NAIROBI, Kenya, Jul 17 – Demand for cars in May 2017 increased by 9.74 percent, which was not matched by supply with dealers selling cars rather expensively especially those between 0-5 years old.
Any dealer selling cars in that age bracket did not have it easy, as the demand for new cars was outstripped by excess supply, a 31.35% increase which led to a drop in prices in May 2017.
The good news, however, is that selling cars that are 11 years and above should be what dealers are getting into as they have an 11% demand in the market place.
Cars with higher mileage experienced an 18.37% soar in demand while those with lower power also experienced a 17.36% increase in demand. This led to an increase in prices of cars with a mileage above 100,000km and 0-1500cc power engines.
Toyota maintains its top position while Nissan comes second but is still no match for Toyota which had 4 times the demand of a Nissan car.
The study has been realized by Data Fintech, a Kenyan consumer data broker, based on data collected on Cheki Kenya, the first automotive online marketplace in Kenya.