New vehicle purchases dip for third year on tough economy

Vehicles at the General Motors East Africa Isuzu along Mombasa Road in this picture taken on July 14, 2024. 

Photo credit: File | Nation Media Group

Kenyans have cut the purchase of new vehicles for the third year running because of the deterrent cost of borrowing and the lagged effect of higher taxation amidst thinning pay slips.

New vehicle dealers and assemblers such as Isuzu East Africa, CFAO Motors Kenya, and Simba Corporation posted an 8.58 percent drop in sales for nine months ended September 2024.

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Note: The results are not exact but very close to the actual.