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Thin payslips, high loan costs drive Kenyans off car purchase
Used cars at a yard in Mombasa. National Transport and Safety Authority directed dealers to register all unlisted vehicles in their showrooms and yards by December 16, 2024.
The volume of cars registered by Kenyans in the first nine months of the year declined by 43 percent compared to 2023, indicating the tough economic times exacerbated by the high cost of loans and reduced consumer spending.
According to data published by the Kenya National Bureau of Statistics (KNBS), Kenyans registered a total of 47,052 in the three quarters, a drop from 82,590 in the same period in 2023.
