DEMAND FOR NEW CARS HITS THE HIGH…INTENDING CAR OWNERS NOW ON WAITING LIST

Nigerians now seem to prefer new cars to used ones a FORTUNE&CLASS Weekly survey has shown. A snap survey conducted by the magazine’s correspondents across new cars dealers shows that there is a strong demand for new cars, especially, the Japanese and Korean brands.

Most intending buyers are now placed on waiting list. FORTUNE&CLASS correspondents explained that demand is now high that customers can’t just walk into a dealers shop to pay and drive off with a car. “It takes an average one month or more to get a car after a commitment to buy is made to the dealers.” One of our correspondents that conducted the survey said.

Three brand names are reported to be in high demand; Toyota, Kia and Hyundai. Giving reason for the demand pile up for these brands, a marketing manager with a popular Toyota sales outlet said the desire by Nigerians to acquire new vehicle may not be unconnected with the long term financing provided by banks.

“The five years vehicle repayment plan on a 10 per cent down payment being spearheaded by First Bank Plc has created a new demand push for new cars.” An official of a car dealership said.

The emerging preference for new cars is in sharp contrast to the choices of Nigerian car owners until three years ago when most intending vehicle buyers would rather buy second hand vehicles, this, in fact, gave impetus to the thriving ports in Benin Republic, Nigeria’s neighbouring country, from where the second hand cars known as Tokunbo are smuggled into Nigeria through bush paths and unmanned border points.

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