22Jul
In 2021, Business Day Nigeria reported that out of the $45 billion African automotive used-car market, Nigeria, South Africa, Algeria, the Democratic Republic of Congo (DRC), Libya, and Egypt account for 54 percent of the value. That's more than half of the Africa-wide used car market share.
Similarly, a Mordor Intelligence market analysis found that the African automotive market, now valued at $30.44 billion, will grow at a CAGR (Compound Annual Growth Rate) of 5.55 percent to reach $42.06 billion within the next five years. The Mordor report showed that, in fact, the market should return to pre-Covid demand levels by mid-2023.
If you thought that’s an impressive growth for the automotive market in general, consider that the used car market alone is expected to grow at a CAGR of 4.9 percent to reach an estimated $127,672.10 million by 2028, according to Data Bridge Market Research analysis. Considering the average price of a new car is roughly ₦25 million in a country where the minimum wage stands at ₦30,000, the high demand for used cars in these parts of Africa, especially Nigeria, isn't surprising. Below are the ten cheapest cars in Nigeria and their prices.
Lexus RX300 – Average Price: From ₦1,800,000
First of all, we based all the price estimates on this list on data from the InformationNGR information and resource platform. For example, InformationNGR shows the average price of a used Lexus RX300 ranges from ₦1.8 million to ₦44 million, depending on the model year and condition.
The Lexus RX300’s model years start from 1998 to 2023, with the 1998–2002 models costing around ₦1.5 million to ₦2.5 million. The RX300 is a popular luxury SUV in Nigeria, loved for its premium cabin, decent fuel economy, reliability, and availability of replacement parts. Although most Nigerians with the cash opt for the more modern RX330 and RX350 RX variants, the RX300 remains a great option for those looking for an affordable, reliable midsize SUV.
Toyota Sienna – Average Price: From ₦1,200,000
Considering the estimated cost of the 2023 Toyota Sienna 25th Anniversary is $48,765, you can expect the price in Nigeria to exceed ₦35 million for the base trim level. Based on the InformationNGR data platform, ₦1.2 million to ₦2.350 million can get you a used 1998-2002 Toyota Sienna.
The Sienna minivan is a preferred ‘shuttle bus’ for commercial drivers in Nigeria due to its strong engine, availability of parts, and overall reliability. It also makes a reliable family car thanks to its spacious cabin and plenty of storage space.
In fact, the high demand for the Toyota Sienna for commercial transportation is the primary reason for the relatively high cost of the older models – as old as twenty-three years old. Technically, a vehicle this old shouldn’t cost as much as ₦1 million, even in decent condition.
Mercedes Benz C200 – Average Price: From ₦900,000
It’s not just in this part of the world; the three-pointed star is mostly considered a rich man’s brand even in the USA and Britain. However, you don't have to be rich to drive a Mercedes. Take the C200, for example. You can get a used model between 1996 and 2002 for just ₦900,000 to ₦1.5 million.
If you add a bit more money, you could get 2003 to 2009 models between ₦1.5 million and ₦5.2 million. The 2009 Mercedes-Benz C200 can be 14 years old but still make you look like a millionaire. Some features that come with the 2009 model include stability control, a panoramic sunroof, overhead airbags, leather seats, side impact airbags, satellite radio, front-impact airbags, Harman/Kardon stereo, anti-lock brakes, and pretensioners.
Nissan Xterra – Average Price: From ₦850,000
A used Nissan Xterra is one of Nigeria’s most popular budget SUVs and for good reasons. You might want to consider the many interchangeable parts with the Pathfinder and first-gen Frontier. Additionally, the Xterra shares many interchangeable parts between the 2005 and 2010 model years.
Just ₦850,000 to ₦1.250 million can get you older Xterra models between 2000 and 2002. Even if you decide not to go that far back, ₦2.250 million to ₦4.5 million can get you more recent models between 2010 and 2014. Although Nissan discontinued the Xterra model in 2015, citing declining sales and stringent safety and emissions regulations, you can still find used models of the Xterra in great shape and ready to serve you for many more years.
Just so you know, Nissan began testing the D23 Navara-based SUV in 2018 following Xterra’s 2015 departure. The new SUV was later named Terra and made its debut in Asia in early 2018. The updated version of the Terra hit the Middle East market in late 2020 under the "X-Terra" name.
Honda Accord – Average Price: From ₦750,000
The only reason you wouldn't want to buy an older Honda Accord is that you're probably the millionth in a million owners. That's to say, the Accord is everywhere. Thankfully, exclusivity is not a priority for the average Nigerian shopper. Everyone prefers to do what everyone else is doing and drive the car everyone is driving.
Also, the popularity is a good sign of reliability and purse-friendly fuel economy. You can get a used 1996-2002 Honda Accord with a budget of just ₦750,000 to ₦1.450 million. No wonder this car is everywhere. Some sources claim the Accord sells in an average of six months after clearing customs, making it one of the fastest-selling cars in the country. We doubt the latest models sell that fast though, not with a ₦14 million starting price hanging around its neck.
Volkswagen Golf 3 & 4 – Average Price: From ₦700,000
The Golf is a front-engine compact hatchback many Nigerians hate to love. You can’t hate the car even though you don’t want to love it because it’s relatively expensive, thanks to a plain design and compact size that gave it a ‘poor man’s car’ vibe. For this reason, many Nigerians that pay good money to buy a new Golf model are motorheads who know what they’re doing.
Besides those, the Golf's main customers are drivers who prioritize excellent fuel economy, dependable engine, compact size, and of course, affordability. Most Nigerians would prefer a 1999 Camry than pay up to ₦1 million for the little, unstylish VW Golf. Needless to say, the Golf is a reliable sporty hatchback you can buy for ₦700,000 to ₦1.250 million for the 1996–2002 models. Just so you know, in 2003, the Golf became Germany's best-selling car for almost three decades.
Honda CR-V – Average Price: From ₦600,000
As the Clearing Agent Nigeria agrees, “the Honda CR-V compact crossover has been a mainstay in the market since it first appeared way back in 1997. Because it's roomy, enjoyable to drive, simple to operate, and economical enough to ensure you don't experience too much pain at the pump, we frequently suggest the CR-V.”
The reason for the CR-V’s market popularity is simple; the SUV is so durable that even 16-year-old models you see on the road hardly show their age. All you need is prompt and proper maintenance, and your CR-V might just keep going forever. Although now in its fifth generation, complete with a major redesign as of 2017, you can still get a 1996-2002 Honda CR-V for just ₦600,000 to ₦1 million.
Toyota Camry – Average Price: From ₦500,000
After the Toyota Corolla, the Camry is hands down the most popular sedan in the Nigerian automotive space. The car is so popular that many generations of the nameplate have their own Nigerian-bestowed nicknames, from the 1999 model known as “Pencil” to the 2004 model known as “Big Daddy or Big for Nothing” to the 2007–2011 models called “Muscle.”
The logic behind these nicknames is a story for another time, but suffice it to say that the Camry sedan enjoys decades-long, widespread popularity in Nigeria. Thankfully, you can buy a 1992 to 1995 Camry with a budget of ₦500,000 to ₦900,000. Add a little more cash, and you can buy the 2003 – 2009 Camry models for ₦800,000 to ₦4.650 million.
Volkswagen Beetle – Average Price: From ₦350,000
Interestingly, the New Beetle – reintroduced in 1998 – still draws stares from other road users in Nigeria despite Volkswagen discontinuing the nameplate in 2019 and the Beetle being a 78-year-old nameplate. According to Volkswagen, series production of the Beetle started in 1945, and 21.5 million first-generation cars got sold, making it the most popular car of all time manufactured off a single platform.
The New Beetle still draws attention on the streets because it is, well, the new beetle. VW explained that “the New Beetle—an early automotive adopter of modern “retro” design language—re-introduced the familiar silhouette to a new generation of drivers. In 2011, a third generation—more closely tailored to the original design—followed, and was the swan song of the Beetle.” We actually found a black 2000 model on Olist for just ₦350,000.
Toyota Corolla – Average Price: From ₦300,000
The Corolla is not only the most popular sedan but also the most popular car in Nigeria by a wide margin. In fact, the Corolla is so endemic that owners fear packing it on the street, as there's always a market for the parts. Yes, vandals and thieves target the Corolla for this reason.
But what fuels the Corolla’s popularity in the first place? Perhaps, the biggest explanation is the wide array and availability of parts, along with the excellent fuel economy and overall reliability. It’s no wonder the Corolla is a favorite of uber entrepreneurs. With just ₦300,000 to ₦590,000, you can get a used 1992–1995 Corolla in decent condition. However, the most popular cheap Corolla years are the 2003 to 2010 models, which cost anywhere from ₦1 million to ₦3.3 million.
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