Cars can certainly have a significant impact on your finances in Kenya. The initial cost of purchasing a car can be expensive, and depending on the type of car you choose, the costs can quickly add up.
With hype and hullabaloo, many people end up buying a car they don’t necessarily need in their lives.
With that said, here are some reasons why cars get so expensive and end up damaging even your savings.
- Cost: The cost of a car is an obvious factor to consider. Luxury cars and high-performance vehicles tend to have higher price tags, which can put a strain on your finances.
- Fuel efficiency: Cars that have poor fuel efficiency can be costly to operate, as you’ll need to spend more money on fuel to keep them running.
- Maintenance and repair costs: Some cars require more maintenance and repairs than others, and these costs can add up over time.
- Depreciation: The value of a car decreases over time, and some cars lose their value more quickly than others. This can impact your finances if you plan on reselling the car in the future.
- Insurance costs: Some cars are more expensive to insure than others, based on factors like their safety rating and repair costs.
- Financing costs: If you plan on financing your car purchase, the interest rate and loan term can impact the overall cost of the car.
- Reliability: A car that is prone to breakdowns and requires frequent repairs can be costly to maintain and impact your ability to use the car for your daily needs.
- Brand reputation: Some car brands have a reputation for being costly to maintain or repair, which could impact your finances if you choose to buy one of these cars.
- Resale value: Cars that have a high resale value tend to be more in demand and can make it easier to recoup your investment if you choose to sell the car in the future.
- Personal financial situation: Ultimately, the car that is right for you will depend on your personal financial situation. You should choose a car that you can afford without putting undue strain on your budget, while also meeting your transportation needs.
Here are some cars that will for sure ruin your finances.
1. Jaguar XJ
Jaguar XJ models have had varying levels of reliability over the years, and it can depend on the specific model year and the individual vehicle’s maintenance history. In their latest review for the 2020 Jaguar XJ, Consumer Reports gave it a predicted reliability rating of 2 out of 5, which is considered below average.
It’s one of the toughest cars to maintain in Kenya and sure demands a lot from its masters.
2. The Landrover Discovery 4
This is one of the most unreliable cars in Kenya, especially if not delicately maintained. Common issues with the Discovery 4 HSE have included suspension and electrical problems, which can be expensive to repair.
If you’re considering purchasing a Land Rover Discovery 4 HSE, it’s a good idea to do your research, read reviews, and have the vehicle inspected by a qualified mechanic before making a purchase.
Additionally, it’s important to budget for the ongoing maintenance and repair costs associated with owning a luxury vehicle.
3. BMW X6
The X6 is a fantastic car that looks like a beast. This car has a reliability rating of 88.2% which doesn’t seem to be on the lower side.
However good this is, you should try and avoid all BMW X6 that were manufactured from 2014 to 2019. These cars have been reported to have gearbox problems, exhaust, infotainment and interior trim.
4. Toyota Land Cruiser Amazon
While the Amazon is a super reliable car, it is a heavy consumer when it comes to fuel. The car literally empties your pockets with its shocking rate of consumption.
5. Volkswagen Touareg
Most VWs lack reliability and in the process, milk their owners as they get a routine garage visit.
6. The Range Rover
According to consumer reports, the Range Rover is one of the hardest and most expensive cars to maintain in Kenya. Before making the purchase, people should understand the steep maintenance cost the car comes with.