How Much Is Volvo in Nigeria?

Volvo is a Swedish luxury car brand that has been in the automotive industry for over 90 years. It is known for its high-quality engineering, advanced safety features, and impressive design. The brand has a strong presence in Nigeria, and many people are curious about the cost of owning a Volvo in the country. In this article, we will explore the factors that influence the price of Volvo cars in Nigeria and provide insights into the current market trends.

Understanding the Nigerian Car Market

Before we delve into the specifics of Volvo’s pricing in Nigeria, it's crucial to gain an understanding of the Nigerian car market. Nigeria is the largest economy in Africa, and it has a population of over 200 million people. The country has a vibrant car market, and there is a high demand for both new and used cars. The most popular car brands in Nigeria include Toyota, Honda, and Hyundai.

However, the Nigerian car market has its challenges. The country has a high import duty on cars, which makes it expensive to import vehicles from other countries. Additionally, the country has a poor road network, which affects the resale value of cars. As a result, the cost of owning a car in Nigeria is relatively high.

Factors that Influence the Price of Volvo Cars in Nigeria

Several factors determine the price of Volvo cars in Nigeria. These factors include the cost of importing the cars, the exchange rate, and the cost of maintenance. Let’s explore each of these factors in more detail.

Cost of Importing Volvo Cars

The cost of importing a car into Nigeria is significantly high due to the high import duty. The Nigerian government imposes a 35% import duty on cars, which includes a 5% Value Added Tax (VAT). Additionally, there is a 35% levy on cars that are older than 15 years. This levy is meant to encourage the importation of newer cars into the country.

The cost of shipping the car to Nigeria also affects the price. The distance between the country of origin and Nigeria, as well as the mode of transportation, can affect the cost of shipping. The closer the country of origin, the lower the shipping cost.

Exchange Rate

The exchange rate between the Nigerian Naira and the foreign currency of the country of origin also affects the price of Volvo cars in Nigeria. When the Naira is weak, the cost of importing the car increases, which results in a higher price for the car in Nigeria. On the other hand, when the Naira is strong, the cost of importing the car decreases, resulting in a lower price for the car in Nigeria.

Cost of Maintenance

The cost of maintaining a car in Nigeria is relatively high due to the poor road network and lack of proper maintenance facilities. The cost of spare parts and repairs can be expensive, especially for luxury cars like Volvo. Additionally, the cost of fuel is relatively high in Nigeria compared to other countries, which increases the overall cost of owning a car.

How Much Does a New Volvo Cost in Nigeria?

The price of a new Volvo car in Nigeria depends on the model and trim level. On average, a new Volvo car in Nigeria costs between ₦35 million – ₦60 million ($85,000 – $146,000 USD). The XC90 is one of the most popular Volvo models in Nigeria and costs around ₦45 million ($109,000 USD). The S90 sedan and V90 wagon are also popular and cost between ₦36 million – ₦60 million ($87,500 – $146,000 USD).

How Much Does a Used Volvo Cost in Nigeria?

The price of a used Volvo car in Nigeria depends on several factors such as the model, age, mileage, and condition. On average, a used Volvo car in Nigeria costs between ₦5 million – ₦30 million ($12,000 – $73,000 USD). The older models of Volvo cars can cost around ₦5 million ($12,000 USD), while the newer models can cost up to ₦30 million ($73,000 USD).

It is important to note that the price of a used Volvo car in Nigeria can vary significantly based on the condition of the car. A well-maintained car would have a higher resale value compared to a car that has been poorly maintained.

Conclusion

Volvo cars are a popular choice for luxury car enthusiasts in Nigeria. The cost of owning a Volvo in Nigeria is relatively high due to the high import duty, exchange rate, and cost of maintenance. However, the brand's advanced safety features and impressive design make it a desirable option for those who can afford it.

FAQ

1. Is it cheaper to import a Volvo car to Nigeria?

   • No, the cost of importing a car to Nigeria is relatively high due to the high import duty and shipping cost.

2. Which is the most popular Volvo car model in Nigeria?

   • The XC90 is the most popular Volvo car model in Nigeria.

3. What is the average price of a new Volvo car in Nigeria?

   • The average price of a new Volvo car in Nigeria is between ₦35 million – ₦60 million ($85,000 – $146,000 USD).

4. What is the average price of a used Volvo car in Nigeria?

   • The average price of a used Volvo car in Nigeria is between ₦5 million – ₦30 million ($12,000 – $73,000 USD).

5. Why is the cost of maintaining a car in Nigeria relatively high?

   • The cost of maintaining a car in Nigeria is relatively high due to the poor road network and lack of proper maintenance facilities. Additionally, the cost of spare parts and repairs can be expensive.