As a budding entrepreneur, Online car importation business is a very lucrative business anyone can key into irrespective of one’s status.
Do you ever wonder why we have so many cars plying our roads despite the current economic situation?
Let me tell you the reason…..
You see, Nigerians are Lovers of cars most especially tokunbo’s brand of car because it is cheap to afford. It is every Nigerian Family dream to have a Car either to show off or to announce their new status.
Now the only set of people making killer money from this Nigerians number one hubby is the car dealers. There is a lot of money to be made from importation of fairly used car from the US. It is not necessarily you have the money before you can start importation of cars, off course you have families, friends, colleague at work you can convince to let you do their car ordering for.
Now let me give you a breakdown on how lucrative this business of car importation is. A 2011 (Tokunbo)Toyota Camry is selling for N3,500,000 at the market now while last month I successfully order and deliver it to a client of mine at N3,200,000 saving a total sum of N300,000 for my client.
I bided for the car on www.IAAI.com and won it at the rate of $4000. In addition to this, there are also some charges attached as you can see in the break down below:
Bid amount = $4000 (Amount of the Vehicle)
Buyers fee = $425 (2,3,4 & 5 are fixed charges by the Insurance company)
Internet fee = $89
Service fee = $59
Service Charge = $300
Shipping = $1000 (Shipping from US to Lagos seaport)
Tolling fee = $300 (from the Insurance company to the seaport)
Total = $6,173 (Total Landing cost from USA)
From the break down above, if you calculate the naira equivalent on the total landing cost with the current black market foreign exchange rate of N320 as at then you should arrive at N1,975,360.
If you’re observant with the break down above you will discover that I do not include the clearing fee from the seaport in Lagos. Clearing charges varies based on the years and type of car. For the type of car I imported the clearing fee was N800,000.
If you sum up the clearing charge of N800,000 plus N1,975,360 which is the landing fee it will amount to N2,775,360.
Due to its efficient fuel consumption, Toyota Camry is one of the mostly used cars in Nigeria. It is one of the fasted selling car in Nigeria as it does not stay long on ground before you will get a buyer. If you go round the market to do some market pricing, a clean Toyota Camry with low mileage is between N3,200,000 to N3,500,000.
If you subtract our landing cost from the market price you will discover that my profit from these deal is N424,640 while I was able to save N300,000 for my client as I collected N3,200,000 from my client.
From the analysis above, you can agree with me that car business is a great and lucrative business. You can also key in into this lucrative business and start making money for yourself.
If you’re abroad and have been finding it difficult sending money home, car business is what you should give a second thought about. Find people you can trust, send them cars while they handle the clearing and the selling for you.
You can get the clients while we handle the purchase, shipping and clearing and we share the profit.
For more information, you can contact me on firstname.lastname@example.org or lets chat on whatsapp on 08060759304.