Ghanaians often price their used cars far higher than their actual value, even when the vehicles have high mileage and noticeable wear. This practice harms the entire used car market, making it difficult for buyers and sellers to conduct fair transactions.
Consider a 2017 Toyota Corolla SE that arrived in Ghana in 2021. At that time, the import duty was approximately GHC20,000. Today, a clean, accident-free 2017 Corolla can be found at a U.S. auction for between US$5,000 and US$7,000. Adding shipping, import taxes, container handling fees (around GHC6,500), and agent fees (about GHC2,000), the total cost amounts to approximately GHC223,500—even before registration.
Yet, despite these calculations, some sellers still demand GHC230,000 for a car that has already covered over 100,000 miles. Even if the owner assures buyers that it has been well maintained, components such as the suspension, belts, and clutch will soon require extra attention. Why would anyone pay a premium for a vehicle that has already endured significant wear when they could import a newer, lower-mileage model for less?
Many sellers justify high prices by blaming the falling value of the cedi. However, this explanation fails to hold up when actual import costs are taken into account. Buyers recognize the price gap, leading them to either negotiate aggressively or walk away entirely. Meanwhile, perfectly good cars sit unsold, gathering dust in driveways and dealership lots.
This slowdown in sales forces honest buyers into long, frustrating negotiations. What if sellers set prices based on clear import costs, adding only a reasonable amount for documented maintenance and local registration? This way, they would still earn a fair profit, while buyers would acquire reliable cars at reasonable prices. When owners decide to trade up, they could do so without excessive financial strain.
Imagine a used car market where prices reflect real costs and actual vehicle wear. People would be able to upgrade their cars more frequently, and second-hand dealers would stock better-maintained models.
As word spreads that Ghana’s used car scene is fair and transparent, more buyers would enter the market, confident they’re getting genuine value. Sellers, in turn, would sell their cars faster and be ready to move on to their next vehicle.
By simply pricing our cars in line with actual import and maintenance costs—and being honest about mileage and wear—everyone benefits. The market grows stronger, buyers feel respected, and sellers find new owners quickly.
That is how Ghana’s used car market can work better for everyone.
