Kenyan Used Car Prices to Ease In Early 2012

www.cheki.co.ke has close to 100% of Kenya’s cars for sale online

Nairobi, Kenya (PRWEB) January 13, 2012

After suffering 50% rises in 2011, leading Kenyan car sales website http://www.cheki.co.ke predicts that Kenyan car prices for consumers will ease in 2012.

Cheki operates Kenya’s leading online car marketplace with over 98% of Kenyan car dealers represented and close to 100% of Kenya’s cars for sale.

Analysing the Kenya used car price trends across the site, Cheki Managing Director Carey Eaton said “we are already seeing some short-term price falls for consumers in the Kenyan market in early 2012. We would expect the market to claw back about 50% of the price increases from last year over the next few months.”

During 2011, a perfect storm of five key factors led to a 50% jump in Kenya used car prices during the year.

Firstly, large currency movements saw the US dollar move from KShs. 80/- to KShs. 110/- in 2011. By early 2012, the exchange rate had moved back closer to its long-term average after intervention by Kenya’s Central Bank, which strengthened the shilling to its current rate of around 85 to the dollar. Kenyan consumers and car dealers are highly exposed to currency fluctuations given that over 85% of Kenyan car sales in 2011 involved imported cars.

In January 2011 and September 2011, the Kenya Revenue Authority (KRA) reflected these currency fluctuations in the CRSP list, which is the key list of car models from which all import duty is derived. Many cars on the list saw a dramatic increase in dutiable value in both January and September, which in turn was passed on to consumers in the form of car price increases. In effect, Kenyan consumers were paying twice for the movement in currency.

Oil price movements, insurance premium increases from Somali piracy and significant capacity constraints at Mombasa port led to an increase in shipping and import costs for car importers, all of which were passed on to Kenyan consumers. The Japanese earthquake and tsunami affected new car supply in Japan, which in turn reduced second hand car supply to Japanese auction houses, which in turn drove up base pricing of many popular cars destined for the Kenyan market And finally, a weak economic outlook in Europe drove down the purchasing of new cars in those markets, and increased the retention of used cars, which in turn reduced supply to export markets such as Kenya.

Of these five factors, two are not expected to re-occur in 2012 according to http://www.cheki.co.ke Managing Director Carey Eaton. In early 2012 “we are already seeing signs that the USD/KES strengthening is being passed on to consumers. Also the supply issues from the 2011 earthquake will not re-occur. As a result we expect price falls of 10-20% on some used cars for sale in Kenya and in fact we have already seen some during the last month.”

“A key question is whether the KRA will reduce CRSP pricing and Kenya car import duty now that the shilling has strengthened. Our expectation is that this is unlikely to occur given the KRA’s high targets for revenue collection and the cost of the election in 2012 driving demand for government revenue.”

Another critical factor for Kenyan car buying in 2012 will be the expected general election. On the one hand, consumer and business demand for cars is likely to drop before the election, however it is also likely that supply will drop given the reluctance of dealers to risk capital before the election.

Eaton said “it is very hard to predict what effect the election will have on the currency during the final weeks of campaigning and after the results are called. So all in all, in late 2012, we may see price movements in cars overall but hard to predict from this point in time, and particularly as we also have not had a firm decision around the actual timing of the Kenyan election in 2012.”

Asked when the best time to buy a car will be during 2012, Eaton said ‘between January and March 2012 due to the currency strengthening, a good supply of reduced-price 2004 cars, and the recent arrival of five car carrying ships from Japan which will give Kenyan car buyers a good range of choice and healthy competition between car dealers and sales to sell KBR-registered cars – these factors will more likely be absent further into 2012 and while we won’t see big 50% increases like we saw in 2011, the currency risk remains strong for buyers intending to delay buying a car in Kenya in 2012.”

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Question by deltadogs60: used car pricing?
Asking price from dealer $ 6890 2001 dodge caravan 71,000 miles. Very nice shape. This car is at a small used car lot. Going by the edmunds TMV below, what is a fair offer to the dealer selling the vechile? Also…which figure do you go by to make the offer??? A few hundred over “Private Party Sale”? I’m confused on this issue. Thank You.

Edmunds TMV (True market value)
Trade In-$ 4,022
Private Party Sale-$ 4,843
Dealers Retail-$ 5,643

Best answer:

Answer by Jody D
I would start at the private party price and negotiate up to no more than the halfway mark between the private party price and the dealer price.

Give your answer to this question below!

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Question by Jon: Transferring used car, how to determine “Market Price”?
Transferring a used 2008 Lexus IS250 to a family member. We need to pay tax on the car at “market price”, yet its very hard to determine. If the offer is too low the IRS will reject it. I’ve seen prices as low as $ 20,000 online and high as $ 33,000, how low do you think we can go?
I was thinking of $ 21,500, do you think the DMV/IRS will accept this?

Best answer:

Answer by Sophie B
You check several places for price, throw out the lowest and highest, and average from there…..

If in the process you are using dealer pricing, then I would lower final average 1000-2000.00 because most people will haggle used car pricing….

You could also use the blue book price for “average” condition…..

Add your own answer in the comments!

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Article by John L. Arnold

80 % of car buyers are using the world wide web to look into cars and also utilised car prices. Pertaining to vehicle analysis, your Net’s great! For vehicle costs, the web is painful! It is painful as the rates tend not to echo reality for your customer or seller. Websites in which position values about cars are coming up with a lot more confusion than ever before.

“My vehicle’s really worth ,Eight hundred.” “I looked up used car price ranges on the web and my automobile’s really worth 20 great.In . I pick up rates such as these daily. If only, for that client’s reason, that this values are really the. By “real” What i’m saying is a practical range as outlined by market price.

As difficult as it is to accept, for me because a seller, our thoughts a car will probably be worth, and how it is truly worthy of in accordance with “market value” can often be significantly diverse.

To get a car’s price the actual framework ought to 1st end up being reviewed. What is actually context?

Wording contains, however is not limited by:

Car issue: mileage, upkeep, 1-owner…and so forthDesirability: new design, unique versions, merely neat…and so forthSeasonality: plow trucks, convertibles, 4-wheel generate…etcYour Economic system: supplier and manufacturing facility rewards, petrol price ranges, compounds, Sport utility vehiclesArea: Beverly Hillsides compared to your BronxNow, each and every of the above circumstance variables can easily have got many bass speaker types. As an example…

Vehicle issue is quite relative. One person might think right now there car or truck is perfect, someone else states it takes 00 well worth of work.

Desirability is also comparative. A number of very cool features might not put just about any price, or perhaps it may well increase 00′s.

Seasonality will be comparative. A convertible during the summer time provides more charm than a single through a Chicago, il winter. A plow pickup truck within June can have even less value when compared to Nov inside northeast.

Economic recessions, excessive petrol rates, along with company incentives may transfer new and used car price ranges all around the guide.

Spot provides a key impact on utilised car price ranges. A convertible throughout California is worth more than one situated in Europe.

To conclude, context funnels down to market price. Websites for example Edmunds, Zilch, as well as Kelley get drastically skipped this kind of tag, developing a number untrue stories. To get good, they’re fantastic investigation websites, nonetheless they cannot be a final declare in price.

On the grounds that a vehicle will be worth a specific amount of money based on a web-site’s data won’t make above elements into mind. It becomes an discussion according to untrue stories. Websites like these are creating a feeling of have confidence in a lot more truth, the particular values are generally legendary. The market industry is the real indication of car or truck worth–for much better or perhaps even worse.

Just what need to one perform? Consumers will be cognizant of keep to the marketplace. Have a look at autotrader.internet, vehicles.net, and/or *ebaymotors.net watching what vehicles are being advertised as well as distributed pertaining to. Even though internet websites are certainly not a final word either, they’re much more precise when compared with sites inclined heavily on viewpoint and averages.

Be aware: craigs list used car pricing is generally low cost. Quite simply, it wouldn’t become accurate that compares a wholesale-priced eBay car (that might need a tremendous amount of reconditioning) to a retail-priced vehicle in display room and/or ideal doing work situation.

In the long run, and also this appear directly from industry professional, Simon Roth, “Take the best value and the lowest value you will find on the web and chuck these people out and about. The residual figures at the center is when you ought to sort. But don’t forget value. Prices are one particular thing–value is the real answer to a fantastic car

About the Author

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READ DESCRIPTION: this video is just showing the car in a drag because i was too lazy to make a video of it going around a full circuit. yes i know the datsun will beat this car in the drag but it definitely wouldnt around a normal circuit. this launch is my FIRST try ever doing a drag and i messed up the start and i ran in the 22′s with this car. and ran it faster than with my veyron

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Article by Krohn & Moss

<h2>New Consumer Protection Laws – Lemon Laws That Offers Protection for Buyers of Used Cars</h2>

March 7-13 is National Consumer Protection Week 2010. It’s a week the government will devote to providing free resources and information to better inform consumers how and where to spend their money.

Gov. Chris Gregoire, Olympia, WA has signed two new consumer protection bills into law, and it just happens to come on National Consumer Protection Week. One deals with the lemon law rights of used car buyers.

<h2>New Lemon law for Used Cars </h2>

Under the old law, the lemon law applies only to new cars. The new consumer protection bills on lemon law offers added protection for buyers of used cars.

The used car price has actually gone up because of their demand. People are not allowed the information they ought to have when they want to buy used cars. If you buy a lemon car without the knowledge and find out it’s a lemon later the resale value of this used car plummets.

You can make an informed decision for buying if you are allowed the information by the used car dealer about the defects of the lemon buy back in the market on sale.

<h3>Lemon law rights for Used Car Buyers</h3>

At used car lots the used cars may look relatively new. The right to information renders a buyer to make an informed decision about his buy, despite its looks.

In the case of a lemon, the dealer should inform the consumer if

The car has specific problemsThese are the cars that had been the buy backs by the manufacturer from the erstwhile ownersThese lemon cars were wholesaled by the manufacturers and are on sale

You might be willing to buy a car that’s been returned as a lemon if

You have a right to information on the defect that had turned the vehicle a lemonThe price is appropriate even if the car has a problem

The new law is especially timely

The new law necessitates the dealer to inform you about the car’s specific issue or problem if it’s a lemonThe slumping economy has boosted the popularity of used carsA used car dealer is required to disclose to a prospective buyer if a car has been returned as a lemon, just as any new car dealer would

President Obama’s “Presidential Proclamation” in a March 5 White House press release explains that National Consumer Protection Week (NCPW) gives all Americans an opportunity to become better-informed consumers.

The second law the governor Chris Gregoire, Olympia, WA signed deals with scammers targeting homeowners headed into foreclosure to take advantage of them.

About the Author

Krohn&Moss Consumer Law Center will handle lemon law and warranty rights claims for consumers. Every state has enacted some type of lemon law to protect consumers who end up with defective vehicles. If you think you qualify for a Lemon Law,Call 1-800 US LEMON(800-875-3666) to reach Krohn&Moss.

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Article by Dave Clark

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