Owning a car is one of the biggest dreams for most people, especially in a country where public transport is disorganised and chaotic.
However, the dream might just remain a dream for them, with the current trend where the prices of used cars are increasing every day.
In just six months, the prices of secondhand cars have increased by at least 33 percent, following reduced production by vehicle manufacturers due to shortages of semiconductors that are used in electronic devices.
The prices for cars in the yards have shot up by between Ksh200,000 and Ksh500,000, with no hope of ever going down in the current situation.
“The prices of some cars have shot up by almost Ksh500,000. Most people, for instance, are not importing Rav-4 because they are very pricey to import now and hence stay at the yard longer. So this has created a shortage that has pushed the price from Ksh2.3 million in April to Ksh2.8 million,” said Charles Munyori, the secretary-general of Kenya Auto Bazaar Association as quoted by Business Daily.
Currently, the oldest cars allowed into the country are those made in 2014 or later, owing to the eight-year rule for secondhand imported cars.
80 percent of cars imported into the country are secondhand, an indication of over-reliance on used cars which are cheaper than brand new cars.
X-Trail and Harrier have both risen the most by Ksh600,000 each to Ksh2.4 million and Ksh3.4 million, according to reports.
The price of a used Toyota Vanguard has gone up to Ksh2.8 million from Ksh2.5 million while the price of a Premio has increased to Ksh1.9 million from Ksh1.6 million.
Munyori predicts that things may get worse next year, with cars becoming overly expensive.
“We see things getting worse going into next year. Cars that will be imported in January and March will be too pricey,” Mr Munyori said.