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The prices of locally used vehicles are skyrocketing, defying the renowned used car depreciation logic and setting car owners up for an unlikely windfall.
Many used car owners are, however, clinging on to their old vehicles, fearing the high replacement costs as global supply and demand pressures continue to impact the local market for imported used cars.
But potential buyers are willing to spend a fortune on the old vehicles, leaving their owners in a dilemma. "I have received many offers for my used Toyota Mark X. The offers are above the Sh1.5 million I paid for it in 2019. It beats logic," said Ian Njoroge, a Nairobi-based businessman.
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