As Nigerians write their plans and set goals for the new year, owning a car sits on the list of many.
For people who dream of ditching long, exhausting rides in Danfos, a budget of N10 million is a key to that next chapter.
Foreign used cars, popularly known as tokunbo, remain the backbone of private mobility in Nigeria.
New cars are priced far beyond the reach of the average Nigerian, while locally used vehicles often come with hidden histories. That leaves fairly used imports as the middle ground many people are forced to navigate.
A few years ago, a more stable naira and lower clearing costs meant that N10 million provided more and better options. Today, the landscape has shifted in profound ways.
What buyers are seeing today is not just higher price tags, but fewer good deals. This budget still buys a car, but not the kind of flexibility it once offered.
Naijaonpoint reported that Nigeria’s passenger car imports slowed in 2024, with the total value dropping by 14.3% to about N1.26 trillion, down from N1.47 trillion in 2023. The decline reflected weaker demand, driven largely by exchange rate volatility and economic pressures.
Importers and dealers are also grappling with sharply rising costs of clearing foreign used vehicles following recent policy changes introduced by the Nigeria Customs Service.
With this, the challenge for some Nigerians looking to spend N10 million or less is more than just picking a model off a list. It is about finding something in good condition that will last, without stretching the budget too far.