Friday, March 29, 2024

Majority of car buyers going for vehicles under Sh. 1 million

The majority of car buyers in Kenya are now preferring to buy budget cars that sell at under Sh. 1 million.

This has been revealed by a data report that has shown a drop in the average cost of cars that Kenyans are importing.

The average cost of imported cars in Kenya slid 15.2 per cent to Sh. 931,815 per unit in the nine months to September 2017.

In that period, 65,249 units of vehicles were imported at a cost of Sh. 60.8 billion.

The 2016 car import bill translates to an average of Sh. 1.1 million per unit, which is Sh. 168,185 costlier than last year’s average unit cost of Sh. 931,815.

It remains to be seen whether this cost of importing cars to Kenya will change the market and pricing dynamics.

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