2023 car market: Toyota thrives, Ford Mustang soars, and BMW’s pricy leap
In a recent study conducted by automotive industry experts at Rerev, the dynamics of the 2023 car market have been unveiled, revealing surprising shifts in prices over the past decade.
The data, which compares the market prices of popular cars in 2013 to their 2023 equivalents, adjusted for a 10-year inflation rate of 31.80%, showcases notable winners and losers in this automotive rollercoaster.
Toyota’s Corolla and Camry have emerged as affordable champions.
Considering the inflation rate, these models have become 7.79% and 9.97% cheaper, respectively.
The market now offers a more accessible option for those looking for reliable and budget-friendly vehicles.
On the other hand, the Ford Escape stands out as the car that has become significantly cheaper over the past decade.
Priced at Sh4,261,600, it’s now 15.26% more budget-friendly, thanks to improved production techniques and enhanced features.
Nissan Altima and Honda Accord make commendable entries as more affordable options in 2023. With price decreases considering inflation, these models prove that advancements in engine technology and interior features need not come at an exorbitant cost.
Rounding off the list, the Toyota Camry and Corolla showcase Toyota’s strategic pricing approach.
Priced at Sh4,225,072 and Sh3,302,740, respectively, these models are not only competitive in the market but are also more affordable when considering inflation rates, making them attractive choices for budget-conscious consumers.
Topping the list with an astonishing 86.53% price increase, the Ford Mustang GT steals the spotlight, now priced at Sh8,827,600.00 in 2023.
This surge, surpassing even inflation-adjusted rates, prompts questions about the driving forces behind such a dramatic shift in pricing.
Hot on the Mustang’s heels, BMW’s M5 and X5 models have nearly doubled their prices in 2023, with jumps of 81.19% and 80.01%, respectively.
The infusion of cutting-edge tech features and redesign elements are identified as contributors to this substantial price surge.
The Ram Pickup and Ford F-Series pickups secure their spots in the middle ground, witnessing price increases of 46.92% and 37%, respectively.
These hikes are attributed to expanded engine options, major interior upgrades, and the introduction of powerful and hybrid variants.