In 2020, Cheki Kenya hit a couple of milestones. Amongst them, they managed to launch the first-ever Kenya Used Vehicle Price Index report. This is the first of its kind in Kenya. The research was carried out in collaboration with TIFA Research. The report focuses on the price comparison of used cars in the Kenyan Automotive Market.
The KUV Report is a must-have as car price indices are becoming more popular. These indices are being used by financial and economic analysts to issue car loans. The indices act as indicators of price trends in the used car market.
In the internet age where information is easily accessible, it is essential to put up relevant information, up to date and accurate. For most people who are car shopping, the internet is their first point of reference. In the event they come across misleading information, they are bound to make the wrong decision. Therefore, the KUV Report comes at the right time when there is a need to provide the right information to car shoppers.
The report contains the following information:
- Top ten listed vehicles by model
- Listed vehicle by year of manufacture
- Trended price index
- Listed vehicle by Body type
The KUV report is not only relevant to car buyers but also car sellers. Car buyers use the report to estimate car prices by car make and model during their car shopping. Car sellers can use the data to ensure they are not overcharging their clients or underpricing their cars which might lead to immense losses.
The report, when used together with the Cheki True Price, limits instances of overpricing or underpricing vehicles.
To come up with the comprehensive report, the Cheki Kenya team together with TIFA Research analysed the Cheki Kenya database which has over 150,000 used vehicles. The KUV report intends to be able to analyse fluctuations in vehicle prices and their causes.
The report indicated that there was a slight decrease in the prices of used cars in the Kenyan market in 2020. Some of the most affected cars were the pick-up trucks, saloons and buses.
There was also a decline in the number of cars listed on the website. This decline was witnessed from March 2020 and was predicted to continue until January 2021. This can be attributed to the ongoing COVID-19 Pandemic.
Cheki Kenya and TIFA Research have made plans to publish the report yearly and even extend to other markets such as Uganda. We look forward to the 2021 KUV report and see the changes compared to 2020. Buying and selling cars is made easier when there is accurate data and we are glad that Cheki Kenya can provide us with the data.