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The Kenya Forum | Cost of used car Imports in Kenya set to drop in June - The Kenya Forum

April 4, 2024

Summary

Top government officials have attributed the strengthening of the shilling to a combination of factors including an uptick in investor confidence after the government bought back part of the $2 billion Eurobond.

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Cost of used car Imports in Kenya set to drop in June

Cost of used car Imports in Kenya set to drop in June

Cost of Second-Hand Car Imports in Kenya set to drop

Kenyans importing used cars may need to wait until June as prices are projected to go down following the strengthening of the shilling against the dollar.

The shilling has since February rallied against the dollar to trade at 131 units on Wednesday evening from 144.9 units on February 19.

This anticipated reduction, of at least Ksh 100,000 per unit, is a welcome relief for consumers grappling with high prices and limited options in the used car market. The cost of imported second-hand cars has been rising for the past two years, hitting new highs from September last year.

Kenya, like many other nations, heavily relies on imported vehicles to meet its transportation needs. The majority of these imports consist of second-hand cars, mainly from countries such as Japan and the United States. However, the prices of these vehicles have long been influenced by currency fluctuations, particularly against the US dollar.

In recent months, the Kenyan shilling has shown signs of strength against the dollar, a trend that experts believe will have a direct impact on the cost of imported vehicles. Analysts predict that as the shilling gains ground, the prices of second-hand cars imported into Kenya will experience a noticeable decline.

Mary Wangari, a resident of Nairobi, expressed her optimism about the potential price drop, saying, “I have been saving up to buy a second-hand car for my family, but the high prices have always been a barrier. If the shilling continues to strengthen, I’m hopeful that I’ll finally be able to afford a vehicle,” she said.

As the Kenyan automotive market adjusts to these currency fluctuations, industry experts advise consumers to closely monitor price changes and take advantage of favorable exchange rates when making purchasing decisions.

Top government officials have attributed the strengthening of the shilling to a combination of factors including an uptick in investor confidence after the government bought back part of the $2 billion Eurobond. An increased participation of foreigners in the infrastructure bond has also been cited as a key factor that has led to the strengthening of the shilling against the dollar.

While the strengthening of the shilling is expected to benefit consumers, it may pose challenges for certain sectors of the economy, particularly exporters who rely on a weaker currency to remain competitive in international markets.

 

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