Why Kenya’s super rich are spending millions on old cars
Wealthy Kenyans are increasingly investing in classic cars as 'passion assets' alongside traditional luxury collectibles like art and watches. While these cars offer potential financial returns, owners emphasize the emotional value and personal history associated with the vehicles.
Why it matters
The trend reflects a shift in investment behavior among high-net-worth individuals in emerging markets toward tangible, non-traditional assets.
When Rhys Mirindo bought a battered 1974 Austin Mini during the Covid-19 pandemic for Sh150,000, he thought he was buying an old car and a project. Four years and roughly Sh1.4 million in restoration costs later, the Mini could fetch more than Sh2 million, and perhaps as much as Sh2.5 million to the right buyer.
Mirindo, however, isn’t rushing to sell. Like a growing number of wealthy Kenyans drawn to classic cars, watches, art, jewellery and other luxury collectibles, he sees the value of these assets in more than their potential resale price. They offer something harder to put on a balance sheet: ownership, identity, history and enjoyment.
That distinction is becoming increasingly important as investments of passion gain traction among Kenya's high-net-worth individuals (HNWIs).
Classic cars ranked third among their preferred collectible acquisitions in 2026, at 44 percent, behind watches and art.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in