Rising prices, due to a prolonged foreign exchange crisis, port fees and logistics, deprived consumers of purchasing power and deprived merchants of favoritism.
The prices of car engines and accessories are rising at an alarming rate as the naira continues to lose its value. The accelerating inflation also affected the services of local mechanics as they increased the fees as well.
Normally, a 40ft container of port spare parts, yesterday, cost about N6m compared to the N4m it was in 2020.
Confirming the price hike, depending on the type of spare parts, the Acting National President of the Nigerian Licensed Customs Agents Association (ANLCA), Dr Kayode Farento, said 40 appendices of new spare parts cost around N8m now, while the same container of spare parts cost around N8m now. Used parts are about N6m compared to N4m for the 40-Footer in 2020.
A mechanic, who normally charges around N2,500 to service a vehicle, now charges N5,000 or more to provide such services. While the repair of the spoiled car has also increased due to the high rate of inflation.
In fact, the scarcity of foreign currency has driven up the prices of spare parts. For example, in January 2020, the 2008 Toyota Highlander ‘tokunbo’ engine was N300,000, but it now sells for around N550,000 to N600,000. The 2014 model of Toyota Corolla engine was between N320,000 to N330,000 now selling With N500, 000 and N600,000.
Likewise, an all-new 18-inch Winda tire costs 245/45r18 N 40,000 compared to the N25000, and another Austone tire for a 15-inch 31X10.50R15 costs N 45,000 compared to the N30,000. Also 18-inch Ilink 245/60r18 tires currently sell for N45,000, which costs N25000, while the Winda Tire 235/50r19 sells for N49,000 instead of N27000 in the past.
As for batteries, the all-new Solite 12V 75ahms battery now sells for N40,000 compared to N20,000, while the Solite 62ah car battery sells for N35,000 instead of N26,000. While Korea’s Rocket, Everstart, Solite and Sebang batteries sell between N33000 and N35, 0000 now, they have sold from N12,000 to N15,000 in previous years.
The 2005 Toyota Camry front shock absorber is sold in the range of N30,000 to N35,000, which was previously sold at N10,000 to N15,000. The power steering pump for Toyota Camry 2003-2011 currently sells for N25,000 compared to N15000 in the past. The new power steering pump for Toyota Camry 2003-2011 is currently sold for N40,000 instead of N25,000.
A parts dealer, Ifeanyichukwu Darlington, said the increase in parts prices was due to “the devaluation of the Nigerian currency” as well as the cost of shipping.
Darlington said, “The 2014 Corolla engine used to cost N500,000. During the COVID-19 period, the price was around N300,000. But a complete engine with complete accessories used to cost N600,000. But now it is N1 million.”
He said the Lexus RX 350’s engine and gear, which used to be N900,000, is now about N1.3 million.
Air conditioner compressor for Corolla 2008, 2010 is currently sold for N38,000 instead of N15,000 and N18,000. The air conditioner compressor for Toyota 2.7 Camry 07/09 is currently sold for N38,000, which usually costs N25,000. The AC compressor for Toyota Camry 2010 sells for N55,000 instead of N30,000.
Another car dealer, Kingsley, said, “Look at my shop, it’s empty. If you sell two engines, you can’t buy one with money. If you buy an engine and a gearbox for N700,000, say, the next time you go to the warehouse, you’ll add More money to buy one.
“Things are tough now. If it was a boom time, you would see people buying items and even supplying to workshops across the country. Now, merchants are less busy because there are no customers.
The driver of the car, Samuel Adenugba, who regularly checks his car, said he resorted to driving only on weekends to reduce problems with the car.
He said the cost of spare parts in the market has risen dramatically. Daily driving should be reduced to weekends.
For Ob Fallas, a motorist, he said dealing with the repairs was not easy.
Last week, we still spent over a hundred thousand fixing a problem with my wife’s car. Basically, what I do is prioritize needed repairs. If it is a repair that will completely affect the functionality of the car, I will fix it. If it’s not a major fix, I might just wait until I’m fresh enough to do it.”