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Why Many Nigerian Are Selling Their Cars in 2025

If you’ve noticed more “For Sale” signs on cars parked in your street lately, you’re not imagining things. Across Nigeria, private car owners are quietly putting their vehicles up for sale, not because they suddenly prefer public transport, but because the economy is squeezing them harder than ever.

Soaring living costs, high exchange rates, and new import tariffs have made owning a car, especially a foreign-used one, a luxury fewer people can afford. Those “Tokunbo” vehicles that once filled car lots and dreams now come with jaw-dropping price tags; some have doubled or even tripled in the past year. For many, the only way to keep up with bills, school fees, and food costs is to sell their car, cash in, and downsize to a cheaper option or give up private transport altogether.

According to figures cited by Punch, the used-car market has seen staggering price jumps. Foreign-used Toyota Corolla models that sold for around ₦1.5 million just a few years ago now fetch between ₦8 million and ₦10 million. Locally used cars, too, have followed this steep upward trend. The surge in resale value has become a tempting reason for some owners to cash out while their vehicles are still in good shape, especially if they can manage without them.

But for many, selling isn’t about making a profit; it’s about survival. Daily commutes now eat deeper into household budgets, and for middle-income families, every litre of petrol and every unexpected repair feels like a fresh blow. More people are turning to public transport, ride-hailing services, and even carpooling with neighbours to reduce expenses.

Dealers say the shift in the market is noticeable. Instead of bulk supplies arriving from importers, there’s now a steady stream of listings from ordinary Nigerians. A Lagos dealer told Punch that sales are being driven less by luxury buyers and more by individuals looking to make a strategic financial decision. In his words, “People are not just selling because they want to, they’re selling because it makes sense right now.”

And for the buyers who still have the means, the options have never been wider. From fuel-efficient hatchbacks to high-end SUVs, the variety is appealing, though prices remain a stretch for many pockets.

Also Read: How Lagos is growing to building cars from scratch and taking them for a spin

Industry leaders believe the answer lies in boosting local car assembly. The Association of Motor Dealers of Nigeria is pushing for policies that support affordable, Nigeria-made cars, arguing that this would create jobs and make vehicles accessible again. But for now, locally assembled cars remain priced beyond what most can pay.

Meanwhile, those who can no longer manage their car’s upkeep, or who see a profit in selling, are joining the quiet exodus from private car ownership. If the trend continues, a lot might soon reach a point where owning a car is not a mark of middle-class comfort, but a rare luxury.

This wave of sales says a lot about where Nigeria is at. Today, a car is no longer just a symbol of independence or status; it’s a litmus test of financial endurance. Letting go of their vehicle feels like losing a little freedom for some, and for others, it’s a relief, one less responsibility in a time when everything costs more.

So, if you notice your neighbour’s car suddenly vanish from the driveway, don’t be surprised. Chances are, they’re not moving away; they’re just making the kind of hard, practical choice more Nigerians are now forced to consider.

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