Costly credit slams brakes on car sales

By Jackson Okoth
New vehicle dealers continue to experience a drop in sales as high cost of credit turns away prospective car buyers. This follows Central Bank of Kenya’s (CBK) decision to keep the cost of credit high, a move that has hit the pockets of many car buyers who are now shying away from showrooms, or open-air second hand car markets.

Data from the Kenya Motor Industry (KMI) shows that while the May sales figures stood at 1,085 units, this was a 4.6 per cent decrease compared to a corresponding period last year.