Demand for luxury cars soars in Kenya

waltham · 2014-05-08T19:21:22+00:00

Home Magazines Magazines Demand for luxury cars soars in Kenya Share Bookmark Print Rating Later this year DT Dobie will introduce two new Mercedes models. Photo/FILE By VICTOR JUMA, vjuma@ke,nationmedia.com Posted Thursday, May 8 2014 at 16:23 In Summary A growing number of wealthy Kenyans are investing in premium cars. Some are imported while others are bought from local showrooms. The upsurge in luxury cars in the country is seen as reflecting the growing ranks of Kenyas wealthy that have had to import their expensive toys in the past. For years the car in front of you in Kenya was always a Toyota, this has not changed much. The difference today are the sleek Mercedes, BMWs, Chryslers and Range Rovers that have become common to see, weaving their way through traffic. They havent outpaced the Toyotas, yet, but for sure Kenyans are spending more on luxury vehicles. This year marks a watershed for premium motoring in Kenya with the introduction of high-end cars by auto dealers. The most recent to enter the market is the Jaguar F-Type shipped by auto dealer RMA Kenya. The high-performance luxury car comprises of two-seater coupé and convertibles with a choice of three or five-litre engines. The dealer says the high-performance cars are targeted at Kenyas upper middle class and rich households who can comfortably pay the showroom price of between Sh14 million and Sh18 million. There are only few Kenyan roads on which the high-performance cars may be driven at close to their top speeds but fast-driving is not their only selling point. The cars are for people who want a fun driving experience, said Sanjiv Shah, RMAs chief executive. He added the prospective buyers of such models are people who already own several motor vehicles for other daily needs such as a car for taking kids to schools and others for official or business purposes. Ultimately, the targeted clientele are people seeking luxury and distinction in a market where motoring indulgence has long been associated with traditional brands like BMW, Range Rover, and Mercedes. READ: Mercedes, BMW chase ultra rich clients with new high-end vehicles The Jaguar is only one of the top-end vehicles either in the market or looking to be launched in the near future as dealers look to meet the growing appetite for luxury vehicles in the Kenyan market. Though these vehicles do not fit in the luxury cars category they are top of the range in the market with an asking price that only few in the country can spend. The likes of Ferrari, Maserati, Bentley, Aston Martin, Rolls Royce and Lamborghini are viewed as the ultimate luxury vehicles. The upsurge in luxury cars in the country is seen as reflecting the growing ranks of Kenyas wealthy that have had to import their expensive toys in the past. There are 8,400 Kenyans with a net worth of at least Sh87 million ($1 million), according to research firm New World Wealth. The rank of Kenyas rich citizens is expected to rise further in the coming years, helped by economic growth that is set to receive a huge momentum from oil production in the medium term. 1 | 2 Next Page»

Thread starter waltham
Start date May 8, 2014

waltham

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Demand for luxury cars soars in Kenya

waltham

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