Business News of 2013-12-24

Toyota now no.1 second-hand traded car in Ghana

It has emerged that Toyota Corolla and Camry models are the two hottest used cars everyone wants on the secondary car market in Ghana. The interest has increased following better deals online spearheaded by the number one online classifieds website, Tonaton.com

Three of the five best selling cars right now on Tonaton.com are Toyota, Nissan and Kia despite the massive influx of second-hand Hyundai and Honda cars into the country within the last couple of years.

Car garages in the two biggest cities, Accra and Kumasi testify to an increased pressure on the used car market particularly the Toyota models, compared with last year.

(Source: Tonaton.com): Brands used in this analysis include Toyota, Nissan, Hyundai, Kia, VW, Mercedes, Ford, Mitsubishi, BMW and Daewoo.

Toyota sales accounts for about 33% of all the cars traded on the online classifieds market followed by Nissan with 13%. Kia sales account for 7%. The top three cars constitute almost 53% of all the second-hand cars sold on the online classifieds market in Ghana.

One interesting revelation is that even though the average price of a Toyota is pegged at GHc 26,925 which is 17% and 57% more expensive than Nissan and Kia respectively it is still the most patronised brand. This underpins the robustness of the Toyota brand compared to the other brands.

“There is so much demand for Toyota models to stop prices from falling on the second-hand car market. It’s all about good value for money,” a car dealer at Tesano in Accra said.

Between June and November 2013, about 22,000 cars have been listed on Tonaton.com and the site currently has 15,000 available for sale on the website.

Accra and Kumasi contribute about 82% of the second hand-cars that are traded on the online classifieds market in Ghana. Tonaton.com has been operative in Ghana since April 2013