Here are 10 cars you can still buy under ₦2 Million in Nigeria today

14 January 2025 at 12:40

We list 10 "affordable" cars you can buy in Nigeria for under ₦2 million.

Volvo 240 Wagon

A
Agnes Isoje

Owning a car in Nigeria has become a luxury many can barely afford.

With the skyrocketing prices of both new and used cars, it’s no surprise that the dream of owning a vehicle feels out of reach for most Nigerians.

In the last four years, the cost of brand-new and Tokunbo (foreign used) cars has hit record highs, thanks to the continuous depreciation of the naira against the dollar.

Import duties and rising exchange rates have further compounded the issue, making vehicles unaffordable for many, especially low and middle-income earners. The rich might be feeling the pinch too, but that's not our focus here.

Many Nigerians buy used cars because they are less expensive than imported brand-new or locally assembled ones.

Findings show that the market for brand-new cars in Nigeria is estimated at only about 13,000 per annum while the used cars market is estimated at about 500,000 per annum.

Currently, a good second-hand car costs above ₦5 million - a price tag far beyond the reach of the average Nigerian.

This has forced many to hold onto their old cars for longer.

But all hope is not lost! If you have ₦2 million or less, there are still reliable options to get you on the road.