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The Official Cost Of Buying And Clearing Hyundai Cars In Nigeria

When importing Hyundai cars into Nigeria, understanding the full cost breakdown, including purchasing, shipping, and clearing, is essential for budgeting. Here’s a comprehensive look at what goes into buying and clearing Hyundai vehicles in the Nigerian market in 2024.

Buying Hyundai Cars in Nigeria

Market Price Range:

Hyundai offers models across different price points, making it popular in Nigeria for its affordability and reliability. For instance, a Hyundai Elantra (2017 model) can cost around ₦5 million to ₦6 million in Nigeria. Other models, like the Hyundai Sonata or Santa Fe, vary from about ₦6 million to ₦15 million, depending on the model year and condition

Tokunbo (used) Hyundai models are generally more affordable. A 2015 Hyundai Sonata might go for between ₦3 million to ₦4 million.

Buying From Overseas vs. Locally:

If you purchase a Hyundai from the U.S. or other countries, the cost is usually broken into two parts: the buying price and the cost of shipping to Nigeria. For instance, a 2019 Hyundai Sonata might cost about $10,000–$12,000 in the U.S. but can increase substantially after adding shipping and clearing costs.

Cost of Clearing Hyundai Cars in Nigeria

Clearing costs are essential to calculate, as they contribute significantly to the final price of the car in Nigeria. These costs include import duties, handling fees, and agent fees.

Import Duties and Taxes:

Import duty rates vary depending on the age and model of the vehicle. For most vehicles, the import duty is set around 35% of the car's value. However, additional charges like the National Automotive Council (NAC) levy (usually 2% to 20%) apply depending on the type of vehicle, which is especially important for luxury Hyundai models like the Santa Fe SUV

Clearing Fees by Model:

Clearing fees for Hyundai vehicles fluctuate depending on the model and age. For example:

• Hyundai Elantra 2009: Around ₦650,000 for clearing.

• Hyundai Elantra 2011: Can go up to ₦950,000 due to higher duty rates associated with newer vehicles.

Hyundai Santa Fe and similar SUVs usually incur higher clearing fees, with some models reaching over ₦1 million based on their luxury classification and engine size.

Additional Clearing Costs:

Customs require specific documentation, such as the Bill of Lading, Commercial Invoice, and Single Goods Declaration (SGD) form. The clearing process generally takes from a few days up to three weeks, depending on port conditions and the efficiency of the clearing agent.

Total Estimated Cost of a Hyundai Car (Purchase and Clearing)

To give a practical example, let’s say you’re interested in a 2019 Hyundai Elantra. If purchased from the U.S. for $10,000 (₦7.6 million at a $1=₦760 rate), and you add shipping costs of approximately ₦500,000, the vehicle cost reaches ₦8.1 million before customs duties. Clearing and duty fees might add ₦1.5 million more, bringing the total to roughly ₦9.6 million for the entire process. This figure, of course, varies depending on exchange rates, port fees, and changes in duty rates.

Tips for Importing Hyundai Cars to Nigeria

Choose the Right Clearing Agent:

Experienced clearing agents simplify the process, helping with paperwork, inspections, and negotiations. Agents’ fees typically range from ₦150,000 to ₦300,000.

Be Aware of Age Restrictions:

Vehicles older than 15 years often face higher clearing costs, and some may be restricted from import entirely due to emissions standards.

Budget for Port Storage Fees:

If a car stays at the port beyond the initial clearing period, storage fees may accumulate. Budgeting for about ₦5,000 to ₦10,000 daily in port charges is advisable if delays are likely.

Conclusion 

For potential Hyundai buyers in Nigeria, understanding all associated costs is crucial to avoid unexpected expenses. When budgeting, remember to include both the upfront price of the car and the various charges associated with clearing it at Nigerian ports. Working with an experienced clearing agent can streamline the process and help manage compliance with Nigerian import regulations