Auto spare parts surge 40% against naira freefall, multiple charges | The Guardian Nigeria News
Dealers and consumers alike are lamenting the runaway rise in the cost of auto replacement parts landing that has increased by at least 40-100% in the past two weeks.
Soaring prices, due to the long currency crisis, port charges and logistics, deprived consumers of purchasing power and deprived merchants of customers.
Prices for auto engines and auto accessories are rising at an alarming rate as the naira continues to lose value. Rampant inflation has also affected the services of local mechanics as they have also increased loads.
Usually, a 40ft container of used spare parts at ports yesterday cost around 6 million naira compared to 4 million naira in 2020.
The Acting National Chairman of the Association of Licensed Customs Officers of Nigeria (ANLCA), Dr. Kayode Farinto, who confirmed the price hike, said that depending on the type of spare parts, 40 feet of new spares currently cost around 8 million naira, while the same container of used spares cost around 6 million naira compared to 4 million naira for a 40ft in 2020.
A mechanic, who typically charges around N2,500 for servicing a vehicle, now charges N5,000 or more for providing these services. While the repair of a repair in a spoiled vehicle has also increased due to the high rate of inflation.
Indeed, the scarcity of foreign currency has led to a surge in the price of spare parts. For example, in January 2020, a 2008 Toyota Highlander ‘tokunbo’ engine was N300,000, but it now sells for between N550,000 and 600,000. A 2014 model Toyota Corolla engine that was between N320,000 and N330,000 is now selling for N500,000 and N600,000.
Similarly, a brand new Winda 18 inch 245/45r18 tire costs N40,000 against N25,000, another tire from Austone for 15 inch 31X10.50R15 costs N45,000 against N30,000. inch is currently sold for N45,000, which costs N25,000, while the Winda 235/50r19 tire is sold for N49,000 instead of N27,000 in the past.
For batteries, a brand new Solite 12V 75ahms battery now sells for 40,000N from 20,000N, while a Solite 62ah automotive battery sells for 35,000N instead of 26,000N. While Korean Rocket batteries , Everstart, Solite and Sebang are priced at N33,000-35,000 now, they were priced at N12,000-15,000 in previous years.
A 2005 Toyota Camry front shock absorber sells for 30,000 to 35,000 Naira, which was previously sold for 10,000 to 15,000 Naira. A steering pump for the Toyota Camry 2003 – 2011 model currently sells for N25,000 compared to N15,000 in the past. The new steering pump for the Toyota Camry 2003-2011 model is currently sold at 40,000 N instead of 25,000 N.
A parts dealer, Ifeanyichukwu Darlington, said the increase in parts prices is due to the “devaluation of the naira” as well as the cost of shipping.
Darlington said: “A 2014 Corolla engine cost N500,000. During the COVID-19 period the price was around N300,000. But a complete engine with full accessories was N600,000. But now it is 1 million N.”
He said the Lexus RX 350 engine and gearing which was previously 900,000 N is now around 1.3 million N.
The air conditioning compressor for the Corolla 2008, 2010 model currently sells for N38,000 instead of 15,000 N and 18,000 N. The air conditioning compressor for Toyota 2.7 Camry 07/09 currently sells for N38,000, which normally costs N25,000. AC compressor for Toyota Camry 2010 model is sold for N55,000 instead of N30,000.
Another car dealership, Kingsley, said: “Look at my store, it’s empty. If you sell two motors, you can’t buy one with the money. If you buy an engine and gearbox for N700,000, for example, the next time you go to the warehouse, you will add more money to buy one.
“Things are tough now. If this was when the market was booming, you would see people buying items and even supplying workshops across the country. has no customers,” he said.
A motorist, Samuel Adenugba, who regularly carries out checks on his vehicle, said he resorted to weekend driving only to minimize problems with the car.
He said the cost of spare parts in the market has skyrocketed; daily driving should be reduced to weekends.
For Ope Falase, a motorist, he said coping with the repairs had not been easy.
“Last week, we spent over a hundred thousand dollars to fix a problem with my wife’s car. Basically, what I’m doing is prioritizing needed repairs. If it’s a repair that will totally affect the functionality of the car, I’ll fix it. If it’s not a major repair, I might wait until I’m fit enough to do it.