On Wednesday 2nd December 2020, we launched the first Kenya Used Vehicle (KUV) Price Index report in collaboration with TIFA Research. The report is focusing on the prices of car listings in the Kenya market.
Vehicle price indices are increasingly being recognized by both financial and economic analysts. These indices act as indicators of pricing trends in the used vehicle market.
The KUV Price index report comes at the right time when the internet is influencing the availability of information on the prices of used cars. Getting information from unreliable sources is misleading. The report contains data on the following:
- Trended price index
- Listed vehicle by year of manufacture
- Listed vehicle by Body type
- Top ten listed vehicles by model
Car sellers and buyers can use the KUV price index report in conjunction with the Cheki True price to countercheck car prices.
We analysed data from our large database of over 150,000 used cars to develop the used car price index. The Kenya Used Vehicle Index Report is a point of reference to monitor fluctuations in car prices and what causes them.
According to data in the report, there was a decline in the prices of all vehicles. The most affected vehicles were pick-ups, 4-wheel drives and SUVs, saloons, hatchbacks, buses, vans, and mini vehicles.
Data analysed showed a further downward trend in the number of car listings during the month of March 2020. The trend is as a result of the effects of the ongoing COVID-19 pandemic. This trend will continue until January 2021.
Conclusion
To provide accurate data comparison, Cheki and TIFA will publish the KUV Price Index on a regular basis with an intention of including Uganda’s used vehicle price index. As Maggy Ireri, CEO TIFA Research says, “When we provide data to the Kenyan market then decisions can be made based on data.”