For many first-time car buyers in Kenya, the experience begins with the euphoria of finally owning a vehicle: browsing cars at night, watching review videos umpteen times, and picturing the liberty that comes with not relying on matatus and ride-sharing apps.
First-car buyers in Kenyan markets can experience such thrill however, for most of them, this can turn out to be a frustration-buyers experience. Extra charges make their way in, cyber offerings do not correlate with what is found in the yards, and documentation comes flooding in.
Many are pressured by dealers to act in a hurry, while others remain perplexed amidst financing terms offered by various financiers.
In Kenya, it is not news to seasoned car buyers that purchasing your first car is more than an economic move, it is a learning experience filled with learnings, near-stumbles, and sometimes price-paid mistakes for the buyer. But with the right mind-set and information, new buyers in Kenya will be able to avoid mistakes and make informed purchases.
Important Advice for First-Time Car Buyers in Kenya
- Establish Budget Expectations
First-time car buyers in Kenya are usually surprised to learn that car ownership involves more than the initial purchase price. The costs of insurance covers, fuel, maintenance, parking, as well as taxes, can quickly escalate. Many people usually underestimate the costs involved in car ownership until they realize that it’s stretching their budget.
It is here that Equity Asset Finance plays its role. Equity Asset Finance, which is offered by Equity Group, provides flexible payment plans for both the car and the insurance, giving first car buyers in Kenya the ability to pay in a predictable manner that is pegged to their income.
- Choose between new or second hand
New vehicles provide an assurance of comfort with their warrantees but are accompanied by extra costs. However, second-hand vehicles are cheaper but involve additional consideration. New car buyers are advised to consider models with high accessibility of spares to maintain low ownership costs.
- Carry out very extensive research
Where a customer takes time to compare prices and reviews, it ensures that they have better negotiating capacity when purchasing a car. Similarly, when it comes to financing, it is important to consider different options available as a way of assisting first-time car buyers like those in Kenya.
- Check the vehicle carefully
For a pre-owned car, it is essential that it be inspected. This can be done by a mechanic whom the individual trusts. This mechanic is able to see whether the engine is a problem, the suspension, or other damages that the purchaser might not be aware of. This will end up saving a first-time car buyer a lot of money.
- Check all legal documents
It is always imperative to verify the information presented in the logbook, any pending loans, and ownership through the NTSA portal. Where the seller’s name appears differently from that on the logbook, it is an indicator to beware of. Equity Asset Finance ensures that paperwork becomes manageable, thereby posing minimal legal concerns to first-time car buyer customers in Kenya.
- Financing options
Credit purchases involve scrutinizing credit facilities, interests, and total cost of repayments. Equity Bank provides asset financing of up to 100% for its salaried and business clients, with flexible loan repayments and no charges in case the loan is prepaid early a huge benefit for first-time car buyers in Kenya.
- Do not be swayed by rash decisions
Artificial urgency is often present at car dealerships. Walk away if you are not sure, take time, and negotiate with confidence. First-time car buyers in Kenya often regret what happened before purchase, not what could have happened.
- Consider the resale value
A car that retains its value well, as in some Japanese brands, can make ownership less expensive in the long run and make trading up easier in the future because more people would be willing to buy the car due
- Select insurance carefully
However, insurance is mandatory but should not be based on cost alone. Coverage and reputation count too. Equity Bancassurance offers convenient comprehensive car insurance to first-time car buyers in Kenya.
- Learn basic car maintenance skills.
Knowledge about basic car maintenance is a great way to ensure your vehicle remains reliable and its value is not compromised. It can also ensure that one is not deceived regarding the services, a factor that affects most first-time car buyers in Kenya.
Conclusion
Purchasing your first car does not have to be a stressful activity. With the right planning and the necessary documentation, budgeting, and financing, Kenyan citizens purchasing cars for the first time will be able to enjoy car ownership with ease, rather than with a sense of regret
With Equity Asset Finance, first-time car buyers in Kenya will not only be able to source funds for their vehicle but will also benefit from financial infrastructure, flexibility, and support throughout their car-owning experience.
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