Abroad where most used cars come from, Mileage plays a key role in pricing. Mileage in this case is simply the distance which the car has covered in its life span in Miles. The more the Mileage, the lower the price (irrespective of how many DVD screens it has). Out here it seems not to matter?
Very few cars are known to keep all of their components going beyond 250,000 miles (250K miles). A lot of cars sold in this country especially the ones originating from the American continent that are closer to being 10years and above are already over the 100k mileage. Most lie in the 150k mile range. Analysis shows that 3-5% of cars under their 1st 10 years have their mileage adjusted. Most people buy used cars in Nigeria with pricing around the 1 million naira mark (mostly from salary advances). That will get you a car of around 10 years. At an average of 10k miles per annum you’re going to get a car around a 100k miles (most, already have their mileage adjusted and it’s easy to see why. There’s so much self help tool on the internet that teaches you how to adjust your mileage yourself).
A 76,000+ mile car
So if in effect you buy a car with around 150k miles, take a loan of 1 million to pay over 4 years, drive an average of 10k miles a year, you should after 4yrs have pushed your car to the 200k mile mark? So after paying for four years, the vehicle is now in a not very reliable condition. Thanks especially to the not too good roads in Lagos.
So what’s the Sense in all of it, after paying back the Banks loan, you now have a car that’s no good? It’s simple. If you must buy a Toks, buy one that will be good to you after the bank has taken its pound of flesh from you. My advice, buy a damn brand NEW CAR!!!!!!!