Toyota Corolla Hits N8.5m as Dealers Release New Tokunbo Car Prices in Nigeria
- A 2005 Tokunbo Toyota Corolla now costs N8 million to N8.5 million, up from about N1.5 million three years ago
- Dealers say high import duties, exchange rates and clearing charges are driving up vehicle prices and weakening sales
- Rising living costs are squeezing household budgets, leaving many Nigerians unable to afford even older cars
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Car dealers across Nigeria have raised concerns over declining vehicle sales as soaring import duties, exchange rate pressures, and rising living costs push the prices of foreign-used vehicles, popularly called Tokunbo cars, beyond the reach of many Nigerians.
The dealers say the situation has significantly weakened demand, leaving many automobile traders struggling to sell vehicles despite rising operational costs.
Source: Getty Images
Popular models such as the Toyota Corolla and Toyota Camry, once considered relatively affordable options for middle-income earners, have recorded substantial price increases in recent years.
Toyota Corolla and Camry prices rise sharply
A car dealer and importer, Paul Uche, disclosed that vehicle prices have increased dramatically over the past three years, with some models now selling for more than five times their previous prices.
According to him, a 2005 Toyota Corolla previously sold for approximately N1.5 million but now commands between N8 million and N8.5 million, depending on its condition and grade.
Similarly, a 2010 Toyota Camry, which previously cost between N2.2 million and N3 million, now sells for between N9 million and N10 million.
Uche explained that the increases have forced many prospective buyers to postpone purchases or abandon plans to own vehicles altogether.
New Tokunbo car prices in Nigeria
The dealer provided the following indicative prices for popular Toyota models.
Vehicle model | Previous price | Current price |
Toyota Corolla 2005 (Tokunbo) | N1.5 million | N8m–N8.5m |
Toyota Camry 2010 (Tokunbo) | N2.2m–N3m | N9m–N10m |
Toyota Corolla 2005 (Nigerian-used) | N750,000–N850,000 | N4.3m–N4.5m |
The prices reflect the dealer's estimates and may vary depending on vehicle condition, location and other market factors.
Car dealers lament falling vehicle sales
Beyond rising prices, Uche said declining customer patronage has become a major concern for automobile traders.
He revealed that some dealers now spend several months without recording a single sale, a situation he described as increasingly frustrating.
"You can even stay three to four months without making any sales; the situation is frustrating for people struggling to keep their businesses afloat," he said.
He added that the challenges are not limited to imported vehicles, as Nigerian-used cars have also become considerably more expensive.
A locally used 2005 Toyota Corolla, previously available for between N750,000 and N850,000, now costs approximately N4.3 million to N4.5 million.
Exchange rates, customs duties increase costs
Uche identified exchange rate pressures, customs duties and vehicle clearing charges as major contributors to the rising prices.
He explained that clearing a Toyota Corolla, which previously cost between N200,000 and N350,000, now requires approximately N2.5 million to N3.5 million, Vanguard reports.
These additional expenses, he said, are ultimately reflected in vehicle selling prices, making it increasingly difficult for dealers to attract customers.
He urged the federal government to review the cost burden associated with vehicle imports to ease pressure on businesses and prospective buyers.
Source: Getty Images
Rising living costs weaken car demand
The dealer also blamed declining vehicle sales on the rising cost of living, which has forced households to prioritise essential expenses.
According to him, increasing food prices, accommodation costs and other financial obligations have significantly reduced disposable income.
"You wouldn't expect somebody who is struggling to survive to look at buying a car," he said.
The situation highlights growing affordability challenges in Nigeria's automobile market, where rising import costs and weakened purchasing power are squeezing both dealers and buyers.
For many Nigerians hoping to purchase their first vehicle, even older Toyota models are becoming increasingly difficult to afford.
5 fuel-efficient Tokunbo cars under N10m
Legit.ng previously reported that rising petrol prices and the increasing cost of imported vehicles are forcing Nigerian motorists to reconsider their choices, with fuel efficiency becoming an important consideration alongside purchase price.
Despite the rising cost of foreign-used vehicles, popularly called Tokunbo, Nigerians with budgets below ₦10 million can still find selected models from Toyota, Honda and Hyundai that offer relatively economical fuel consumption.
Source: Legit.ng
