Kenyans seeking to acquire second hand cars will have to dig deeper into their pockets. This is because the cost of second hand cars has risen by 30 per cent.
This has pushed the cost of a second hand Toyota Vitz to Sh. 1.25 million and the Mazda Demio to Sh. 1.3 million.
The cost of Toyota Harrier, Toyota Fielder and Toyota Premio and Nissan Sylphy have also gone up, rising by between Sh. 150,000 and Sh. 400,000 since April 2022.
A used 2015 Mazda Demio is selling at Sh. 1.3 million from Sh 1 million in March. A 2015 Honda Fit is now retailing at Sh. 1.3 million from Sh. 1.15 million in March while the cost of Nissan Sylphy has increased to Sh. 1.4 million from Sh. 1.25 million.
The cost of a used Mercedes Benz C-200 2015 model has risen by Sh. 500,000 to Sh. 2.7 million while the cost of a Toyota Premio has increased to Sh. 2.2 million from Sh. 1.6 million.
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“The weakened shilling has hit the sector and now a Vitz that previously you could get for a Sh. 1 million is now costing Sh. 250,000 more,” said Charles Munyori who is the Kenya Auto Bazaar Association chairman.
“Kenyans should not expect prices to come down anytime soon unless a miracle happens because we are in for a hard time.”
The rise in prices has pushed buyers to oot for less popular vehicle brands. This has seen more buyers shun Toyota vehicles to embrace Nissans and Mazdas.
“We are seeing a shift where Kenyans are now moving from the popular brands such as Toyota Premio and RAV4 to other models. This shift has been occasioned by the high cost that these cars are now fetching at the market,” Munyori said.
Munyori added that with this shift, car dealers have slowed down on shipping in popular Toyota models.
“Most of the car dealers are hardly bringing in Premio and RAV4 models because they are not moving and they will tie up money that they would need for importation of more vehicles,” he said.
In February this year, a Toyota Vitz that used to cost Sh. around Sh. 700,000 went up by 44 per cent to Sh. 1.07 million. The the cost of Nissan Note also went up by 39 percent to Sh. 938, 000.
The Toyota Rav 4 vehicle went up by over Sh. 750,000 to Sh. 2.84 million, a 52 percent jump from its previous selling price.
At the same time, the Toyota Harrier sold at Sh. 3.64 million, up from Sh. 2.22 million, with some sellers pricing it at nearly Sh. 4 million.
The price of a Toyota Premio also increased to over Sh. 2 million from the previous price of Sh. 1.6 million.