NewsKenyans Scramble to Sell Off Luxury Cars - Report

Kenyans Scramble to Sell Off Luxury Cars – Report

-

- Advertisment -spot_img
  • Thousands of high range of vehicles have been put up for sale over the year as Kenya’s economy took an unexpected nose-dive due to the Covid-19 pandemic.

    There was a drop in the prices of most vehicles according to the latest report by research firm Tifa. Pick-ups, 4-wheel drives and SUVs, saloons, hatchbacks, buses and vans recorded the most significant drop in prices.

    The latest report by research firm Tifa has revealed that Kenya’s used vehicle market has been dominated (34.4% – 151,000) by luxury 4 Wheel Drive Vehicles and Sports Utility Vehicles (SUVs).

    Dubbed Kenya Used Vehicle (KUV) Index Dec 2020, the report reflected the harsh effects of the pandemic, as SUVs and 4 wheel drive vehicles posted for sale are usually linked to Kenya’s affluent group.

    A Toyota Landcruiser V8
    File

    Toyota leads the SUV models, with Toyota Land Cruiser Prado, Harrier and Land Cruiser VX topping the resale list in that specific order.

    Other off-road vehicles that dominated the resale market were the Nissan X-trail, Subaru Forester, Subaru Outback and the Mitsubishi duo (RVR and the Outlander).

    The average price of the Toyota Land Cruiser Prado is Ksh 6.3 million for the 2014 model and Ksh 3.7 million for the 2012 model.

    “The KUV Price Index started declining from September 2020 and is expected to continue declining until January 2020. This is normal as the traders await the year to end and the cars get older.

    “The KUV Price Index declined during the months of February and March 2020. This decline coincided with the arrival of Covid-19,” the report released by Tifa Research CEO Maggie Ireri reads in part.

    The report further detailed that imported second-hand vehicles account for 85% of Kenyan car purchases. 

    Kenya’s used car market has been hit hard by the effects of the pandemic, with dealers reportedly forced to cut prices by up to 15% in response to depressed demand.

    The dealers argued that the move to cut prices was to clear the stock in a market where the more a car remains unsold the more it loses value partly due to a greater preference for the latest number plates. 

    Tifa Research CEO Maggie Ireri.
    Tifa Research CEO Maggie Ireri.
    File
  • Source: KENYAGIST.COM

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest news

    Jogue Por Recurso Financeiro Real Em Cassino Onlin

    Jogue Por Recurso Financeiro Real Em Cassino OnlinePin Up Casino País Brasileiro: Análise, Bônus, Apostas E Mais! 2024ContentPin-up Casino...

    Türkiye’nin En İyi Online Bahis Şirket

    Türkiye'nin En İyi Online Bahis ŞirketiMostbet Giriş Güncel Adresi 2024 ️ Most Bet Casino Ve BahisContentMostbet TürkiyeMostbet-27 Ödeme YöntemleriMostbet...

    “mostbet Oyun Hesabınıza Logon Yapmanın Yollar

    "mostbet Oyun Hesabınıza Logon Yapmanın YollarıMostbet Türkiye Çevrimiçi Kumarhane Mostbet CasinoContentMostbet Güvenli Mi? Mostbet Türkiye0 & 250fs 12$’dan Başlayan...

    Was ist eine toxische on-off-beziehung?

    Was ist eine toxische on-off-beziehung?What is a toxische on-off-beziehung? a toxische on-off-beziehung is a type of relationship where one...
    - Advertisement -spot_imgspot_img

    Ex-Govt Official in Ksh1.3 Billion Scandal Hospitalised After Court Release

    Former Nairobi Provincial Commissioner Davis Nathan Chelogoi is set to receive ongoing medical treatment at a hospital in the...

    Raila Allies Pile Pressure on Ruto as Talks Hit Dead End

    National Assembly Minority Leader Opiyo Wandayi, a close ally of opposition leader Raila Odinga and a senior member of...

    Must read

    Jogue Por Recurso Financeiro Real Em Cassino Onlin

    Jogue Por Recurso Financeiro Real Em Cassino OnlinePin Up...

    Türkiye’nin En İyi Online Bahis Şirket

    Türkiye'nin En İyi Online Bahis ŞirketiMostbet Giriş Güncel Adresi...
    - Advertisement -spot_imgspot_img

    You might also likeRELATED
    Recommended to you