Nigeria’s spending on importing used cars increased by 12.6 percent to N617.48 billion in 2021 from N548 billion in 2020 due to the reduction in import duty on Used Cars in Nigeria.
Magnos Automobile discoveries based on the National Bureau of Statistics (NBS) Foreign Trade data in Goods Statistics report showed that the import bill on utilized vehicles stood stable at N172.07 billion.
The buying power of Nigerians in acquiring new cars is low due to economic challenges confronting the nation, this also reveals the disclosing that the used car segment comprises 95 percent of the market.
Magnos Automobile Limited is partnering with various banks across the nation to get vehicle-financing services to both its consumers and sub-dealers.
We have found out that banks need to create a credit database of eligible consumers to simplify and encourage auto financing and address issues bothering the repossession of the vehicles in the event of a payment default.
Apart from selling Used Tokunbo cars, Magnos Automobile Limited is the major Changan Motor Dealers and Distributors in Kaduna State, Hyundai Dealer and Distributors in Nigeria, Honda Car Dealers and Distributors in Nigeria, Nissan Trucks and Car Dealers and Distributors in Nigeria, Toyota car Dealer and Distributor in Nigeria.
“We take our responsibility of providing quality support underpinned by honesty we take our integrity very seriously. It is incumbent upon us to foster worth-based items that will improve esteem creation for the Nigerian trade-in vehicles commercial center.
