As Nigerians write their plans and set goals for the new year, owning a car sits on the list of many.
For people who dream of ditching long, exhausting rides in Danfos, a budget of N10 million is a key to that next chapter.
Foreign used cars, popularly known as tokunbo, remain the backbone of private mobility in Nigeria.
New cars are priced far beyond the reach of the average Nigerian, while locally used vehicles often come with hidden histories. That leaves fairly used imports as the middle ground many people are forced to navigate.
A few years ago, a more stable naira and lower clearing costs meant that N10 million provided more and better options. Today, the landscape has shifted in profound ways.
What buyers are seeing today is not just higher price tags, but fewer good deals. This budget still buys a car, but not the kind of flexibility it once offered.
Nairametrics reported that Nigeria’s passenger car imports slowed in 2024, with the total value dropping by 14.3% to about N1.26 trillion, down from N1.47 trillion in 2023. The decline reflected weaker demand, driven largely by exchange rate volatility and economic pressures.
Importers and dealers are also grappling with sharply rising costs of clearing foreign used vehicles following recent policy changes introduced by the Nigeria Customs Service.
With this, the challenge for some Nigerians looking to spend N10 million or less is more than just picking a model off a list. It is about finding something in good condition that will last, without stretching the budget too far.
Here are the tokunbo cars Nigerians can get under N10 million in 2026
The 2007 Lexus LS 460 is a luxury sedan that blends smooth performance and premium comfort. It is a good pick if you want something more refined than ordinary sedans but still within reach of this budget range.
It has a 4.6-litre V8 engine producing around 380 horsepower and 367 lb-ft of torque, paired with an eight-speed automatic transmission. This setup delivers confident, smooth acceleration and strong highway performance. Fuel economy is reasonable for a V8, with official ratings around 17–19 mpg in the city and up to 27 mpg on the highway when running on premium fuel.
Inside, the LS 460 feels luxurious and well-appointed even by modern standards. Standard equipment includes orthopedically designed power front seats with memory settings, a power moonroof and keyless start. Many imports also have leather upholstery and premium sound systems.
This model works well for buyers who want a luxury feel on a budget.
What dealers are saying
In an interview with Nairametrics, Edu Bassey, CEO of Stock Motor Cars, explains that the economics of importing older foreign-used vehicles especially models from 2006 and below, no longer make sense for most dealers.
According to him, the minimum cost of clearing a car now sits between N3.2 million and N3.5 million, with these budget vehicles selling around $3,000 to $5,000 in the United States. Once shipping, duties and other charges are added, such cars often land in Nigeria well above N10 million, leaving little or no profit margin.
He explains that this is why many dealers have stopped bringing in cars from the 2004 to 2006 range, even though buyers still ask for them. They are, however becoming rare, as they are more available in Nigerian-used types.
One major reason, he said, is Nigeria Customs’ VIN valuation system, which groups older vehicles into the same duty category, meaning imports in years 2000–2013 pay the same duty irrespective of actual age, effectively raising costs for older cars.
“So there’s no incentive to bring in much older cars. If I’m paying the same to clear a 10-year-old car, why would I import something far older?” he explained.
Today, he explained, buyers are shifting their expectations upward. Entry-level options in the Tokunbo market now start much higher, with vehicles like Highlanders, RX models and similar SUVs from 2013 upwards, often selling from N25 million and above.
Another car dealer, Mr. Victor, the CEO of AutoViv Ltd, explained that prices began rising sharply about two years ago. According to him, a Corolla that sold for N2.5 million to N3 million in 2023 now costs several times more.
Clearing costs have also jumped significantly. He noted that clearing a 2003 Toyota Corolla, which previously cost N300,000 to N400,000, now costs around N2.3 million, pushing up final vehicle prices.
