A new survey by automotive industry experts Rerev has revealed that American multinational automobile manufacturer Ford's Escape brand registered the biggest drop in prices in the past decade.
The study titled Car Price Change in 2023 compared the market prices to identify the vehicles with the biggest changes in prices from 2013 to 2023. Price changes were attributed to redesign and enhanced technology features in cars.
Ford Escape recorded a 15 per cent decline in prices, dropping from Ksh5 million to Ksh4.2 million. Rerev indicated that the model has become cheaper owing to its improved technology, which has, over the years, led to increased engine performance.
Nissan Altima followed with a 13.20 per cent drop, considering inflation. The current price of the model is Ksh3.8 million, from the initial Ksh4.45 million a decade ago.
"Even with its enhanced engine and tech advancements, Nissan stays relatively affordable for today's market."
Honda Accord rounded up the top three, recording an 11 per cent drop with its current price at Ksh4.1 million.
According to the survey, the Honda brand has helped keep the car at relatively budget-friendly prices, following distinct changes made to the model ranging from enhanced interiors to new engine preferences.
Toyota Camry follows with its price tag indicating that it's 10.01 per cent more affordable than its price with inflation a decade ago.
The model currently retails at Ksh4.2 million as compared to the Ksh4.6 million price a decade ago.
"Thanks to a consistent engine choice and Toyota's economies of scale, the current model offers better value when compared to inflation prices."
With a price tag of Ksh3.2 million, a Toyota Corolla model was recorded as having the least increase in value over the decade. According to the survey, the initial price of the vehicle is Ksh3.5 million, showing a 7.79 per cent decline.
"Having the same upgrades as Camry, Toyota uses the same strategy for Corolla models as well to have a more competitive price."
From the survey, the Ford Mustang GT showed the biggest price increase in a decade after the prices nearly doubled from Ksh4.7 million to Ksh8.79 million.
Other car models that recorded a price increase include the BMW X5, BMW M5, Ram Pickup and Ford F-Series Pickup.