Second-hand car dealerships are common in our major towns. With the assistance of the internet and social media, this business has been extended online right into living rooms.
Over the past decade, there has been growing demand for used vehicles, especially saloon cars, with at least 70,000 such vehicles entering the Kenyan market yearly.
Over 70 per cent of these are sourced from Japan and the rest from a variety of places including Dubai, the UK and South Africa.
With a tight budget to work with this “njaanuary”, one expense that you need to keep a close eye on is your motor vehicle expense. Here are few tips to help you ensure that your car does not drive you into financial ruin this month, pun intended.
Despite the recent unveilings of futuristic cars that are supposedly better in every way, cars as we know them are destined for a highly inconceivable future. I have yet to meet someone who can predict the future. Take for example the meteorological department in any country in the entire world.
This will be dictated by a number of factors, chief among which is how warm your pockets are. It’s fair to assume that anyone with the financial means would choose to buy a zero mileage car every single time.
Kenya has one of the poorest savings culture in Africa. In 2015, the country’s gross national savings stood at 12.7 per cent of GDP, well below the continent’s average of 14.7 per cent for similar sized economies, according to the World Bank.
Kenya’s used car business is growing robustly on the back of an expanding urban middle class and increasingly flexible financing options for buyers. Latest industry figures indicate that we import an estimated 80,000 used vehicles annually. This means that for every single new car on the road in Kenya there are roughly four used cars.