Nigeria!
1. BMW 5 Series (2003 - 2010)
The BMW 5 Series E60 is a luxury mid-size sedan produced by BMW between 2003-2010. You can watch my review of the BMW E60 in Nigeria below:
To start with, this car has its battery placed in the trunk for better weight distribution and this scares a lot of Nigerians when they want to buy the car. When battery issues come up, the E60 has to be handled with care in order not to develop complex electrical issues.
The BMW E60
This makes the E60 have a bad resale value as a used car for sale. However, people admire the car from afar and assume it's worth more than it really is because of its aggressively sporty appearance.
2. Ford Taurus (2010 -2015)
The Taurus is a Ford mid-size sedan from America. It's a fact that Nigerians don't resonate well with the way Americans design their sedans as it often has that boxy and rigid shape. The sixth-generation Taurus made its way to Nigeria but it is always stalling at car dealers' lots.
The rearview the Ford Taurus
The car has a very complex ambiance. Merely looking at the car as a Nigerian, you question yourself. Do I really need this car? Is this car not too big? Why are there buttons everywhere? Would it be easily fixed in Nigeria if it develops a fault?
Front view of a 2010 Taurus in Nigeria
Ford cars in Nigeria have a limited supply of parts which makes them very pricy. Bad resale value on the Ford Taurus is thereby expected.
3. Supercars in Nigeria
Most supercars that get sold as second-hand cars in Nigeria often get bargained by customers at very ridiculous prices. It's a good thing that most supercar owners in Nigeria are of the wealthy class of people. In developed countries like the UK and America, average citizens can own supercars because not all of them run into million-dollar price tags.
How Supercars are transported overseas
Nigerian supercar owners pay fortunes to ship in and clear the car with customs, which makes it very difficult to sell them because the price becomes ridiculous to a Nigerian buyer. Imagine having to pay almost half of a car's worth as duty. I hope you know there are some supercars that are worth more than jets?
A line-up of supercars in Abuja
Nigerians would want to buy used supercars at the same price it's sold abroad because their practicality in Nigeria is below average with road rages and no properly maintained outlets for the cars. Besides, it always seems like a burden to buyers so they always bargain at very ridiculous prices.They are the reasons why supercars in Nigeria have a very poor resale value.
On another hand, most owners, for those reasons, would rather not sell theirs because they know it's difficult for anyone to pay for its true value. It's one of the struggles of owning a supercar in Nigeria.
4. Innoson Cars
All Innoson cars have a very bad resale value in Nigeria. The indigenous car brand is still at the level where no one knows its capability as a car that needs to be driven daily in Nigeria.
One of Innoson's saloon cars
The consumers of Innoson cars are government bodies and co-operate organizations that buy for its staff and officials. The brand is not yet certified to go mainstream in the Nigerian used car market. This is unfortunate because the brand is made in Nigeria.
>>> Read more about Innoson Motors: Innoson Motors: price list 2020, facts about its owner, logo, & Nnewi factory
5. Mercedes-Benz R Class
The R-Class Benz is an MPV that Benz produced between 2006 - 2013. MPV stands for Multi-Purpose Vehicle and that's why the R-class is a very spacious 7 seater car. However, this car doesn't have that typical luxurious Mercedes look because of the hatchback styling.
The R-Class Mercedes-Benz MPV
This makes the R-class have a bad resale value in Nigeria. There are a lot of better performing 7 seater vans like the Toyota Sienna and Honda Odyssey which people buy over the R-class. Nobody searches for a Mercedes-Benz in Nigeria as a multi-purpose vehicle.
6. Toyota Sequoia (2000-2007)
When this full-size Toyota SUV started selling in Nigeria, people perceived it to be a competition to a Mercedes-Benz GL class so it got a lot of sales. Fun fact! the Toyota Sequoia is the largest production vehicle Toyota ever made but it wasn't luxurious like the Land Cruiser.
Toyota Sequoia V8 full-size SUV
This car has a V8 fuel-powered engine with the worst fuel economy in the history of Toyota cars. The Sequoia in 2014 already had a reputation for being a "big for nothing" car, and when owners get tired and want to resell the car, nobody buys.
Interior of the Toyota Sequoia
People don't want to buy a used V8 engine powered car because of the high cost of maintenance. You can get this full-size car for as low as ₦600,000. While the Land Cruiser Prado maintains a price tag of over ₦5,000,000 at the second-hand sale.
7. Kia Optima (2010-2015)
The Kia Optima, since the 2010 model, has been a mid-sized sedan that can compete with every top of the line sedan in its class. It is also always set at price tags way below its rivals for a brand new purchase.
2015 KIA Optima
You could get a brand new Kia Optima in 2018 for ₦9,600,000 while its Camry and Accord counterpart would start at about ₦14,000,000. However, the Optima has a very bad resale value because of its high maintenance cost.
Replacement parts of the Kia Optima are very high and it makes it a very bad second-hand car to purchase. People sell their ₦9,600,000 Optima for less than ₦2,000,000 after using for barely one year.
8. Nissan Altima V6 (2002-2012)
The third and fourth generation of the Nissan Altima produced between 2002 and 2013 face a lot of rejection from Nigerian car buyers when they carry a V6 engine. These V6 engines tend to consume more fuel than expected from a regular sedan for daily driving.
A 4 cylinder VS 6 cylinder Altima of different year models
This also applies to most Japanese sedans with a V6 engine like a Camry/Avalon. The Altima with a V6 engine could be bought Tokunbo at ₦2.000.000 and resold at barely ₦600,000 after just months because it is very low in demand.
9. Peugeot Cars
Peugeot lost its position as Nigeria's go-to car brand in the final years of the 1990s along with other car brands like Opel, Renault, etc because they didn't evolve their designs and practicality in a manner good enough for Nigerians (Read this to understand why)
Peugeot has made a come back in the past 5 years with new models like the 3008 SUV, 308 sedans, and a couple of others but these cars have a very bad resale value. The Peugeot cars Nigerians buy as Tokunbo are the sporty coupes like the 307 cc Coupe.
A Peugeot 307 CC Sports Coupe
All Peugeot sedans and SUVs are widely available as brand new in Nigeria for now.
10. Strange car brands
Strange cars are new car brands in Nigeria. These brands haven't earned any credibility as a car worth buying as second hand. I fear that these brands will never earn that credibility because most are Chinese cars that have a reputation of being lower quality copied versions of popular car models or knockoffs.
Some new car brands in Nigeria
Brands like JAC, GAC, DONGFENG, and SSYANYONG are perfect examples of cars like this.
The table of the lists of cars with the bad resale value in Nigeria will end our article today:
|1||BMW 5 Series||2003 - 2010|
|2||Ford Taurus||2010 - 2015|
|3||Supercars in general||''|
|5||Mercedes-Benz R Class||2006 - 2013|
|6||Toyota Sequoia||2000 - 2007|
|7||Kia Optima||2010 - 2015|
|8||Nissan Altima V6||2002 - 2012|
|10||Strange car brands||''|