In spite of the fact that the market for new cars in Ghana has slackened as a result of the current economic downturn, the used car market online in the country has, however, for some time now, been clocking top-gear growth.<\/p>\n
In the first half 2014 alone,\u00a0 the sale of used cars online has grown by 15%\u00a0 as compared to the same period in the previous year.<\/p>\n
What is more, the used car market now attracts a younger customer base, as first time car buyers now move to online marketing platforms like Tonaton.com in search of better bargains.<\/p>\n
According to the Marketing Manager of Tonaton.com, Kwabena Opoku-Boakye, \u201cthe average age of the used car buyer is now pretty low with people as young as 25 to 29 years, opting for used cars in cities like Accra, Tema, Kumasi and Takoradi.\u201d<\/p>\n
He believes that the younger demographic can be partly attributed to the surge in the use of the internet as a medium for buying and selling used cars.<\/p>\n
Mr. Opoku-Boakye adds, \u201cThe younger generation tend to spend more time online and the emergence of credible online trading platforms like Tonaton.com has eased the pressure on people who previously had to rely on family and friends or drive long distances looking for their first car to buy.<\/p>\n
People have also found an easier way of trading off their old cars in order to buy new ones.\u201d<\/p>\n
The rush of younger customers to buy could\u00a0 also explain why the used car market is experiencing such levels of patronage in the face of the general economic downturn in Ghana.<\/p>\n
The increase in the number of people who go online in search of better bargains has resulted in a rise in the amount of business for individuals and garages that put up their cars for sale online.<\/p>\n
The Managing Director of De-Georgia Motors at Tesano in Accra, George Dwomoh, acknowledges the impact of the online marketing platforms saying, \u201cAround 60% of the customers who visit my garage to buy cars now come through Tonaton.com.<\/p>\n
\u201cMost of these people are youngsters who are looking forward to owning their first car\u201d.<\/p>\n
The Managing Director of K&K Motors, Michael Toku, has a wide range of new cars in addition to used cars in his garage and he agrees with this assertion.<\/p>\n
“We have witnessed about 10% decline in the sale of new cars, but the used car business has been phenomenal this year,\u201d he says.<\/p>\n
\u201cK&K Motors has sold a whopping 80 used vehicles in the first half of 2014 alone.<\/p>\n
“Typically the trend is that used car brands like Toyota and Nissan from the US and Korean cars like Kia and Hyundai are the most patronized by first-time car buyers who are mostly young corporate executives.\u201d<\/p>\n
In spite of the incessant depreciation in the value of the Cedi, the average price of a used 2010 Toyota Corolla on Tonaton.com for instance, is GH\u00a2 22,500.<\/p>\n
On the streets of the capital Accra however, the price could rise to GH\u00a2 25, 000.<\/p>\n
The average price of a brand new Toyota Corolla will cost a potential buyer a whopping $ 22,700.00, approximately GH\u00a2 68, 100.00 at the current exchange rate.<\/p>\n
A Hyundai Elantra, more often patronized by the young and upwardly mobile Ghanaian, sells at an average price of GH\u00a2 23, 000 on Tonaton.com, but could cost GH\u00a2 3,000 more on the streets of Accra.<\/p>\n
Tonaton.com has been operative in Ghana since it was first launched in February 2013 and has since become one of the most visited websites in the country.<\/p>\n
<\/p>\n
By: Edwin Kwakfofi\/citifmonline.com\/Ghana<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
In spite of the fact that the market for new cars in Ghana has slackened as a result of the current economic downturn, the used car market online in the country has, however, for some time now, been clocking top-gear growth. In the first half 2014 alone,\u00a0 the sale of used cars online has grown […]<\/p>\n","protected":false},"author":20,"featured_media":32214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[18,1669],"yoast_head":"\n