Prices of used cars assembled between 2016 and 2017 have jumped by up to Sh600,000 in the past four months driven by the weaker shilling against the dollar.
An analysis of industry data from dealers shows that the Mercedes Benz C-Class headlines the price surge with a used unit going for Sh4.4 million compared to Sh3.8 million in September last year.
A second-hand Toyota Harrier is now retailing at Sh4 million at many yards in the city up from Sh3.8 million in September last year as the used units get costlier for their key buyers –the middle class.
The price surge has been driven by the shilling whose market exchange rate to the dollar, shed 14.1 units in the period to trade at 160.4 units currently.
Car models with low engine capacity such as Mazda Demio and Honda Fit and, which have over the years been popular due to low prices, have also recorded significant price increments in the period.
“They (car prices) are getting costlier by the day due to the shilling’s free-fall. It is increasingly becoming difficult to set margins because of the daily slide,” Antony Aleri of CarMax East Africa told the Nation.
The shilling has been declining since 2021, directly affecting prices of imported goods such as used cars and petroleum products.
Government-led efforts such as a State-backed importation of fuel on credit and significant increase of the benchmark lending rate by the Central Bank of Kenya have failed to halt the drop, leaving traders and consumers to take the hit.
A second-hand Subaru Outback is now going for Sh3.7 million compared to Sh3.3 million in September last year.
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February 09, 2024 at 09:57AM
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Price of used cars up by Sh0.6 million in just four months - Nation
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