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New luxury car sales drop 32pc on high cost of loans
Jaguar XE. High interest rates on loans have hit the new vehicles market. PHOTO | FILE
Sales of new luxury cars in Kenya dropped 32 per cent in the first quarter, mirroring the overall downturn in the new vehicles market hit, especially by high cost of loans.
Data from the Kenya Motor Industry Association (KMI) shows that sales of high-end cars such as Mercedes and Jaguars stood at 64 units in the period compared to 94 units a year earlier.
